Answer:
Cutting Department:
Rate variance = 6380*(10.9-11) = -638 Favorable
Time variance = 11*(6380-25000*0.25) = 1430 Unfavorable
Total direct labor cost variance = (6380*10.9)-(25000*11*0.25) = 792 Unfavorable
Sewing Department:
Rate variance = 9875*(11.12-11) = 1185 Unfavorable
Time variance = 11*(9875-25000*0.4) = -1375 Favorable
Total direct labor cost variance =(9875*11.12)-(25000*11*0.4) = -190 Favorable
Answer:
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The portion of the second monthly payment made on January 31, 2021, which represents repayment of principal is $15600.
<h3>
Mortgage liability </h3>
Mortgage liability limits the liability of potential third parties who were not involved when the mortgage was arranged. For example, if a mortgage is in arrears, the debtor has to pay the outstanding principal and interest, plus late payment and other charges.
<h3>
What is mortgage asset or liabilities?</h3>
A current liability for
1) the principal payments that will be coming due within one year after the balance sheet date, and
2) any accrued interest that is owed as of the balance sheet date.
To learn more about current liability visit the link
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Answer: $5,000
Explanation:
Per the requirements of qualified plans that permit loans, the maximum amount that an individual can withdraw is whichever is lesser between $50,000 and 50% of their Vested Account Balance.
Vance in this scenario has a vested account balance of $40,000.
50% of that would be $20,000.
That means that he can be loaned $20,000. However, he already has an outstanding loan balance that must be accounted for of 15,000.
Subtracting those figures we have,
= 20,000 - 15,000
= $5,000
The maximum loan that Vance can take from the qualified plan is $5,000
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