Answer:
A$33,500
B. $100,500
Explanation:
A. Calculation to determine How much of the nonrecourse debt is allocated to Jokan
Nonrecourse debt allocated=($167,500-$100,500)/2
Nonrecourse debt allocated=$67,000/2
Nonrecourse debt allocated=$33,500
Therefore based on the information given the amount of the NONRECOURSE DEBT that is allocated to Jokan is 25% or $33,500
B. Calculation to determine the amount of Jokan's basis in the LLC interest following the contribution
Basis in the LLC interest=$33,500+($167,500-$100,500)
Basis in the LLC interest=$33,500+$67,000
Basis in the LLC interest=$100,500
Therefore the amount of Jokan's basis in the LLC interest following the contribution is $100,500
Answer:
a. verify that the debits and credits are in balance
Explanation:
A periodic system of inventory can be defined as a method of financial accounting, that typically involves updating informations about an inventory on a periodic basis (at specific intervals) as the sales or purchases are being made by the customers, through the use of either an enterprise management software applications or a digitized point-of-sale equipment.
On the other hand, a perpetual inventory system is a type of inventory management that continuously records in real-time the amount of inventory sold or purchased through the use of enterprise software or technological software applications such as a point of sale (POS).
A journal entry involves the process of keeping the records of business transactions made by an organization.
The journal entry is used by bookkeepers and accountants. Ideally, it is important that a journal has all of following informations; date, reference number, debit balance, credit balance and transaction description.
In Accounting, most businesses use a double-entry account system and as such, the total amount debited must equal the total amount credited in a journal entry.
Once the adjusting entries are posted, the adjusted trial balance is prepared to verify that the debits and credits are in balance.
Answer:
The correct answer is B) False.
Explanation:
The values of the army must always be taken into account, because they are the fundamental pillar of the institution. Any task or function that is performed in it, must be in accordance with those values, since otherwise it would be going in reverse to its missionary task.
Answer:
The correct answer is option (b).
Explanation:
According to the scenario, computation of the given data are as follows:
first we calculate the predetermined OH, then
Predetermined OH rate = Estimated Manufacturing OH Cost ÷ Estimated Direct Labor Hours
= $451,140 ÷ 61,800
= 7.3
So, Applied MOH = 60,500 × 7.3 = $441,650
So, Underapplied OH = Actual MOH - Applied MOH
= $532,000 - $441,650
= $90,350 (under applied)
You will have a higher interest and will be in debt for longer
