When property is sold in the middle of year, both the buyer and seller can deduct their pro rated portion of the property tax.
The property taxes are based on the assessed value of the property. So when the property tax is pro rated at the time of the transfer, both the buyer and seller can deduct their pro rated portion of the property tax.
Buyer and seller prorations are often applied during real estate closing transactions to divide the cost of expenses like property taxes. Thus, the buyer gets a deduction for the prorated amount of property tax due after closing, and the seller gets the same deduction for the taxes.
Hence, both the buyer and seller receives the deduction for the real property tax.
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Answer:
See below
Explanation:
The below shows the calculation of variance
Budgeted direct labor (per unit) 0.60
Units 2,000
Budgeted direct total labor (hrs) 1,200
Actual hours 1,160
Standard rate $17
Direct labor efficiency variance
The direct labor efficiency variance
= (Budgeted hours - Actual hours) × Standard rate
= (1,200 - 1,160) × $18
= $720 favourable
Answer: $603,500
Explanation:
Ending inventory in 2014;
= Ending inventory balance 2013 + ((
* 100) - ending inventory 2013)) * Price index 2014/100
= 550,000 + ((
) - 550,000)) * 107/100
= $603,500
The selling price per hat is mathematically given as
S=$62
<h3>What is t
he selling price per hat?</h3>
Direct labor hours required to produce first 100 hats=10hr
Direct labour cost =20hr*60$/hour = $1200
Other Direct cost =100hats*19$/hat = $1900
Total Direct cost. = $3100
Selling price is 200% of Direct production cost
$3100*200% = $6200
The selling price per hat = $6200 / 100hats
The selling price per hat = $62
In conclusion, The selling price per hat = $62
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Answer:
The correct answer is option B.
Explanation:
The Worthingtons have a motor home valued at $165,000.
Their car is worth $32,000.
They have investments worth $200,000.
Their savings is worth $20,000.
They have medical bills worth $1,300.
Their credit card balance is $3000.
Their net worth will be
= Assets - Liabilities
= $(165,000 + $32,000 + $200,000 + $20,000) - $(1,300 + 3000)
= $417,000 - $4,300
= $412,700
