Answer:
$2,424
Explanation:
Depreciation for a rental property is calculated following a straight line depreciation method for 27.5 years.
First we must calculate the rental's house basis excluding land value:
$135,000 - $35,000 = $100,000
Then we divide $100,000 by 27.5 years = $3,636 per year
Now we divide by 12 months = $303 per month and multiply times 8 months = $303 x 8 = $2,424
A major advantage of the built-in or automatic stabilizers is that they require no legislative action by Congress to be made effective.
<h3>What are automatic stablizers?</h3>
Automatic stabilizers are stabilizers that adjust the economy automatically without the intervention of the congress. An example of an automatic stablizer is taxes.
In an expansion, progressive tax increases the tax paid by citizens and in a contraction, tax paid is reduced and this increases disposable income.
Here is the complete question:
A major advantage of the built-in or automatic stabilizers is that they:
(a) simultaneously stabilize the economy and reduce the absolute size of the public debt.
(b) automatically produce surpluses during recessions and deficits during inflation.
(c) require no legislative action by Congress to be made effective.
(d) guarantee that the federal budget will be balanced over the course of the business cycle.
Answer:
c. 750 units
Explanation:
The computation of the inventory position is shown below:
Inventory position (IP) = Number on‐hand inventory + Number of scheduled receipts - number of backorders
= 700 units + 150 units - 100 units
= 750 units
We simply added on hand inventory units, scheduled receipts units and deducted the back orders units so those correct units could find out
Answer: Reconciled ending balance of cash=$7,925
Explanation:
Bank reconciliation is used by companies to reconcile thier ledger balances and that of their bank's balance and to make necessary adjustments where necessary.
BanK Reconcillation on August 31, 2021
Bank cash balance $6,012
add
Deposit outstanding +$3,308
deduct :
Checks outstanding -$1,395
Bank balance reconciliation $7,925
Company's book balance $7,914.
add:
interest earned + $43
deduct:
service fees - $32
Company balance reconciliation $7,925
Answer:
d. Credit to Unearned Management Fees for $60,000.
Explanation:
In the given question, it is mentioned that the management services provide service to clients, and one client gives the advance amount of $60,000 to the management service.
So, in case of advanced received by the customer, the journal entry would be
Cash A/c Dr $60,000
To Unearned Management Fees $60,000
(Being amount received in advance)
The asset account should be debited and the liabilities account should be credited.