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irina [24]
3 years ago
5

annual property taxes are $1,776. the previous year's taxes are paid. if the closing is one May 1, what is the seller's portion

on the settlement?
Business
1 answer:
never [62]3 years ago
6 0

Answer:

The correct answer is ($596.93 with a year of<u> 360 days</u>) or ($588.75 with a year of <u>365 days</u>)

Explanation:

First step: Divide the annual property taxes into the number of days in a year.

$1,776 ÷ 360 days = 4.9333 (price per day, With a year of<u> 360 </u>days)

$1,776 ÷ 365 days = 4.8657 (price per day, With a year of <u>365</u> days)

Second step: Multiply the price per day by the number of days of the closing, for this case May 1

Jan= 31 days

Feb= 28 days

March= 31 days

April= 30 days

May= 30 days (but the closing is on 1 May, for this month, count just 1 day)

= 31 (Jan) + 28 (Feb) + 31 (March) + 30 (April) + 1 (May) = 121 days until May 1

Third step: Price per day x number of days until closing

$4.9333 x 121 days = $ 596.93

$4.8657 x 121 days = $ 588.75

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A company has $91,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts.
lilavasa [31]

Answer:

$5,360

Explanation:

The adjusting entry is shown below:

Bad debt expense  $5,360

       To Allowance for doubtful debts  $5,360

(Being the bad debt expense is recorded)

For recording this we debited the bad debt expense as it increased the expenses and credited the allowance for doubtful accounts as it reduced the assets

The computation is shown below:

= $91,000 × 5% + $810

= $5,360

8 0
3 years ago
In year 1, the Bennetts' 25-year-old daughter, Jane, is a full-time student at an out-of-state university but she plans to retur
UNO [17]

Answer:

The biological parents

Explanation:

The neighbour is just showing kindness

3 0
3 years ago
Read 2 more answers
You notice that when customers have too many choices, they are less likely to make a decision about what to buy, so you tell all
grin007 [14]

Answer:

This statement falls under Classical Management Theory

Explanation:

In this case, managers want to help customers in making their choices easy and simple for them. Yes, its very much true that too many choices create ambiguity, it becomes very hard for the customers to choose from overload of choices, that's the reason Apple only came with one phone model, iPhone. Furthermore, managers want employees to help customers, therefore, they have linked their motivation directly with the incentives and commissions, which directly falls under the classical management theory, which says that employees have certain economic and physical needs which they have to meet and fulfill. Moreover, classical management theory also helps us in the areas of leadership, specialization of labor, profits, and decision making. Here managers want to streamline their operations as well, which is also another feature of management theory.  

7 0
3 years ago
A typical American worker covered by unemployment insurance receives _____ percent of his former wages for up to ________ weeks.
erica [24]

Answer:

correct answer is 50% and 26 weeks

Explanation:

solution

American worker wage replacement rate for the minimum wage worker is 50 percent of former wage

and weekly benefit  for the full time and full year worker earn minimum wage they not replace 50 percent of lost income

and worker  run out of benefit  prior to  standard that is 26 weeks

so correct answer is 50% and 26 weeks

5 0
3 years ago
Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing ch
svetoff [14.1K]

Answer:

Crazy Delicious Inc.

The standard direct materials cost per bar of chocolate is:

= $0.21.

Explanation:

a) Data and Calculations:

A batch of chocolate = 1,800 bars

Ingredient    Quantity    Price                   Total Cost

Cocoa            480 lbs.   $0.30 per lb.       $144.00

Sugar             150 lbs.    $0.60 per lb.          90.00

Milk                120 gal.    $1.20 per gal.       144.00

Total standard materials costs                $378.00

Standard direct materials cost per bar       $0.21 ($378/1,800)

b) The standard direct materials cost per bar is computed as the dividend of total direct material costs per batch divided by the batch quantity.

5 0
2 years ago
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