XYZ Bank loaned cash to a customer on October 1, Year 1. The…
XYZ Bank loaned cash to a customer on October 1, Year 1. The note receivable had a principal amount of $65,000, 4% annual interest rate, and a term of five-months. How much interest income would be reported on the Year 1 income statement dated December 31? [Amount1] How much cash interest would be collected in Year 1? [Answer2] How much interest income would be reported on the Year 2 income statement, assuming no other sources provided interest during the year? [Answer3] How much cash interest would be collected in Year 2? [Answer4] Formula(s): Principal x Monthly Interest x Months in Period
Read DetailsSuppose that the population standard deviation for the numbe…
Suppose that the population standard deviation for the number of sick days taken in a year while working at a department store is equal to 3 days. Two department stores (Macy’s and Kohl’s) want to investigate their own sampling distributions of the sample mean, so they each select random samples of their employees. Macy’s is able to collect information on 1,000 employees whereas Kohl’s collects information on 5,000 employees. Which is TRUE when comparing the standard deviations of the distributions of the sample means for each company?
Read DetailsPurple Cube Inc.’s inventory records are shown below – use t…
Purple Cube Inc.’s inventory records are shown below – use this information to answer the six questions: Inventory Data Beginning Inventory 200 units @ $1.50 Purchase @ May 31 250 units @ $2.00 Purchase @ August 31 350 units @ $3.10 Sales @ October 15 450 units @ $3.50 Calculate the following as they relate to Purple Cube Inc.: Required Questions 1) Cost of Goods Sold under the FIFO method: [Answer1] 2) Ending Inventory under the FIFO method: [Answer2] 3) Ending Inventory under the LIFO method: [Answer3] 4) Gross Margin under the LIFO method: [Answer4] 5) Cost of Goods Sold under the Weighted Average method [Answer5] 6) Gross Margin under the Weighted Average method [Answer6] Note: Do not round intermediate calculations. Solutions will be rounded to nearest whole number. Formula(s): Gross Margin = Sales – Cost of Goods Sold Weighted Average Cost per Unit = Cost of Goods Available for Sale
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