Accounting Math help !?
The solution is simple. Just use this formula: Predetermined overhead rate = [Budgeted Yearly Total Factory Overhead Costs] / [Budgeted Yearly Activity (direct labor-hours, etc.) ] Budgeted activity units used in the denominator of the formula, more often called the denominator level, are measured in direct labor-hours, machine-hours, direct labor costs, or production units. a.) Predetermined overhead rate = Budgeted Yearly Total Factory Overhead Costs / Est. total amt of allocation base (allocation base would be direct labor cost) = $800,000 / $500,000 = 1.6 or 160% b.) Predetermined overhead rate = Budgeted Yearly Total Factory Overhead Costs / Est. total amt of allocation base (allocation base would be direct labor hours) = $800,000 / 50,000 = $16 per DLH c.) Predetermined overhead rate = Budgeted Yearly Total Factory Overhead Costs / Est. total amt of allocation base (allocation base would be machine hours) = $800,000 / 100,000 = 8 Let me know if something needs clarification. ;-)
Accounting math help fast 10 pts!?
(1) quick ratio is (current assets - inventories) / current liabilities Kolbie Co: (19,956 - 346)/8,299 = 2.36 Newton Co: (17,939 - 660)/16,791 = 1.03 (2) The higher the quick ratio, the better the position of the company. So Kolbie Co is doing better.
Some math/accounting help please :)?
Well this is kinda of accounting homework, but I believe you use math to figure it out... Listed here are the total costs associated with the 2011 production of 1,000 drum sets manufactured by NeatBeat. The drum sets sell for $466 each. (Assume there is no ending inventory in the year 2011.) 1. Plastic for casing—$22,000 2. Wages of assembly workers—$85,000. 3. Property taxes on factory—$5,000 4. Accounting staff salaries—$33,000 5. Drum stands (1,000 stands outsourced)—$40,000 6. Rent cost of equipment for sales staff—$12,000 7. Upper management salaries—$140,000 8. Annual flat fee for maintenance service—$22,000 9. Sales commissions—$21 per unit (so $21,000 for 1,000 units) 10. Machinery depreciation—$44,000 QUESTION: Compute the manufacturing cost per drum set Ok you dont have to find the answer for me if you dont want to, but can you tell me how so I know what to ...what not...thanks I need the RIGHT answer ...whoever helps me get to the right answer will get 10 points! Thank you :)
Accounting Math...HELP ME?
You can't find the true values without more information, but you can find how much owner's equity has increased. assets = liablitiies + owners equity so just plug in the numbers 146,000 = 78,000 + OE OE = 146,000-78,000 OE = 68,000
Finance and accounting math please help?
1. An accountant loans $28,000 at simple interest to her business. The loan is at 11.5% and earns $3255 interest. Find the time of the loan in months. Recall the formula I = P * r * t, where I = interest P = initial amount of principal r = annual simple interest rate (decimal) t = number of years Plugging in the given information: 3255 = 28,000 * .115 * t t = 3255 / (28,000 * .115) t = 1.01087 years t = 1.01087 * 12 months t = 12.13 months 2. A small resort must add a swimming pool to compete with a new resort built nearby. The pool will cost $28,000. The resort borrows the money and agrees to repay it with equal payments at the end of each quarter for 6 1/2years at an interest rate of 12% compounded quarterly. Find the amount of each payment. I'll assume that the first payment is one payment period from the opening date of the loan, as is the usual assumption. Recall the formula L = x * [1 - (1+i)^-n] / i, where L = amount of loan x = amount of each level periodic payment i = effective interest rate per payment period (decimal) n = number of payments Since the payments are quarterly, we need to find the effective quarterly interest rate. But since the given interest rate is compounded quarterly, this is easy: i = .12 / 4 = .03. In 6 1/2 years, there are 6.5 * 4 = 26 quarters. Therefore, n = 26. Therefore, 28,000 = x * (1 - 1.03^-26) / .03 x = 28,000 * .03 / (1 - 1.03^-26) x = 1566.27
Business/ Accounting math help?
2. Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period? (Round any fraction to the next higher day) Select one: a. 246 b. 250 c. 254 d. 258 3.Evelynn has a home that was recently appraised for $127,000, and the balance on the existing mortgage is $88,350. If a bank is willing to loan up to 75% of the appraised value, calculate the potential amount of credit available on a home equity loan. Select one: a. $2,550.00 b. $8,650.00 c. $6,900.00 d. $70,900.00 5.Roberto obtains a loan of $9,500, at 8.75% interest, for months. Find the amount of simple interest. (Round to the nearest cent) Select one: a. $598.78 b. $658.07 c. $701.36 d. $825.55
Help with problem (Math and Accounting)?
Can someone help me with this 1) Accounts Receivable has a balance of $378,000 and the Allowance for Doubtful Accounts has a positive balance of $1,200 at fiscal year end prior to adjustment. If the estimate based on the sales approach to estimating uncollectibles is $13,780, the amount of uncollectible accounts expense is __________. a) $14,980 b) $12,580 c) $13,780 d) $1,200
Business math accounting tax help?
i am having trouble with my home school. and i need this done as soon as i can. 10 points to the best answer!! --------------------------------------... SHOW ALL YOUR WORK, Taxpayer : Gregory and Brenda Morris, filing 1040 Filing status : married, filing jointly exemptions: 2 children taxes withheld : $5,300 income: Mr. Morris $32,000 Mrs, Morris $20,000 Interest income $500 Bonus for Mr. Morris $4,000 Deductions MEDICAL EXPENSES Drugs $400 Hopsitalization insurance $1,000 Doctor bills $ 2,000 Dentist bills $ 1,600 Eyeglasses $ 200 Medical supplies $ 800 INTEREST EXPENSES Home mortgage $6,000 CONTRIBUTIONS Calvary Church $5,000 Oakdale children's home $1,000 --------------------------------------... Q1 how many exemptions are allowed? Q2 what is the adjusted gross income? Q3 how much is the medical deduction? Q4 how much is the deductions for contributions? Q5 how much is the taxable income? Q6 how much additional tax do they owe?
Do you need to be good in math to learn accounting?
Perhaps the better question is, “How well do you know Excel?”If you can handle addition, subtraction, multiplication, and division, then you’ll be fine. And if you know Excel, you’ll always be fine with the calculations needed in accounting.Can you do mental math? That’s great at happy hour, but doing math in your head—you only need to keep it simple.Wray Rives mentioned algebra. That helps if you are exposed to a lot of problem solving. But doing AR, AP, Payroll, and reporting requires little if any algebra.Will your work expose you to banking and finance? Understanding the time value of money is important, but again, Excel will be your savior (do they still make the HP 12C or 17B?).If you do financial analysis as an accountant, understanding basic statistics like averages, median, mode, standard deviation, etc. will be helpful. Again, Excel will help with those calculations.Start with knowing what part of accounting you prefer and know the math requirements. If you’re going to be a general ledger accountant, then basic math is all you need. Is that a weakness? Then work on your math skills. The same questions apply should be interested in finance, financial analysis, or a auditing. Find out the math requirements and bone up on skills as needed.