Home loan amount = $165,000
Estimated closing costs = $6,187.50
% of estimated closing cost = ?
$165,000 * x% = $6,187.50
x% = $6,187.50 ÷ $165,000
x% = 0.0375
x = 0.0375 x 100 = 3.75
Therefore, estimated closing costs = 3.75% of loan amount = 3.75% of $165,000
Actual closing costs = 3.5% of loan amount = 3.5% of $165,000 = $5775
Difference in estimated and actual closing cost percent = 3.75% - 3.5% = 0.25%
The closing costs were lower than the estimate by 0.25%
Answer:
The correct answer is letter "B": marketing research.
Explanation:
Marketing research is the study companies make before launching a product or service by which they gauge how successful could be the product in the market. The marketing research is the indicator that will determine if the goods will be produced or not. This study is also helpful at the moment of determining the target market of the firm and its scope, as well as the approximate price that consumers would pay for the product.
Answer:
a.
Date Account Title Debit Credit
Jan. 31 Product Warranty Expense $15,160
Product Warranty Payable $15,160
<u>Working:</u>
Product warranty expense = Amount of sales for January * Estimated product warranty
= 379,000 * 4%
= $15,160
b.
Date Account Title Debit Credit
Jan. 31 Product Warranty Payable $355
Supplies $250
Wages payable $105
The costs of the warranty will be taken from the liability account for warranties because the warranty payable account represents that the company owes warranty repairs which the customer just came to collect.
The correct answer would be D. Limited Partnership
Answer: e
Explanation :
A balance sheet is a statement of the financial position of a business that lists the assets, liabilities and owner's equity at a particular point in time. In other words, the balance sheet illustrates your business's net worth.
The balance sheet may also have details from previous years so you can do a back-to-back comparison of two consecutive years. This data will help you track your performance and will identify ways to build up your finances and see where you need to improve.
A balance sheet reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure . the balance sheet is divided into two sides (or sections). The left side of the balance sheet outlines all a company’s assets. On the right side, the balance sheet outlines the companies liabilities and shareholders’ equity. On either side, the main line items are generally classified by liquidity. More liquid accounts like Inventory, Cash, and Trades Payables are placed before illiquid accounts such as Plant, Property, and Equipment (PP&E) and Long-Term Debt. The assets and liabilities are also separated into two categories: current asset/liabilities and non-current (long-term) assets/liabilities.
