When a person owes more on an item (like a car or house) than it is worth, the person is said to be <u>upside down</u> on the loan.
<h3><u>Describe an upside-down loan.</u></h3>
You have an upside-down auto loan if you owe more money than the car is truly worth. You may need to make additional payments or modify your insurance coverage in order to prevent being upside-down on your loan or, at the very least, to shorten the amount of time you are in this perilous financial situation.
When you owe more on a car loan than the vehicle is worth, the loan is considered upside-down. If your car is worth $12,000 but your loan total is $15,000, for instance, your loan would be in the negative. You have $3,000 in negative equity in this situation.
It's not always a problem to have an outstanding auto loan. If you don't intend to sell your car, you can make loan payments until the balance is paid off. It won't affect the way you communicate with your lender.
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Answer:
(D) $ 4,950
Explanation:
The computation is shown below
As We know that
Ending work in process inventory = Opening work in process inventory + total manufacturing cost - cost of goods manufactured
where,
Total manufacturing cost = Direct materials used + direct labor cost + manufacturing overhead cost
= $10,000 + $25,800 + $19,200
= $55,000
So, the opening work in process inventory would be
$11,200 = Opening work in process + $55,000 - $48,750
So, the opening work in process is
= $4,950
Answer:
Total= 45,684 feet
Explanation:
Giving the following information:
Production budget:
February= 10,993
March= 8,559
Each chair produced uses 5 board feet of wood.
Management wants an ending inventory level of raw materials to equal 20% of the production needs (in wood) for the next month.
Direct material budget:
Production= 10,993*5= 54,965
Desired ending inventroy= (8,559*5)*0.2= 1,712
Beginning inventory= (10,993*5)*0.2= (10,993)
Total= 45,684 feet
Answer: It is charged to accumulated other comprehensive income.
Explanation:
The discount is recognized over the life of the contract when it is charged to accumulate other comprehensive income.
