The Chavez family has two options when applying a house loan for 30 years which is amounting to $250,000. First, the will not take the points with a monthly payment of $1580 while if they take the points, they will have a monthly payment of $1560. What they did was they did not buy the points and the reason for this was they are planning to sell the house after 5 years.
Answer:
$360,000
Explanation:
Last in first out (LIFO) is a method used in inventory where the cost of most recently purchased goods is the one to be expensed first. Also current losses are the first to be reported.
An inventory loss incurred in a quarter must not be deferred, but recorded as items within an interim must be reported in the same period they were incurred, unless it can be redeemed before the end of the fiscal year. It is not considered a temporary item.
The loss reported in May will be reported for that quarter in June.
Answer:
The two ways to begin setting up a recurring transaction in quick books online are:
- Create a new transaction or
- Duplicate an existing one
Explanation:
Option One: To set up the transaction,
- Click on settings (It's an icon that looks like a gear)
- From Lists, click on “Recurring Transactions”
- Then select “New”
- Select a transaction type to be created, and press “OK”
- The next step is to name your template then,
- Choose a Type of Transaction. The options are "Scheduled", "Unscheduled" and "Reminder".
Finally, enter the necessary information and Save the Template.
Option Two:
Create templates more quickly by duplicating existing templates. This is a quicker way of setting up transactions.
- Go to Settings
- From Lists, select "Recurring Transactions".
Click on the appropriate template, then select the Action column drop-down menu and select Duplicate. All settings will be inherited by the duplicate copy except the caption.
Cheers!
Explanation:
The adjusting entry is shown below:
Insurance expense Dr $1,800
To Prepaid insurance $1,800
(Being the insurance expense is recorded)
For recording the adjusting entry for advance purchase of insurance policy we debited the insurance expense and credited the prepaid insurance account so that the correct posting could be done
Answer:
D
Explanation:
Per capita GDP measures the standard of living of the people in a country. The higher the Per capita GDP, the higher the standard of living
Per capita GDP = GDP / population
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
South Korea operates a market economy compared with North Korea. A market economy leads to greater efficiency in production when compared with a command economy.
A market economy is an economy where production decisions are made by the forces of demand and supply. there is no intervention of the government in production decisions
Characteristics of a market economy
• Private ownership of means of production
• freedom of choice. Producers are free to produce what they desire
• competition among producers
• no government intervention.
A command economy is an economy where production decisions are made by the government.
