Answer:
d) increases, and the labor -force participation rate decreases
Answer:
Cause of a "Prior Period Adjustment in 2025 Statement of Retained Earnings:"
A. Failure to Accrue Revenue at 12/31/24, but not 12/31/21 Depreciation Overstatement.
Explanation:
A company's failure to accrue revenue in accordance with the accrual concept and revenue recognition principle means that there is a "Prior Period Error" which must be corrected retrospectively in the financial statements (Retained Earnings). Retrospective restatement involves the correction of the error arising from the recognition, measurement, and disclosure of amounts of elements of financial statements. The restatement is done as if a prior period error had never occurred.
Answer:
$1,000
Explanation:
The computation of gain on sales is given below:-
Depreciation per year = $40,000 - $10,000 ÷ 10
= $3,000
Life of equipment = 5.5 years
Accumulated Depreciation on equipment = 5.5 × $3,000
= $16,500
Book value of equipment = $40,000 - $16,500
= $23,500
Gain = Proceed from sale - Book value at the time of sale
= $24,500 - $23,500
= $1,000
Answer:
Loan origination fee = $696
Explanation:
Given:
Home value = $58,000
Loan-to-value loan = 80%
Loan origination fee = 1.5 points = 1.5%
Find:
Loan origination fee = ?
Computation:
Total loan amount = Home value × Loan-to-value loan
Total loan amount = $58,000 × 80%
Total loan amount = $46,400
Loan origination fee = Total loan amount × 1.5%
Loan origination fee = $46,400 × 1.5%
Loan origination fee = $696