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2 years ago

How long does a default loan or bad credit stay on your credit report?

2 answers:

8 0

Late payments remain on a credit report for seven years from the date of the missed payment. If you have a closed account that was delinquent, the account itself will be removed from the report seven years from the date the account first became late and after which was never again current.

ahrayia [7]2 years ago

3 0

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Which of the following is not one of the factors to consider in determining whether a business entity meets the definition of a

alexgriva [62]

2. It engages in business activities from which it may earn revenues and incur expenses.

3 0

3 years ago

For each of the following items, calculate the cash sources or cash uses that should be recognized on the statement of cash flow

Serhud [2]

Answer:

$784,700

Explanation:

Data provided

Revenue from sales = $762,000

Decrease in accounts receivables = $22,700

The computation of cash received from customers is shown below:-

Cash receipts from customers = Revenue from sales + Decrease in accounts receivables

= $762,000 + $22,700

= $784,700

Therefore for computing the cash received from customers we simply applied the above formula.

5 0

3 years ago

ABC, a chain of candy stores, purchases its candy in bulk from its suppliers. For a recent shipment, the company paid $1,500 and

spin [16.1K]

Answer: Option (d) is correct.

Explanation:

Amount paid for candy = $1,500

Items received = 8,500 pieces of candy

Group 1 = 2,500 pieces

Selling price = $0.15 each

sale value = pieces sold × Selling price

= 2,500 × $0.15 each

= $375

Group 2 = 5,500 pieces

Selling price = $0.36 each

sale value = pieces sold × Selling price

= 5,500 × $0.36 each

= $1,980

Group 3 = 500 pieces

Selling price = $0.72 each

sale value = pieces sold × Selling price

= 500 × $0.72 each

= $360

Total sale value = $375 + $1,980 + $360

= $2,715

$Percentage\ of\ sale\ in\ Group\ 2=\frac{Sale\ value}{Total\ sale\ value}\times 100$

$Percentage\ of\ sale\ in\ Group\ 2=\frac{1,980}{2,715}\times 100$

= 72.92%

Proportion of cost for Group 2 = cost × Percentage of sale in Group 2

= $1,500 × 72.92%

= $1,093.8

$cost\ per\ unit= \frac{cost}{total\ units}$

$cost\ per\ unit= \frac{1,093.8}{5,500}$

= $0.1988

= $0.20(approx)

4 0

3 years ago

Packer Corporation’s year 8 income statement reported $130,000 in income before provisions for income taxes. To compute the prov

romanna [79]

Answer:

$127,000

Explanation:

Calculation for the amount to be reported as taxable income

Using formula

Taxable income=[Year 8 Income Statement + Rent received in advance -Income from exempt municipal bonds -(Depreciation deducted for income tax purposes-Depreciation deducted for financial reporting)]

Let plug in the formula

Taxable income=[$130,000+$ 22,000 -$ 17,000 -( $ 18,000 -$ 10,000 )]

Taxable income=$130,000+$ 22,000 -$ 17,000 -$8,000

Taxable income=$127,000

Therefore the amount that Packer should report as taxable income will be $127,000

5 0

3 years ago

You and your new spouse each bring home $1400 each month after taxes and other payroll deductions. By living frugally, you inten

Annette [7]

Answer:

22 months

Explanation:

The 20% down payment which is target savings =$165,000*20%=$33,000

The are two paychecks which is $1,400 each

monthly savings is one paycheck=$1,400

rate of compounding is 7.83% yearly=7.83%/12=0.006525 monthly

The number of months the savings will reach $33,000 can be computed using the nper formula in excel as shown below:

=nper(rate,pmt,-pv,fv)

rate is the monthly rate i,e 0.006525

pmt is the monthly savings of $1,400

pv is the present worth of the savings which is unknown

fv is the future value of target savings which is $33,000

=nper(0.006525,-1400,0,33000)=22 months approximately

4 0

3 years ago