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3 years ago

When asked "How much should I borrow in student loans?" the CFPB (Consumer Financial Protection Bureau) said this

1 answer:

8 0

Only take what you need because if you take too much you won't know what to do with it. Also if you only take what you need it will be easier to pay back later. win/win

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Which of the following is recommended when paying a credit card bill?

patriot [66]

Answer:

C. Pay more than the minimum amount every month.

Explanation:

Because credit cards have very high interest rates, and the interest is compounded every day, it is recommended to pay more than the minimum amount every month, so that the total credit card bill is paid out more quickly.

What happens when you pay more than the minimum amount every month is that you are paying not only the interest and principal that is due, but you are also paying additional principal. This additional principal payment is what will reduce the amount that will need to be paid in the future.

3 0

3 years ago

Read 2 more answers

Sayid is the sole shareholder of an S corporation in Hattiesburg, Mississippi. At a time when his stock basis is $20,000, the co

stiks02 [169]

Answer:

$20,000

Explanation:

The computation of the taxable gain is shown below:

The corporate gain is

= $40,000 - $20,000

= $20,000

Now the stock basis is increased i.e.

= $20,000 + $20,000

= $40.000

Now the stock basis decreased to zero i.e.

= $40,000 - $40,000

= $0

So, here the taxable gain is of $20,000

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2 years ago

Exercise 8-07 At December 31, 2019, Pharoah Company Company had a credit balance of $18,100 in Allowance for Doubtful Accounts.

Alja [10]

Answer:

Entries are given below

Explanation:

DATA:

Opening Balance in the allowance for doubtful debt = $18,100

During 2020 Pharoah company wrote off accounts totaling 12,900

Entry DEBIT CREDIT

Allowance for Doubtful Accounts $11,800

Accounts Receivable $11,800

At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700

Entry DEBIT CREDIT

Bad debt expense $17,400

Allowance for doubtful debt $17,400

Working

Balance before adjustment = $18,100 - $11,800

Balance before adjustment = $6,300

After Aging schedule indication

Adjustment = $23,700 - 6,300

Adjustment = $17,400

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3 years ago

Timothy is looking for suppliers for his cheese-making business. He examines a list of suppliers whom he can contact with a busi

elixir [45]

Answer: Supplier selection process

Explanation:

Supplier selection process is the scenario where an individual or a company wants to purchase an item and they contact various vendors who do such business, and asking them for prices, details; generally the requirements for the items they want, they now choose out of the various vendors options, that which matches what they want.

Timothy is in the supplier selection process, where he's evaluating every detail from the vendors based on his request, with an option to request from any of them that matches his request.

7 0

3 years ago

Clark Company's master budget reflects budgeted sales information for the month of June, 2019, as follows: Budgeted Quantity Bud

lesya [120]

Answer:

Total sales variance $87,340 Favorable

See report below

Explanation:

The sales budget for the month of June would like as follows:

Budgeted Sales

Product units Price Total($)

A 40,000 $7 280,000

B 39,000 $9 351,000

Actual sales

Product units Price Total($)

A 39,000 $7.10 276,900

B 49,600 $8.90 441440

Sales Budget Report for the month of June 2019

Budget Actual Variance ($)

A 280,000 276,900 3,100 Unfavorable

B 351,000 441,440 <u>90,440 </u>favorable

Total sales variance <u> 87,340 Favorable</u>

5 0

3 years ago