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Varvara68 [4.7K]
3 years ago
11

When reconciling a 6 column worksheet for a closing - after totaling up the debits and credits, the closing agent needed to add

a $30,000 Debit to the Seller Debit column to make it equal to the Seller Credit column. What does this Seller Debit represent?
Business
1 answer:
enyata [817]3 years ago
5 0

Answer:

A $30,000 payment the seller will receive from this closing.

Explanation:

The debit column represents the money the seller is receiving from this sale (seller's proceeds).

All the debit's correspond to money received by the seller (e.g. earnest money), while the credits correspond to payments carried out by the seller (e.g. any fees paid by the seller).

So if there is some amount that need to be debited at the end, it can only be money that the seller should receive.

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1 year ago
Huey, a resident of Illinois, owns a warehouse in Indiana. A dispute arises over the ownership of the warehouse with Jac, a resi
icang [17]

Answer:

c. in rem jurisdiction.

Explanation:

Jurisdiction is defined as the power or authority to decide legal cases.

Jurisdiction refers to the practical authority granted to a legal body to administer justice within a defined field of responsibility.

Federal jurisdiction refers to the legal scope of the government's powers in the U.S.A.

In rem jurisdiction refers to the power a court that it may exercise over property against a person over whom the court does not have in personam jurisdiction.

Indiana has <u>in rem jurisdiction.</u>

7 0
3 years ago
Amsted, Inc. is considering a project that will increase revenues by $2.5 million, cash operating expenses by $700,000, and depr
sergij07 [2.7K]

Answer:

incremental after tax cash flow for 2011: $1,145,000

Explanation:

Additional revenue                                                 $2,500,000

Cash operating expenses                                       ($700,000)

Depreciation and amortization expenses               ($300,000)

<u>Reduced inventories                                               ($200,000)</u>

Pretax income                                                         $1,300,000

<u>Less taxes 35%                                                        ($455,000)</u>

Net income                                                                $845,000

<u>Add Depreciation and amort. expenses                  $300,000</u>

Free cash flow                                                           $1,145,000

5 0
3 years ago
Theo is depositing $1,300 today in an account with an expected rate of return of 8.1 percent. If he deposits an additional $3,20
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Answer:

$15,699.54

Explanation:

The computation of the account balance after 10 years from today is shown below:

= Future value of amount deposited today × (1 + interest rate)^number of years +   Future value of amount deposited two years × (1 + interest rate)^number of years + Future value of amount deposited three years × (1 + interest rate)^number of years

= $1,300 × (1 + 8.1%)^10 + $3,200 × (1 + 8.1%)^8 + $4,000 × (1 + 8.1%)^7

= $2,832.70 + $5,966.99 + $6,899.85

= $15,699.54

3 0
3 years ago
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C. Tariff

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