Answer:
d. An asset should be debited for $1,000 in November
Explanation:
The movement (change) between the opening and ending balance of the supplies account is dependent on two factors;level of purchases and quantity used. The equation showing the relationship is
Opening balance + purchases - quantity used = ending balance
6000 + 2000 - quantity used = 1000 (all amounts in $)
Quantity used = $7000
Considering the options
a. During November, the company used $7,000 of supplies - True
b. Supplies should be reported at $1,000 on the balance sheet - True
.c. An expense should be debited for $7,000 in November. - True
d. An asset should be debited for $1,000 in November - False
Asset would have been debited with the purchase for $2,000
Answer:
Negative Float on a Partial Path:
c. The project is meeting its expected completion date but a certain activity/ event on that path is not meeting its expected completion date.
Explanation:
Float is the quantification of delays in a project. Negative float means that there is a delay exceeding the intended or allowed float by an ascertainable time. This means that float is about the time when an activity takes longer than originally planned. Some projects have inbuilt standard float which had been computed based on past experience of similar projects, with some allowances made for different expected scenarios.
Answer:
Sean and Jenny
The deductible net loss for the rental of their home is:
= $18,241.
Explanation:
a) Data and Calculations:
Number of days for rent of $3,000 collected = 40 days
Number of personal use of house = 18 days
Total number of days that the house was in use = 58 days
House Expenses:
Mortgage interest $14,000
Property taxes 3,500
Utilities 1,100
Maintenance 1,300
Depreciation 10,900
Total expenses $30,800
Proportion of house expense:
Rental use = $21,241 (40/58 * $30,800) 69%
Personal use = $9,559 (18/58 * $30,800) 31%
Total expense $30,800
The deductible net loss for the rental of their home is $18,241 ($3,000 - $21,241).