Answer:
$17,100
Explanation:
Calculation to determine the manufacturing costs added during the current year
Direct materials used $5,000
Add Direct Labor $7,000
Add Total Factory overhead $5,100
Total manufacturing $17,100
($5,000+$7,000+$5,100)
Therefore the manufacturing costs added during the current year is $17,100
You estimate that your cattle farm will generate $0.10 million of profits on sales of $2 million under normal economic conditions and that the degree of operating leverage is 5.a. What will profits be if sales turn out to be $1.6 million
Answer:
Profit would decrease to $0.0 million
Explanation:
The degree of operating leverage is the change in profit as a result of the change in sales revenue
DOL=% change in profit/% change in sales
DOL=5
% change in profit=unknown
% change in sales=($1.6m-$2.0m)/$2.0m
% change in sales=-20%
5=% change in profit/-20%
% change in profit=5*-20%
% change in profit=-100%
the new amount of profit=current amount of profit*(1-% change in profit)
current amount of profit=$0.10 million
the new amount of profit=$0.10 million*(1-100%)
the new amount of profit=$0.0 million
What do you call it when you don't invest in your new and smaller businesses?
Answer:
investment foe buisness
When you don't invest in your new and smaller businesses, it is called debt investment.
Debt investment basically means opting to use an amount borrowed to finance one's business (either big or small business). This investment refers to a scenario when an investor (i.e. banks) lend money to the entrepreneur with the expectation that the entrepreneur will pay-back the investment with interest.
This type of business running system is somewhat burdensome because of repayment of the loan with interest.
The advantage of this method of financing is that the capital is fully provided to the business owner.
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A company rents a building with a total of 50,000 square feet, which are evenly divided between two floors. The company allocates the rent for space on the first floor at twice the rate of space on the second floor. The total monthly rent for the building is $30,000. How much of the monthly rental expense should be allocated to a department that occupies 10,000 square feet on the first floor
Answer:
$8,000
Explanation:
The computation of the monthly rental expense allocated is shown below:
Rent allocated to 1st floor:
= $30,000 × 2 ÷ 3
= $20,000
There is 50,000 square feet i.e. equally divided between first floor and second floor. so 25,000 square feet for each floor.
Now
Rent allocated to 10,000 square feet:
= ($20,000 ÷ 25,000) × 10,000
= $8,000
In the market for wireless earbuds (a normal good), indicate whether the following events would cause an "increase or a decrease in demand" or an "increase or a decrease in the quantity demanded." a. There is an increase in the price of carrying cases for wireless earbuds. A. increase in demand. B. decrease in demand. C. increase in quantity demanded. D. decrease in quantity demanded.
Answer: D. decrease in quantity demanded.
Explanation:
A change in demand is caused by the factors that affect demand except the price. The movement along the demand curve is as a result of the price change.
An increase in demand will lead to the rightward shift of the demand curve and a decrease in send will lead to the leftward shift of the demand curve.
On the other hand, an increase or decrease in the quantity demanded will lead to the movement along a given demand curve.
Based on the question, when there is an increase in the price of carrying cases for wireless earbuds, this will lead to a reduction in the quantity demanded of wireless earbuds as less people will buy the earbuds.
Jose wants to cash in his winning lottery ticket. He can either receive seven, $2,000 annual payments starting today, or he can receive one lump-sum payment today based on a 3% annual interest rate. What would be the lump-sum payment
Answer:
Hence the Lumpo-sum Payment is $12834.38(Approx).
Explanation:
Present value of annuity due= (1+interest rate)*Annuity[1-(1+interest rate)^-time
period]/rate
= (1+0.03) x 2000 [1-(1+0.03)^ -7] / 0.03
[tex]=1.03\times 2000[1-(1.03)^{-7} ]/0.03\\=2060 \times 6.23\\=$12834.38(Approx).[/tex]
A product sells for $30 per unit and has variable costs of $16.75 per unit. The fixed costs are $861,250. If the variable costs per unit were to decrease to $15.25 per unit, fixed costs increase to $958,750, and the selling price does not change, break-even point in units would:
Answer:
Remain unchanged
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
Initial Breakeven quantity = $861,250 / ($30 - $16.75) = 65,000
New = $958,750 / ( $30 - $15.25 ) = 65,000
The new and initial breakeven quantity are the same : 65,000
Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2015, its Cash account shows a $29,700 debit balance. The company’s May 31 bank statement shows $28,000 on deposit in the bank. a. The May 31 bank statement included a $210 debit memorandum for bank services; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,700. c. May 31 cash receipts of $7,300 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $510 check written by Smith Company was mistakenly drawn against Wright’s account. e. A debit memorandum for $380 refers to a $380 NSF check from a customer; the company has not yet recorded this NSF check. Prepare a bank reconciliation for the company using the above information.
Answer:
Wright Company
Bank Reconciliation Statement
$ $
Balance per bank 28,000
Add:
Debit memorandum for bank services 210
Cash receipts placed in the bank’s night depository 7,300
Check written by Smith Company mistakenly drawn 510
A debit memorandum that refers to NSF check 380
Subtract;
Outstanding checks (6,700)
Balance per cash book 29,700
Explanation:
Debit memorandum for bank services is a charge that has been recognized as a deduction from the bank balance but is yet to be recognized in the cash book hence it is added back.
Outstanding checks are checks that have been deducted from the cashbook but are yet to be deducted from the bank balance hence the deduction.
Cash receipts of $7,300 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement, hence the addition to he bank balance.
Check written by Smith Company was mistakenly drawn against Wright’s account. This will be added back to the bank balance as the deduction would not have been captured in the cash book.
A debit memorandum for $380 refers to a $380 NSF check from a customer; the company has not yet recorded this NSF check. This will be added back to the bank balance.
Gordon Corporation's stock is expected to pay a dividend of $4 per share at the end of this year. The dividend is expected to grow at a constant rate of 7%. The stock is currently selling for $100 per share. What would be the investor's expected rate of return on the stock
Answer: 11%
Explanation:
Using the Gordon Growth Model, the price of a stock is:
= Next dividend / (Expected return - Growth rate)
The growth rate will therefore be:
100 = 4 / (r - 7%)
(r - 7%) * 100 = 4
r - 7% = 4 /100
r = 4% + 7%
= 11%
Your client has called for help with their bank feeds in QuickBooks Online. You begin by asking them to open the Banking tab in the Left Navigation bar and your client tells you that she doesn't see this option listed.
Choices:
A) Your client doesn't have bank feeds enabled
B) Your client has Business view selected in their settings
C) Your client has turned off the Banking option in their settings
D) Your client has the Simple Start subscription for QuickBooks Online
Choice B
Explanation:
There are two views when it comes to Quickbooks Online: Business view and Accountant view. Accounting view is for more seasoned users who have some form of accounting training so it has more features.
Business view on the other hand is simplified for those who don't know much about accounting. It is easy to follow and some features are reordered for simplicity.
The Banking tab is one of those features and it is not openly shown in the business view so the most probably the reason your client can't see it is that she is using the Business view.
On December 31, 2021, Coolwear Inc. had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $42,500 and $1,700, respectively. During 2022, Coolwear wrote off $875 in accounts receivable and determined that there should be an allowance for uncollectible accounts of $4,200 at December 31, 2022. Bad debt expense for 2022 would be:
Answer:
the bad debt expense for 2022 is $5,025
Explanation:
The calculation of the bad debt expense for 2022 is given below:
= Allowance for uncollectible accounts - ending balance for uncollectible accounts - account receivable written off
= $4,200 - $1,700 - $875
= $5,025
Hence, the bad debt expense for 2022 is $5,025
The same should be considered and relevant
You are considering purchasing a house in Collin County that costs $350,000. You are debating whether to finance the house for 15 or 30 years. The 15-year mortgage allows you to pay off the house quicker at an interest rate of 2%. However, the 30-year mortgage offers a lower mortgage payment at an interest rate of 2.75%. Which of the following answers is closest to the difference between the 15 and 30-year monthly mortgage payment?
a. 800
b. 600
c. 400
d. 1200
e. 1000
Answer:
d
Explanation:
i believe this should be correct
In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $110,000. Overhead totaled $365,000 for the month. Information on inventories was as follows: September 1 September 30Materials $110,000 $120,000Work in process $60,000 $90,000Finished goods $75,000 $75,000Required:1. What was the cost of direct materials used in September ?$2. What was the total manufacturing cost in September ?$3. What was the cost of goods manufactured for September ?$
Answer:
1. Cost of Direct materials in September
= Opening stock of materials + Purchases - Closing stock
= 110,000 + 200,000 - 120,000
= $190,000
2. Total manufacturing cost in September:
= Direct material + Direct labor + Manufacturing overhead
= 190,000 + 110,000 + 365,000
= $665,000
3. Cost of good manufactured:
= Total manufacturing cost + Beginning work in process - Ending work in process
= 665,000 + 60,000 - 90,000
= $635,000
Compared with the sole proprietorship and partnership forms of business organization, the corporate form generally faces with _______ agency problems, ________ difficulty in raising capital and transferring ownership, ________ taxation.
Answer: more; less; more
Explanation:
Compared with the sole proprietorship and partnership forms of business organization, the corporate form generally faces with (more) agency problems, (less) difficulty in raising capital and transferring ownership, (more) taxation.
Corporation are typically taxed more than the sole proprietorship or partnership. Also, in sole proprietorship, the business owner and the management is thesame person and therefore isn't faced with agency problem like the corporate bodies. One main advantage of the corporate entity is that they raise more capital when compared to the sole proprietorship or partnership.
Your product Belch has an actual market share of 14.2%, and a potential market share of 17.6%. The most likely scenario to explain this situation is:
Answer: Your budget for sales and promo are excessive, and you reached diminishing returns on your spend.
Explanation:
You can check the options online.
The market share refers to the percentage of total sales that is generated by a company in an industry.
If the potential market share is higher than the actual market share, the reason for this will be due to the fact that the budget for sales and promo are excessive, and you reached diminishing returns on your spend.
Speedy Delivery Company purchases a delivery van for $43,200. Speedy estimates that at the end of its four-year service life, the van will be worth $6,800. During the four-year period, the company expects to drive the van 227,500 miles. Actual miles driven each year were 58,000 miles in year 1 and 62,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the van using each of the following methods:1. Straight-line. 2. Double-declining-balance.3. Activity-based.
Answer:
Results are below.
Explanation:
Giving the following information:
Purchase price= $43,200
Salvage value= $6,800
Useful life= 4 years
First, we need to calculate the annual depreciation using the straight-line method:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (43,200 - 6,800) / 4
Annual depreciation= $9,100
It remains constant during the whole useful life.
Now, using the double-declining method:
Annual depreciation= 2*[(book value)/estimated life (years)]
Year 1:
Annual depreciation= 2*[(43,200 - 6,800) / 4]
Annual depreciation= $18,200
Year 2:
Annual depreciation= 2*[(36,400 - 18,200) / 4]
Annual depreciation= $9,200
Finally, the units-of-activity method:
Annual depreciation= [(original cost - salvage value)/useful life of production in miles]*miles driven
During the four-year period, the company expects to drive the van 227,500 miles. Actual miles driven each year were 58,000 miles in year 1 and 62,000 miles in year 2
Year 1:
Annual depreciation= [(43,200 - 6,800) / 227,500]*58,000
Annual depreciation= $9,280
Year 2:
Annual depreciation= 0.16*62,000
Annual depreciation= $9,920
Agrarian Tractors, a farm equipment company issues quarterly bonuses to its sales agents. This quarter Clay sold more tractors
than anyone else in the company and exceeded his sales goals for the fifth consecutive quarter. As the bonuses were issued
Clay received the same bonus as all the other Agrarian Tractors sales agents. Per equity theory Clay will probably
answer options:
focus on just his quarterly goals
ignore his feelings of resentment and frustration
be cooperative with the other sales agents
determine new tactics to drive even more sales
Answer:
focus on just his quarterly goals
Explanation:
A farm equipment company, Agrarian Tractors, issues quarterly bonuses to its sales agents. This quarter Clay sold more tractors than anyone else in the company and exceeded his sales goals for the fifth consecutive quarter.
However, as the bonuses were issued, Clay received the same bonus as all the other Agrarian Tractors sales agents.
Based on the equity theory, Clay will probably focus on just his quarterly goals.
This is because he sees that his outstanding output wasn't rewarded so he would focus on just meeting his quarterly goals, rather than exceeding it.
The over-the-counter securities market Multiple Choice is similar to organized stock exchanges. does not include illiquid bank stocks. does not trade corporate bonds. does not have a central location. accounts for the least total dollar value of all of the secondary markets.
Answer: is similar to organized stock exchanges.
Explanation:
Over-the-counter simply means the trading of securities fir the companies that are not listed on a formal exchange. Such securities are traded through a dealer network rather than on the centralized exchange.
Some securities that trade over the counter include corporate stocks,US government securities, and municipal securities. The over-the-counter securities market is similar to organized stock exchanges.
What is the expected after-tax cash flow from selling a piece of equipment if GlivCo purchases the equipment today for $730,000, the tax rate is 35 percent, the equipment is sold in 2 years for $81,000, and MACRS depreciation is used where the depreciation rates in years 1, 2, 3, and 4 are 51%, 27%, 15%, and 7%, respectively
Answer: $108,860
Explanation:
Book value at time of sale:
= Cost price - Accumulated depreciation
= 730,000 - ( 730,000 * ( 51% + 27%))
= 730,000 - 569,400
= $160,600
Asset was sold at $81,000 which is a loss of:
= 81,000 - 160,600
= -$79,600
Tax on this loss:
= -79,600 * 35%
= -$27,860
After-tax cash flow:
= Sales price + tax
= 81,000 + 27,860
= $108,860
The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called
Answer:
Depletion
Explanation:
The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called Depletion
Requirement 1. Identify each account as an asset (A), liability (L), or equity (E). Asset (A), Liability (L), or Equity (E)? a. Interest Revenue b. Accounts Payable c. Calhoun, Capital d. Office Supplies e. Advertising Expense f. Unearned Revenue g. Prepaid Rent h. Utilities Expense i. Calhoun, Withdrawals j. Service Revenue Requirement 2. Identify whether the account is increased with a debit (DR) or credit (CR). Increases with a debit (DR) or credit (CR)? a. Interest Revenue b. Accounts Payable c. Calhoun, Capital d. Office Supplies e. Advertising Expense f. Unearned Revenue g. Prepaid Rent h. Utilities Expense i. Calhoun, Withdrawals j. Service Revenue Requirement 3. Identify whether the normal balance is a debit (DR) or credit (CR). Normal balance is a debit (DR) or credit (CR)? a. Interest Revenue b. Accounts Payable c. Calhoun, Capital d. Office Supplies e. Advertising Expense f. Unearned Revenue g. Prepaid Rent h. Utilities Expense i. Calhoun, Withdrawals j. Service Revenue
Answer:
a. Interest Revenue
Identification: Asset
Increases with: Debit
Normal Balance: Debit
b. Accounts Payable
Identification: Liability
Increases with: Credit
Normal Balance: Credit
c. Calhoun, Capital
Identification: Equity
Increases with: Credit
Normal Balance: Credit
d. Office Supplies
Identification: Asset
Increases with: Debit
Normal Balance: Debit
e. Advertising Expense
Identification: Liability
Increases with: Credit
Normal Balance: Credit
f. Unearned Revenue
Identification: Liability
Increases with: Credit
Normal Balance: Credit
g. Prepaid Rent
Identification: Asset
Increases with: Debit
Normal Balance: Debit
h. Utilities Expense
Identification: Liability
Increases with: Credit
Normal Balance: Credit
i. Calhoun, Withdrawals
Identification: Equity
Increases with: Debit
Normal Balance: Debit
j. Service Revenue
Identification: Asset
Increases with: Debit
Normal Balance: Debit
Requirement 1. Identify each account as an asset (A), liability (L), or equity (E). Asset (A), Liability (L), or Equity (E)..Interest Revenue as follows.
Requirement 1:
a. Interest Revenue - Equity (E)
b. Accounts Payable - Liability (L)
c. Calhoun, Capital - Equity (E)
d. Office Supplies - Asset (A)
e. Advertising Expense - Equity (E)
f. Unearned Revenue - Liability (L)
g. Prepaid Rent - Asset (A)
h. Utilities Expense - Equity (E)
i. Calhoun, Withdrawals - Equity (E)
j. Service Revenue - Equity (E)
Requirement 2:
a. Interest Revenue - Credit (CR)
b. Accounts Payable - Credit (CR)
c. Calhoun, Capital - Credit (CR)
d. Office Supplies - Debit (DR)
e. Advertising Expense - Debit (DR)
f. Unearned Revenue - Credit (CR)
g. Prepaid Rent - Debit (DR)
h. Utilities Expense - Debit (DR)
i. Calhoun, Withdrawals - Debit (DR)
j. Service Revenue - Credit (CR)
Requirement 3:
a. Interest Revenue - Credit (CR)
b. Accounts Payable - Credit (CR)
c. Calhoun, Capital - Credit (CR)
d. Office Supplies - Debit (DR)
e. Advertising Expense - Debit (DR)
f. Unearned Revenue - Credit (CR)
g. Prepaid Rent - Debit (DR)
h. Utilities Expense - Debit (DR)
i. Calhoun, Withdrawals - Debit (DR)
j. Service Revenue - Credit (CR)
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Jones, Incorporated acquires 15% of Anderson Corporation on January 1, 2020, for $105,000 when the book value of Anderson was $600,000. During 2020 Anderson reported net income of $150,000 and paid dividends of $50,000. On January 1, 2021, Jones purchased an additional 25% of Anderson for $200,000. Any excess cost over book value is attributable to goodwill with an indefinite life. The fair-value method was used during 2020 but Jones has deemed it necessary to change to the equity method after the second purchase. During 2021 Anderson reported net income of $200,000, and reported dividends of $75,000.The balance in the investment account at December 31, 2021, is
Answer: $355000
Explanation:
Based on the information given in the question, the balance in the investment account at December 31, 2021, will be:
15% of Anderson Corporation acquired = $105,000
Add: Additional 25% of Anderson Corp. purchased = $200,000
Add: Share of income 2021 = $200,000 × 40% = $80,000
Less: Dividend paid = $75,000 × 40% = ($30,000)
Balance in the investment = $355,000
Lagle Corporation has provided the following information:
Cost per Unit Cost per Period
Direct materials $ 4.60
Direct labor $ 3.40
Variable manufacturing overhead $ 1.30
Fixed manufacturing overhead $ 13,200
Sales commissions $ 1.40
Variable administrative expense $ 0.40
Fixed selling and administrative expense $ 5,200
For financial reporting purposes, the total amount of period costs incurred to sell 5,500 units is closest to:____________
a) $9,900
b) $5,200
c) $13,200
d) $15,100
Answer:
Lagle Corporation
For financial reporting purposes, the total amount of period costs incurred to sell 5,500 units is closest to:____________
d) $15,100
Explanation:
a) Data and Calculations:
Cost per Unit Cost per Period
Manufacturing costs:
Direct materials $ 4.60
Direct labor $ 3.40
Variable manufacturing overhead $ 1.30
Fixed manufacturing overhead $ 13,200
Selling and Administrative Expenses:
Sales commissions $ 1.40 $7,700
Variable administrative expense $ 0.40 2,200
Fixed selling and administrative expense $ 5,200
Total period costs (financial reporting) = $15,100
The Federal Deposit Insurance Corporation was established in 1933, during the Great Depression, to:_________
a) apprehend counterfeiters.
b) help stop bank failures throughout the United States.
c) fund small-scale businesses.
d) provide depositors with a short-term source of funds for low-interest consumer loans.
e) provide a safe place for savings of particular groups of people.
Answer:
b) help stop bank failures throughout the United States.
Explanation:
A bank run can be defined as a situation where bank clients or depositors make withdrawals of their money simultaneously from banks as a result of them being scared or afraid the depository institution will run out of cash (bankruptcy) and become insolvent.
The Federal Deposit Insurance Corporation which is also generally referred to as the FDIC was a New Deal program introduced by President Franklin D. Roosevelt in 1933 and it was designed to prevent bank failures or bank runs and restore the public's faith in the banking system.
Hence, the Federal Deposit Insurance Corporation (FDIC) was established on the 16th of June, 1933 so as to counter or mitigate the problem with bank runs.
Generally, the income generated from the premium payments of insured banks is used to fund or finance the Federal Deposit Insurance Corporation (FDIC).
Additionally, to avoid bank runs or other financial institutions from being insolvent, the Federal Reserve (Fed) and Central banks (lender of last resort) are readily accessible and available to give monetary funds to these institutions when they're running out of money and as well as regulate their activities.
In conclusion, the Federal Deposit Insurance Corporation (FDIC) was established in 1933, during the Great Depression, to help stop bank failures throughout the United States.
Over the past year, productivity grew 2%, capital grew 1%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.2 and 0.8, respectively, how much did output grow
Answer:
The output growth rate is 3%.
Explanation:
Use the growth accounting equation as follow
ΔA% = ΔY% - αΔK% - βΔL%
Where
∆A = change in productivity = 2%
∆K = growth in capital =
∆L = growth in labor =
α = elasticity of capital = 0.2
β = elasticity of labor = 0.8
∆Y = change in output = ?
Placing values in the formula
2% = ΔY% - ( 0.2 x 1% ) – ( 0.8 x 1% )
2% = ΔY% - 1%
ΔY% = 2% + 1%
ΔY% = 3%
Hence, the output growth rate is 3%.
When the interest rate in an economy decreases, it is likely the result of either a/an ________ or a/an ________.
Answer:
expansionary practice; open market purchase of securities by the Fed.
Explanation:
Fiscal policy in economics refers to the use of government expenditures (spending) and revenues (taxation) in order to influence macroeconomic conditions such as Aggregate Demand (AD), inflation, and employment within a country. Fiscal policy is in relation to the Keynesian macroeconomic theory by John Maynard Keynes.
A fiscal policy affects combined demand through changes in government policies, spending and taxation which eventually impacts employment and standard of living plus consumer spending and investment.
Basically, an expansionary fiscal policy will cause the total increase in aggregate demand to be greater than the initial increase in aggregate demand due to the multiplier process.
Hence, when the interest rate in an economy decreases, it is likely the result of either an expansionary practice or an open market purchase of securities by the Federal Reserve System (Fed).
According to the Keynesian theory, government spending or expenditures should be increased and taxes should be lowered when faced with a recession, in order to create employment and boost the buying power of consumers
A company just paid a dividend of $1.75, and those dividends are expected to grow at a constant rate of 5.5% forever. The stock price of this company is $74.58, what is the stock's expected dividend yield?
Answer:
2.48%
Explanation:
Dividend yield = Expected annual dividend / Price today
Dividend yield = $1.75 * 105.5% / $74.58
Dividend yield = $1.84625 / $74.58
Dividend yield = 0.0247553
Dividend yield = 2.48%
So, the stock's expected dividend yield is 2.48%.
The Glad Products Company produces and markets several consumer products including Press 'n Seal plastic wrap that creates a Tupperware-like seal. Sales for the product had stopped growing and profit leveled off, so the company set up a website to collect customer suggestions for alternative uses. They received such suggestions as protecting computer keyboards from spills and dirt and keeping soccer moms dry when sitting on damp spectator benches as they watched their children play. This tactic describes a product in what stage of its lifecycle?
a. Decline
b. Maturity
c. Introduction
d. Growth
Answer:
b. Maturity
Explanation:
In the stage of the produc life cycle at the maturity state the garner should accept from the consumer also the profit should fall plus the growth in sales should begins to slow down. also the marketing revamp is significant in order to protect the production from the competition arise in the market via the rival products
So as per the given situation, the option b is correct
Which of these statements about a VA appraisal is false? A CRV is valid for nine months on existing property. The appraisal must be done by a VA certified appraiser. The appraisal is called a Certificate of Reasonable Value. A veteran may pay more for a property than the CRV value.
Answer:
A CRV is valid for nine months on existing property.
Explanation:
The Department of Veterans Affairs usually grants mortgage loans to veterans. Before the loan is given an appraisal must be undertaken by a certified VA appraiser.
After appraisal a Certificate of Reasonable Value (CRV) is issued.
The CRV has a validity of 180 days (that is 6 months).
That means for this period the appraised value will remain the same even if there are adjustments in the contract terms.
So it's false that validity period of CRV is 9 months
In taking a physical inventory at the end of year 2013, Grant Company forgot to count certain units. Indicate how this error affects the following:
(a) 2013 cost of goods sold.
Overstates 2013 cost of goods sold.
Understates 2013 cost of goods sold.
None of the above.
(b) 2013 gross profit.
Understates 2013 gross profit.
Overstates 2013 gross profit.
None of the above.
(c) 2013 net income.
Understates 2013 net income.
Overstates 2013 net income.
None of the above.
(d) 2014 net income.
Understates 2014 net income.
Overstates 2014 net income.
None of the above.
(e) The combined two-year income.
The understated 2014 net income and the overstated 2013 net income combine to yield a correct total income for the two-year period.
The understated 2013 net income and the overstated 2014 net income combine to yield a correct total income for the two-year period.
(f) Income for years after 2014.
The 2013 error will affect years after 2014.
The 2013 error will not affect years after 2014.
Answer:
I can't understand the question
Use T-accounts to record the transactions below, which occur on March 12, 2021, close the T-accounts, and construct a balance sheet to answer the question. 1. Issue $80,000 in stock 2. Borrow $65,000 from a bank 3. Receive payment of $12,000 owed by a customer 4. Pay $6,000 owed to a supplier 5. Buy $17,000 worth of manufacturing supplies on credit What is the final amount in Total Assets
Answer:
The final amount in Total Assets is:
= $156,000.
Explanation:
a) Data and Analysis:
1. Cash $80,000 Common Stock $80,000
2. Cash $65,000 Bank Loan Payable $65,000
3. Cash $12,000 Accounts receivable $12,000
4. Accounts payable $6,000 Cash $6,000
5. Manufacturing supplies $17,000 Accounts payable $17,000
T-accounts
Cash
Account Titles Debit Credit
1. Common Stock $80,000
2. Bank Loan Payable 65,000
3. Accounts receivable 12,000
4. Accounts payable $6,000
Balance $151,000
Manufacturing supplies
Account Titles Debit Credit
5. Accounts payable $17,000
Common Stock
Account Titles Debit Credit
1. Cash $80,000
Bank Loan Payable
Account Titles Debit Credit
2. Cash $65,000
Accounts receivable
Account Titles Debit Credit
3. Cash $12,000
Accounts payable
Account Titles Debit Credit
4. Cash $6,000
5. Manufacturing supplies $17,000
Balance $11,000
Cash $151,000
Manufacturing supplies 17,000
Common stock $80,000
Bank loan payable 65,000
Accounts receivable 12,000
Accounts payable 11,000
Total $168,000 $168,000
Balance Sheet:
Assets:
Cash $151,000
Manufacturing supplies 17,000
Accounts receivable (12,000)
Total assets $156,000
