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Katarina [22]
3 years ago
10

The equal credit opportunity act (ecoa) makes it illegal for lenders to refuse credit to or otherwise discriminate against which

applicant?
Business
1 answer:
Debora [2.8K]3 years ago
8 0

The Equal Credit Opportunity Act (ECOA) makes it illegal for lenders to refuse credit to or otherwise discriminate against a single person who receives public assistance.

The Equal Credit Opportunity Act, which is under the Consumer Credit Protection Act, makes sure that no borrowers are discriminated by lenders. When an applicant submits a request to know the reasons why their credit was denied, the creditors must provide them with it as stated in the Act.

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At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $14,000. By the end ofthe year,
Bogdan [553]

Answer:

1. Allowance for uncollectible accounts A/c Dr $15,000

             To Account receivable A/c $15,000

(Being write off amount is recorded)

2. $1,000 debit

Explanation:

1. The journal entry is shown below:

Allowance for uncollectible accounts A/c Dr $15,000

             To Account receivable A/c $15,000

(Being write off amount is recorded)

2. And, the balance of Allowance for Uncollectible Accounts would be

= Beginning balance of estimated uncollectible accounts - written off balance

= $14,000 - $15,000

= $1,000 debit

5 0
3 years ago
Consider a two-period model of a small open economy with a single good each period. Let preferences of the representative househ
nika2105 [10]

Answer:

Answer for the question:

Consider a two-period model of a small open economy with a single good each period. Let preferences of the representative household be described by the utility functionln(C1) + ln(C2),where C1 and C2 denote consumption in periods 1 and 2, respectively, and ln denotes the natural logarithm. In period 1, the household receives an endowment of Q1 = 5. In period 2, the household receives profits, denoted by ?2, from the firms it owns. Households and firms have access to financial markets where they can borrow or lend at the interest rate r1. (r1 is the interest rate on assets held between periods 1 and 2.).Representative firm borrows D1f in period 1 to make investment I1 that enable the firm to produce goods in period 2. The production technology in period 2 is given byQ2 = ?(I1),where Q2 and I1 denote, respectively, output in period 2 and investment in period 1.Assume that there exists free international capital mobility and that the world interest rate, r*, is 10% per period (i.e., r* = 0.1). Finally, assume that the economy’s initial net foreign asset position is zero (B0* = 0)c) Find the country’s net foreign asset position at the end of period 1, the trade balance in periods 1 and 2, and the current account in periods 1 and 2.d) Now consider an investment surge. Specifically, assume that as a result of a technological improvement, the production technology becomes Q2 = 2?(I1). Find the profit maximizing level of investment made in period-1 and the level of profit for period-2. Find the equilibrium levels of saving, the trade balance, the current account, and the country’s net foreign asset position in period 1.

Is given in the attachment.

Explanation:

6 0
3 years ago
How does a country's GDP help you determine if its economy is strong or weak?
IceJOKER [234]
The GDP means gross domestic product. When it increases then it means the economy is getting stronger or is already strong. If it decreases then it becomes weaker or is already weak.
8 0
3 years ago
Read 2 more answers
When your music teacher asks that you increase the decibels in a particular part of your performance, he is specifically request
REY [17]
Loudness. Hope this helps.
8 0
3 years ago
EB2.
madreJ [45]

Answer:

The question is incomplete; the complete question is given below:

                                                                  $

Direct materials             15,000.00

Direct labor                       25,000.00

Factory depreciation expense         45,000.00

Factory utilities expense          2,000.00

Payroll staff's salary    15,000.00

Prime cost= $40,000,  Conversion cost= $72,000

Explanation:

Prime cost: It is the summation of all direct costs. Direct costs are costs that are incurred directly for a particular product, and therefore can be traced to it.

Examples of direct costs include; direct material costs, direct labour cost and direct expense

Direct materials cost: the costs of all materials used directly to manufacture a product. <em>For example, cocoa powder, vanilla used in making chocolate</em>. <em>Every other materials costs are indirect material costs</em>

Direct labor cost: the cost of the labor hours of workers actively involved in the production of a product. For example, the cost of the total hours paid to workers for packing the chocolates into cartons. <em>Every other labor costs are indirect labor costs</em>

Prime cost = Direct material cost+ Direct labour cost  + Direct expense

Prime cost = $15,000 + $25,000= $40,000

Conversion cost = The sum of direct labour costs  and <u>manufacturing overheads</u>

Conversion cost= $25,000 + $45,000 + $2000= $72,000

Note that payroll staff cost was excluded because payroll function is an administrative activitiy not manufacturing.

6 0
3 years ago
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