Answer:
B. Debit to cash short and over $16
Explanation:
The total entry to replenish the cash would be:
office supplies. 73
cash short and over 16
Cash. 89
Answer:
77.27% or
(17/22)%
The loan will accepted
Explanation:
property value 550,000
haircut 125,000
550,000 - 125,00 = 425,000 mortage value
425,000/550,000 = 77.27% = (17/22)%
The ratio is below the cutoff, so it is within the boundaries the lender expect. The loan will be given.
Answer:
Depreciation is the process to allocating an asset's cost as an expense over its useful life.
Explanation:
An asset's cost price is not expended fully in the year it is purchased as revenue generated from the asset is for many years. A such, asset's cost is allocated through it's useful life. Also, a part of it is expensed in the form of depreciation every year.
It is not a process of valuation, it is a process of cost allocation.
Depreciation can be calculated using straight line method, written down value method, MACRS etc.
Answer:
$570
Explanation:
The computation of the interest deduction is shown below:
= Interest paid × number of months ÷ (total number of months in a year)
= $3,420 × 2 months ÷ 12 months
= $570
The interest which is deducted in year 0 under the cash method of accounting is $570
And, the two months is calculated from the November 1 to December 31
We simply apply the interest paid formula.
Opening a savings account is similar to opening a checking account. After you've compared your options for a savings account and selected the best account for you, follow these steps:
Gather the required information: date of birth, Social Security number, home address, and telephone number.
Choose a director for the account. If you are under the age of 18, you'll need a director on the account, usually a parent.
Go to the bank to sign the necessary bank forms. The director of the account must sign the forms, as well.
Fill out a deposit slip and deposit at least the minimum amount of money.