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satela [25.4K]
3 years ago
14

Your company receives advance payment in October for services that are provided during November. Which of the following statemen

ts is correct?
(A) An expense is recorded in October and revenue will be recorded in November.
(B) A liability is recorded in October and revenue will be recorded in November.
(C) Revenue and expenses are recorded in October.
(D) Revenue is recorded in October and an expense will be recorded in November.
Business
1 answer:
Marianna [84]3 years ago
8 0

Answer:

(B) A liability is recorded in October and revenue will be recorded in November

Explanation:

When a company receives money in advance of earning it, the accounting entry is a debit to the asset Cash for the amount received and a credit to the liability account such as Customer Advances or Unearned Revenues

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Ben and carla covington plan to buy a condominium. they will obtain a $220,000, 30-year mortgage at 5 percent. their annual prop
shtirl [24]

Answer: The total using monthly housing payment is 1371.01.

The monthly payment on a house usually comprises of four parts - principal, interest, taxes and insurance. Even though taxes and insurance are due only once a year, most home loan lenders require that these amounts be deposited in an escrow account . They then transfer the amounts to the respective agency when the amounts fall due. So, the value of monthly payment is:        

Monthly Housing Payment = Principal + Interest + Taxes + insurance

We need to calculate the EMI on the housing loan. This will cover the monthly payment on principal and interest

EMI = \frac{PV}{\frac{1-(1+r)^{-n}}{r}}

EMI = \frac{220000}{\frac{1-(1+\frac{0.05}{12})^{-30*12}}{\frac{0.05}{12}}}

EMI = \frac{220000}{\frac{1 - 0.22382659564135}{0.0042}}

EMI = \frac{220000}{186.28}

EMI = 1181.01

Next we calculate the monthly property taxes and insurance

Monthly property taxes       \frac{1800}{12} = 150

Property insurance             \frac{480}{12} = 40

Hence the total housing payment is : 1181.01 + 150 +40 = 1371.01

3 0
3 years ago
A ____ is a value that the user enters whenever a query is run, which provides flexibility, enables users to access information
fomenos
A parameter is a value that the user enters whenever a query is run, which provides flexibility, enables user to access information easily, and costs less.

Hope this helps :)
~Davinia.
8 0
3 years ago
Read the passage, and then answer the question.
kicyunya [14]

Answer:

3) Reject redundancies.

Explanation:

The statement is redundant because 2 of the three sentences essentially convey the same messange:

  • [1] This community needs programs assisting those in the reentry process.
  • [3] Basic fundamental information on reentry services is sorely needed in our community.

Those two sentences say the same, and one of the two can be dropped to express more clarity, and reject redundancies.

8 0
3 years ago
A leading indicator: Group of answer choices does not change with business cycles. remains unaffected by changes in real GDP. ge
tankabanditka [31]

Answer:

The correct answer is letter "E": usually declines before a recession starts.

Explanation:

The Leading Indicator is a measurable economic factor that tends to change right before the economy begins to change. Though they are not always right, leading indicators are often used to forecast upward or downward shifts in an economy or a sector.

Some of the common key indicators are the stock market, retail sales, and the real estate market. If we relate the inflation to leading indicators, <em>inflation will theoretically hit right after the leading indicator started to show a decline in the overall growth of an economy.</em>

5 0
3 years ago
You wish to retire in 14 years, at which time you want to have accumulated enough money to receive an annual annuity of $17,000
solmaris [256]

Answer:

$5872.55

Explanation:

According to the scenario, computation of the given data are as follow:-

At the retirement time required amount of money

Present value=PMT × 1 - (1 + rate) - time period ÷ rate

=$17000 × 1 - ( 1 + 0.10) -19 ÷ 0.10

=$17000 × 1 - (1.10) - 19 ÷ 0.10

=$17000 × 1 - 0.16351 ÷ 0.10

=$17000 × 0.83649 ÷ 0.10

=$17000 × 8.3649

= $142,203.3

Now Pre retirement amount of money:-

Future value = $142,203.3

Annual contribution PMT = future value × rate ÷ (1 + rate) time period - 1

= $142203.3 × 0.08 ÷ (1 + 0.08) 14 - 1

= $11376.264 ÷ (2.937194 - 1)

= $11376.264 ÷ 1.937194

= $5872.55

According to the analysis, annual contribution to the retirement fund is $5872.55

We simply applied the above formulas

5 0
3 years ago
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