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WARRIOR [948]
3 years ago
13

Frank and Jasmere are both shopping for a new car. They are looking for a $20,000 loan to pay for the new car that they will pay

back over a five year period. Frank has a credit score of 730 and Jasmere has a score of 600. Which of the following statements is TRUE?
A) Over the five year period, Jasmere and Frank will pay the same amount for the car loan
B) Frank's monthly payment on the auto loan will be about $100 more than Jasmere's payment
C) Jasmere's monthly payment on the loan will be about $100 more than Frank's payment
D) Lenders are not allowed to charge people different interest rates based on their credit scores
Business
1 answer:
Neporo4naja [7]3 years ago
8 0

Answer:

d. is correct

Explanation:

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Which statement concerning lower-of-cost-or-net-realizable-value (LCNRV) is incorrect? LCNRV is an example of a company choosing
liberstina [14]

Answer:

The LCNRV basis is justified because of a decline in the selling price of the inventory item

Explanation:

The accounting standard for Inventory under IFRS IAS 2 requires that inventory be recognized at cost which includes all the cost incurred to bring the item of inventory to a state or place where the item of inventory becomes available for sale.

These costs includes cost of purchase, freight, Insurance cost during transit etc.  

Subsequently, inventory is to be carried at the lower of cost or net realizable value.

This is justified where there is a decline in the selling price of inventory as it ensures that the amount stated in the books is fairly representative of the amount that may be realized from the sale of the inventory items.

6 0
3 years ago
Because material costs often make up about 50 percent of total manufacturing costs, vendor selection and material acquisition ge
Y_Kistochka [10]

Answer:

Even if the material costs represent below 50% of total manufacturing costs, vendor selection and material acquisition should be extremely important for a company not only because of the costs of the inputs but also to control their quality.

It is very difficult to produce something if you don't have the correct materials; the correct quantity, the right quality and delivered on time. If any of the three previous characteristics fails, you will face serious problems.

6 0
3 years ago
Discuss the bearing of a job description of an organization with more than 500 employees
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Answer: ahahahahahahahahahahahahaha

Soak

4 0
3 years ago
1On January 3, Carothers Corporation acquired $200,000 in new equipment in exchange for cash of $170,000 cash and a trade-in of
stich3 [128]

Answer:

The journal entry:

Debit Accumulated depreciation $160,000

Debit Equipment $200,000

Credit Cash $170,000

Credit Equipment $180,000

Credit Gain on exchange asset $10,000

Explanation:

The old equipment had a book value of $20,000 at the time of exchange. The company paid $170,000 cash and a trade-in of old equipment.

The new equipment costs of $200,000.

Carothers Corporation will record gain on exchange by the journal entry:

Debit Accumulated depreciation $160,000

Debit Equipment $200,000

Credit Cash $170,000

Credit Equipment $180,000

Credit Gain on exchange asset $10,000

8 0
3 years ago
Michael owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $2,
Citrus2011 [14]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Highest cost= $2,400 when the machines worked 1,000 machine hours.

Lowest cost= $2,200 when the machines worked 500 machine hours.

<u>To calculate the variable cost per unit and total fixed costs, we need to use the following formulas:</u>

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (2,400 - 2,200) / (1,000 - 500)

Variable cost per unit= $0.4 per hour

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 2,400 - (0.4*1,000)= $2,000

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 2,200 - (0.4*500)= $2,000

Total cost= 2,000 + 0.4x

x= machine hour

<u>Finally, the total cost for 1,200 machine hours:</u>

Total cost= 2,000 + 0.4*1,200

Total cost= $2,480

7 0
3 years ago
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