Normally, mortgage brokers have nothing to lose by encouraging you to get a bigger loan than you may be able to afford.

On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit bala

Deffense [45]

Answer:

Dr Allowances for sales returns $600

Cr Sales refund payable $600

Being increase sales refund estimate

Explanation:

The sales refund account is liability account that should naturally have a credit balance.

In the current period the balance in the sales refund payable account should be $900 in total,but there is a balancing credit amount already in the account,intuitively, the amount needed to raise the balance in the account to $900 is $600.

The necessary entries required for the sales refund payable is shown below:

Dr Allowances for sales returns $600

Cr Sales refund payable $600

Being increase sales refund estimate

There is no adjusting entry to accounts receivable as that deals with receipt of cash from sales transactions and not the actual sales transactions.

When the refund is eventually settled with cash, a debit is posted to sales refund payable and a credit to cash account

7 0

3 years ago

An oil and gas producing company owns 42,000 acres of land in a southeastern state. It operates 630 wells which produce 18,000 b

valkas [14]

Answer:

The bid amount should be $13,200,264.

Explanation:

An oil and gas producing company owns 42,000 acres of land in a southeastern state.

It operates 630 wells which produce 18,000 barrels of oil per year and 1.7 million cubic feet of natural gas per year.

The revenue from the oil is $1,800,000 per year and for natural gas the annual revenue is $581,000 per year.

Total Annual Revenue

= Revenue from oil + Revenue from gas

= $1,800,000 + $581,000

= $2,381,000

The bid amount should be the present worth of total annual revenue.

Present Worth of total annual revenue

= $Revenue \times\ \frac{( 1 + i )^{n} -1 }{i (1 + i)^{n} }$

= $$2,381,000\ \times\ \frac{( 1 + 0.11 )^{9} -1 }{0.11 × (1 + 0.11)^{9} }$

= $$2,381,000\ \times\ \frac{( 1.11 )^{9} -1 }{0.11 × (1.11)^{9} }$

= $$2,381,000\ \times\ \frac{2.5580 - 1 }{0.11 × 2.5580 }$

= $$2,381,000\ \times\ \frac{1.5580 }{0.281}$

= $$2,381,000\ \times\ 5.544$

= $13,200,264

7 0

3 years ago

Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available

Marysya12 [62]

Answer:

C. $222,500 ÷ $313,500

Explanation:

Calculation for cost to retail ratio

COST

Beginning inventory $30,000

Add; Purchases $190,000

Add: Freight in $2,500

Cost $222,500

RETAIL

Beginning inventory $45,000

Add: Purchases $260,000

Add: Net mark ups $8,500

Retail $313,500

Therefore, the cost to retail ratio will be

$222,500 $313,500

5 0

3 years ago

The manager of a large hotel refuses to rent a room to a blind person with a guide dog. What California Fair Housing law has the

Anvisha [2.4K]

Answer:

Unruh Civil Rights Act

Explanation:

Remember, in the United States individual states often enact their own laws. One such law is the Unruh Civil Rights Act that protects persons with disabilities.

By his actions the Hotel Manager has violated the California fair housing law under the Unruh Civil Rights Act which mandates that;

All persons irrespective of their disability are entitled to full and equal accommodations or fair housing privileges or services in all business establishments of every kind whatsoever.

3 0

3 years ago

Wilderness Fanatic, a manufacturer of outdoor goods, is willing to supply 1000 of its Blue Thrash tandem kayaks when the price p

liraira [26]

1) let P represent Price, and since the dependency is linear, the supply equation will take the following form:

A) Y- $Y_{1\\}$ = $(\frac{Y_{1} -Y_{2} }{P_{1} -P_{2} } ) (P_{1} -P_{2} )$