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3 years ago

Which term describes a person's previous pattern of borrowing and repaying? A. credit practice

Business

2 answers:

Norma-Jean [14]3 years ago

7 0

Answer:

C. credit history

Explanation:

Which term describes a person's previous pattern of borrowing and repaying? A. credit practice

B. credit pattern

C. credit history

Credit first and foremost is the legal document or decision between a borrower and lender for a borrower to borrow certain amount of money to be repaid on a certain day.

Credit history from the name , shows how borrowers repay debts. It shows the date. When a persons pays up debt owed. He or she has a good credit history. If otherwise, he/she doesnt have good credit history

Natali5045456 [20]3 years ago

5 0

I believe the answer is

C. credit history

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Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to , and man

yanalaym [24]

Complete Question:

Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $500,000, and management estimates 2% will be uncollectible. The amount of expense to report on the income statement was $8,000. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $2,000. The balance of Allowance for Uncollectible Accounts, after adjustment, will be

Answer:

The balance of Allowance for Uncollectible Accounts, after adjustment, will be

$10,000

Explanation:

a) Data and Calculations:

Net credit sales = $500,000

Uncollectible estimate = 2% of net credit sales

Uncollectible Accounts expense = $8,000

Allowance for Uncollectible Accounts = $2,000 before adjustment

Allowance for Uncollectible after adjustment = $500,000 * 2% = $10,000

6 0

2 years ago

At the beginning of the current year, trenton company inc.'s total assets were $248,000 and its total liabilities were $175,000.

anygoal [31]

The debt ratio is calculated by dividing the Total Liabilities by Total Assets. We are asked to calculate the debt ratio at the end of the year, hence we need to take year-end values for Total Liabilities and Total Assets.

We are given the Total Liabilities at the beginning of the year $175,000 and there is no change in the liabilities given, hence we can say that Total liabilities at the end of the year shall remain same = $175,000

We are given Total Assets at the end of the year are $260,000

Debt ratio = Total Liabilities / Total Assets = 175000/260000 = 0.673

Hence debt ratio at the end of the current year shall be <u>0.673</u>

8 0

3 years ago

Kareem bought a rental house in March 2014 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building.

Bingel [31]

Answer: See explanation

Explanation:

a. What is Kareem's realized gain or loss?

Amount realized from sale = $330,000

Less: adjusted basis for house and land = $269000

Less: tennis court adjusted basis = $6200

Realized gain = $54700

b. What is the adjusted basis of the rental house and land at the time of the sale?

Original land basis = $50000

Add: Original house basis = $25000

Less: Depreciation = $30900

Adjusted basis = $269100

c. What is the adjusted basis of the tennis court at the time of the sale?

Tennis court original basis = $7500

Less: Depreciation = $1300

Adjusted basis of the tennis court = $6200

d. If the buyer takes the property subject to the $80,000 mortgage, rather than assuming it, what is Kareem's realized gain or loss?

Amount realized = $330000 + $80000 = $410,000

Less: Adjusted basis for house and land = $269100

Less: Adjusted basis of tennis court = $6200

Realized gain = $134700

3 0

3 years ago

The government wants to make Medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the

ArbitrLikvidat [17]

Answer:

A. elective surgery due to its lower marginal utility per dollar of expenditure.

Explanation:

As there is non essential elective surgeries, as from government's point of view since it is non essential that is not required and not utilized by major citizens of the country, and since there is requirement of budget cut-down. The government shall remove elective surgery.

as the amount of expenditure involved in these surgeries is also high and the resulting utility for each surgery is really low, it shall be removed.

5 0

2 years ago

A flower delivery business wants to raise their overall sales volume to increase profit. After analyzing their costs, they choos

Mrac [35]

Answer:

C) By lowering the price of the flower arrangements to increase demand.

Explanation:

According to the law of demand, the lower the prices, the higher the quantity demanded and the higher the price ,the lower the quantity demanded.

When prices are reduced, demand increases, revenue increases and net profit increases.

I hope my answer helps you.

7 0

3 years ago