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Oliga [24]
3 years ago
5

I just turned 18, an I want to apply for a car loan. But as we all know, I don't have credit. I was think of having my mom co si

gn an all that but she doesn't have the best credit, does anyone know exactly how that would work? Would they also require you to put money down?
Business
2 answers:
VMariaS [17]3 years ago
8 0
Yes, most of the time, the loaners (i.e banks) would look at your credit history to see if you pay all your loans on time and in the full amount. Most of the time, they wouldn't give loans to people that have poor credit or no credit, because they either know you will have a hard time paying back, or they don't know if you are able to pay back or not. Many car dealers would want you to place an out-of-pocket on-the-spot payment, and you can pay the rest monthly for the next couple of years. So it would be best to first get a good history of credit card (literally get a credit card and pay your payments on time) and then try to op for a used car. When both your credit history and driving history is good, then you can try to apply for a car loan (and most likely they would give it to you) hope this helps
finlep [7]3 years ago
4 0
Chek on creditcarma its really easy and you can show the people at the car dealership the credit on your phone and yes they would need money down also im not an add

hope this helps
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Using advances in technology to maintain databases of customer information is more important for firms involved in mass marketin
astraxan [27]

Answer:

The statement is: False.

Explanation:

The difference between mass marketing and relationship marketing is that the first is used to attract large numbers of customers with a product that is not necessarily tailor-made for them. On the other hand, relationship marketing provides consumers with a good or service that matches their needs. Companies implementing this approach are likely to keep customers' information in a database to evaluate changes over time and to adapt to them.

Thus, maintaining databases thanks to the advance of technology is likely more useful for firms using relationship marketing.

4 0
2 years ago
Mason Automotive is an automotive parts company that sells car parts and provides car service to customers. This is Mason's firs
Vera_Pavlovna [14]

Answer:

Mason Automotive sells 10,000,000 shares at $5 par for $15 on January 1st, 2019.  

Dr Cash 150,000,000

    Cr Common stock 50,000,000

    Cr Additional paid in capital 100,000,000

Ed Mason, the CEO, hires 4,000 employees, whom will receive a combined salary of $6.5 Million on a monthly basis. The employees started on January 1st and will be paid for the month of January on February 5th. Employee's withholdings are as follows: 10% for federal income taxes 5% for state income taxes and 7% for FICA. Record the necessary entry as of January 1st, 2019.          

No journal entry required

Adjusting entry:

January 31, 2019, wages expense

Dr Wages expense 6,500,000

Dr FICA taxes expense 455,000

    Cr Federal income taxes withheld payable 650,000

    Cr State income taxes withheld payable 325,000

    Cr FICA taxes withheld payable 455,000

    Cr FICA taxes payable 455,000

    Cr Wages payable 5,070,000

On January 1st, Mason Automotive receives $70 Million advance payment from a customer, Highland Inc., to manufacture 7,000 cars.        

Dr Cash 70,000,000

    Cr Deferred revenue 70,000,000

Adjusting entry:

January 31, 2019, 5,000 cars were finished and delivered

Dr Deferred revenue 35,000,000

    Cr Sales revenue 35,000,000

Mason Automotive issues a bond payable on January 1st, 2019 with a face value of $500 Million at 98. The bond will have a useful life of 10 years with an interest payment of 8% (Annual Percentage Rate) due at the end of the month. Record the necessary journal entry as of January 1st,  2019.

Dr Cash 490,000,000

Dr Discount on bonds payable 10,000,000

    Cr Bonds payable 10,000,000

(Note: When considering the amortization of the discount or premium, assume the straight line method is used).  

Adjusting entry        

January 31, 2019, interest expense

Dr interest expense 3,416,666

    Cr Discount on bonds payable 83,333

    Cr Interest payable 3,333,333

Mason Automotive purchased $6 Million dollars worth of supplies on account on January 2nd, 2019.      

Dr Supplies 6,000,000

    Cr Accounts payable 6,000,000

Adjusting entry

January 31, 2019, supplies expense

Dr Supplies expense 3,500,000

    Cr Supplies 3,500,000    

On January 2nd, Mason Automotive shipped an order to Panther Paws Corporation. The shipping terms were FOB shipping point and the value of the order was $95 Million and the inventory cost was $55 Million. Assume that this sale was made on account.          Dr Accounts receivable 95,000,000

    Cr Sales revenue 95,000,000

Dr Cost of goods sold 55,000,000

    Cr Inventory 55,000,000

Adjusting entry:

January 31, 2019, allowance for doubtful accounts (3%)

Dr Bad debt expense 2,850,000

    Cr Allowance for doubtful accounts 2,850,000

Mason Automotive purchased $150 Million dollars worth of inventory on January 2nd, 2019. $80 Million was paid with cash with the remaining balance on account. Mason notes that it will use a perpetual inventory system to track inventory.  

Dr Inventory 150,000,000

    Cr Cash 80,000,000

    Cr Accounts payable 70,000,000      

Mason Automotive buys a patent from Apple for $20 Million on January 3rd, 2019. The patent has a legal life of 20 years and the useful life was the same. Record the necessary entry as of January 3rd, 2019. Assume the patent was purchased using cash.          Dr Patent 20,000,000

    Cr Cash 20,000,000

Adjusting entry:

January 31, 2019, patent amortization expense

Dr Patent amortization expense 83,333

    Cr Patent 83,333

Mason Automotive pre-pays for Rent Expense for the next year of $12 Million and Insurance Expense of $3.7 Million on January 3rd, 2019.  

Dr Prepaid rent 12,000,000

Dr Prepaid insurance 3,700,000

    Cr Cash 15,700,000

Adjusting entries:

January 31, 2019, rent expense

Dr Rent expense 1,000,000

    Cr Prepaid rent 1,000,000

January 31, 2019, insurance expense

Dr Insurance expense 308,333

    Cr Prepaid insurance 308,333        

Mason Automotive purchases fixed assets of $100 Million that will have a useful life of 10 years and a salvage value of $20 million on January 4th, 2019. $20 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method.  

Dr Fixed assets 100,000,000

    Cr Cash 20,000,000

    Cr Accounts payable 80,000,000

Adjusting entry:

January 31, 2019, depreciation expense  

Dr Depreciation expense 666,667  

    Cr Accumulated depreciation - fixed assets 666,667    

On January 20th, Mason Automotive decides to purchase 500,000 shares of Treasury stock at $35 per share.

Dr Treasury stock 17,500,000

    Cr Cash 17,500,000

3 0
3 years ago
Accounts receivable: Select one: A. are reported on the income statement. B. arise from the purchase of goods or services on cre
Elena-2011 [213]

Answer:

Option (D) is correct.

Explanation:

Accounts receivables refers to a term that is used by the businesses when a company sells the goods on account or credit to its customers and customers promise to pay this amount at a later date. The accounts receivable is shown under the current assets. When a company receives the amount of receivables then it will increases its cash and decreases the accounts receivables.

5 0
3 years ago
Assume that ExxonMobil uses a standard cost system for each of its refineries. For the Houston refinery, the monthly fixed overh
maksim [4K]

Answer:

a. Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead

= $8,000,000 - $8,750,000

= $750,000 Unfavorable

b. Predetermined overhead rate per barrel = $8,000,000 / 5,000,000

= $1.60 per barrel

Fixed overhead applied = 5,100,000 * $1.60

= $8,160,000

Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead  

= $8,160,000 - $8,000,000

= $160,000 Favorable

c. Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead

Predetermined overhead rate per barrel = Budgeted fixed overhead / Planned outputs

Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead  

5 0
2 years ago
An adult with a developmental disability works at a local product fulfillment and distribution center. She takes the bus to get
harkovskaia [24]

Answer: Tracking and identification.

Explanation: In other ease the woes and stress of such individual, integrating a tracking and identification capability on her app will be of great help. This will ensure that she could be easily and effectively located by leveraging the ability of the geographic positioning system in other to correctly get and know are current location. With these she could be picked easily when issues of drops off at the wrong location. Trackers allows one to determine the current location of items or individuals in which the tracking devices are placed on. As it also gives signals when one gets to the current position of the item or individual for proper identification. With these locating her will become very easy and hassle free during instances of wrong drop off.

7 0
3 years ago
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