Answer:
The correct option is D, Heirloom.
Explanation:
A garden Plant that has been passed down within a food family and is generally not commercially grown is called a Heirloom Product. Such garden plants are planted by the gardeners for their own and family use. Such plants are not sold commercially. Generally they are planted to be used within the house. Family members use such plants to make foods.
Answer: A) Remainderman
Explanation:
A Remainderman may sound like something from a horror movie but it is a property law term that refers to a person that is billed to take over or inherit an estate after the LIFE ESTATE of the previous owner is terminated.
Life Estate is an agreement where a person owns a property or asset for the duration of their life but as soon as they pass on, the asset or property reverts back to the original owner of a THIRD party.
The Remainderman is the person who the property reverts to.
In the above scenario therefore, the woman is in possession of a Life Estate but the Stepson is the Remainderman.
Answer:
Part a
2021 = $7,000
2022 = $6,000
Part b
2021 = $5,250
Explanation:
Sum of the year`s digit method provide for higher depreciation in early life of the asset with lower depreciation in later years.
Step 1
<em>Some of digits calculation :</em>
Year Digits
2021 7
2022 6
2023 5
2024 4
2025 3
2026 2
2027 1
Total 28
Step 2
<em>Determine the depreciable amount</em>
Depreciable amount = Cost - Residual value
= $40,000 - $12,000
= $28,000
Step 3
<em>Depreciation expense calculations</em>
2021 = 7 / 28 x $28,000 = $7,000
2022 = 6/ 28 x $28,000 = $6,000
assuming the equipment was purchased on March 31, 2021
2021 = $7,000 x 9/12 = $5,250
Answer: The answer is as follows:
Explanation:
Given that,
Used car $93.38 per month for 60 months
Cash price = $4,200
Down payment = $50
(a) Amount Financed = Total Value (Cash Price) - Down Payment
= 4200 - 50
= $4150
(b) Finance Charge = Total payments - Amount Financed
= 93.38 × 60 - 4150
= 5602.8 - 4150
= $1452.8
(c) Deferred payment price = Down Payment + Total payments
= 50 + 5602.8
= $5652.8
Allowance method of accounting for bad debts
.
Option - B
<u>Explanation:
</u>
The financial accounting term payments method refers to a system that is unplayable and records a bad debt expenditure estimate in the same period of accounting as the purchase. The deduction is used to adjust the cash flow accounts receivable.
The payment method is a better solution to the direct payment method because it is in line with the matching accounting theory.
Bad debts expenses are recognized soon since bad debts are likely and can be estimated to a fairly precise degree so that they meet the criteria necessary to recognize predicated losses and recognize the costs of bad debts.
