1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
mojhsa [17]
3 years ago
8

Miller owns a personal residence with a fair market value of $202,700 and an outstanding first mortgage of $162,160, which was u

sed entirely to acquire the residence. This year, Miller gets a home equity loan of $10,135 to purchase new jet skis. How much of this mortgage debt is treated as qualified residence indebtedness?
Business
1 answer:
jenyasd209 [6]3 years ago
6 0

Answer:

Explanation: Miller Personal residence market value = $202,700

                                                               Mortgage value = <u>$162,160</u>

                                            Remaining Mortgage value = $<u>40,540</u>

           Current year, he gets Home equity loan valued = $10,135

The total mortgage debt treated( paid) = $162,160 + 10,135 = <em>$172,295</em>

You might be interested in
National income accountants can avoid multiple counting by1. only counting intermediate goods. 2. only counting final goods.3. i
lubasha [3.4K]

Answer:

2. Only counting final goods

Explanation:

When defining national income accounting and terminolgies, emphasis is always laid on "...total value of FINAL goods...". This is as a result of avoiding double counting. If intermediate goods were counted alongside final goods, it would be double counting because intermediate goods are used in producing those final goods. Final goods are good meant for final consumption. The other method used in avoiding double counting ( counting of the value of the same product more than once) apart from counting final gooda is Value added approach.

4 0
3 years ago
Land Transactions on the Statement of Cash Flows Alpha Corporation purchased land for $211,000. Later in the year, the company s
horsena [70]

Answer:

<u>investing activities:</u>

acquisition of land   (211,000)

sale of land              (101,000)

<u>Operating Activities:</u>

gain on sale: NO EFFECT if direct method is used

                adjusting the net income if the indirect method is used.

Explanation:

The cash disbursmenets and cash proceeds fro mthe purhcase and sale of land respectevely will appear as investing activities.

The gain on the sale will adjust the net incoem if the company used indirect method to determinatethe cash from operating activities.

As is a non-monetary term It will be removed.

If the company used the direct method there will be no mention to the gain on sale.

3 0
3 years ago
Which of the following statements is correct?A.The payment of a cash dividend reduces net income.B.Cash received from issuing co
ioda

Answer:

B.Cash received from issuing common stock to stockholders is reported as a financing activity cash flow within the statement of cash flows.

Explanation:

As when common stock is issued, it provides cash to the company, for any kind of investments, or expense to be made, for running the business.

Financing activities are those which arrange monetary assets generally cash for the company, issue of securities, issue of bonds, borrowings as loans or note payable.

Thus, the statement B is correct.

Further dividends are provided after tax, and are distribution from net income, but not shown under that.

Providing services on account will provide revenue and net income will increase.

Purchasing of any equipment is investing as it will create an asset for the company.

7 0
3 years ago
On september 1, 2018, fortune magazine sold 660 one-year subscriptions for $74 each. the total amount received was credited to d
Dafna1 [17]
The Company recorded 660 x 74 = $48,840 in deferred revenue. This is a liability account that means they still owe the service or good which they have been paid for. 
Every month, the company records an adjusting entry, recognizing one twelfth of the 48,840, 4,070, because they have earned another month of that deferred revenue by providing the magazine. 
The journal entry on December 31, 2018, will be
Deferred Revenue  4,070
         Revenue                 (4,070)
If this is the first time they've made the entry, then they will recognize earned revenue for Sep, Oct, Nov and Dec, 
Deferred Revenue 16,280
         Revenue                 (16,280)
3 0
2 years ago
The par value of a stock:
SCORPION-xisa [38]

Answer:

A) is used to determine minimum legal capital balances at issuance

Explanation:

The par value of stock represents the minimum amount that must be paid per share. Par value is also referred as the Face Value or Nominal Value of common stock.  The Par Value of common stock is  derived by Par value per share * No. of Issued Shares.

8 0
3 years ago
Other questions:
  • Which best describes what financial planning skills ultimately enable an individual to do
    15·2 answers
  • Mr. pines thought ms. smith was the ideal employee. smith was an impressive person and attended all social functions of the comp
    11·1 answer
  • Moon lite cafe has a semiannual, 5 percent coupon bond with a current market price of $988.52. the bond has a par value of $1,00
    6·1 answer
  • Employee theft and fraud is a costly problem for organizations, estimated to be approximately ________ per worker per year.
    8·1 answer
  • Andy has a remaining unpaid balance of $845 on his credit card. His credit card company has an APR of 18 percent. How much will
    7·2 answers
  • Who owns the land and the capital in a centrally planned economy?
    5·2 answers
  • The Petit Chef Co. has 7 percent coupon bonds on the market with 9 years left to maturity. The bonds make annual payments and ha
    7·1 answer
  • A small company heats its building and spends ​$7 comma 800 per year on natural gas for this purpose. Cost increases of natural
    6·1 answer
  • Which of the following is an example of a strength?
    6·2 answers
  • There is a bond with a coupon of 7.6 percent, seven years to maturity, and a current price of $1,032.20. What is the dollar valu
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!