Answer:
$155,000
Explanation:
Given the information above,
Depreciation charge (straight line) = (Cost - Residual value) ÷ Estimated useful life
Therefore,
2021 Depreciation charge = ($2,635,000 - $0) ÷ 17
= $155,000
The journal entry to correct the error will include a credit to accumulated depreciation of $155,000
Once a loan application is received, a creditor may not require additional information or verification until The Loan Estimate is provided.
What is a Loan Estimate?
After submitting a mortgage application, you will receive a three-page document called a Loan Estimate.
You can learn vital information about the loan you've asked for from the Loan Estimate. After receiving your application, the lender has three business days to give you a Loan Estimate.
You can see key details on the form, such as the expected interest rate, monthly payment, and total loan closing expenses. You can find out more about the expected expenses of taxes and insurance in the loan estimate, as well as any future changes to the interest rate and payments. The application also discloses any unique terms of the loan that you should be aware of, such as prepayment penalties for early loan repayment.
So, the creatir must wait till The Loan Estimate is provided.
To learn more about Loan Estimate:
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Answer:
Explicit cost = $2,000,000
Explanation:
Explicit costs
<u><em>Explicit costs</em></u><em> are out-of-pocket expenditures incurred for the purpose of a project or business, They represent cash outflow expenses which actually involve the payment for cash. For example, the $2 million cost of building the warehouse and office. </em>
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Implicit costs
<em>On the other hand</em><u><em>, implicit costs </em></u><em>are the value of the benefit sacrificed in favor of a decision. They are known as opportunity cost. For example, the $5000 per year which Munif would forgo if he expands the business. </em>
Answer:
Payable days
= Accounts payable/Cost of goods sold x 365 days
= $17 million/$135 million x 365 days
= 46 days
Explanation:
Payable days could be calculated as the ratio of accounts payable and cost of goods sold multiplied by number of days in a year. Accounts payable in the current year is $17 million and cost of goods sold amounted to $135 million.
For example, assume retained earnings<span> is $1,000 at the beginning of the year and $1,500 at the end of the year. The company also paid $300 in </span>dividends<span> during the year. 2. Subtract beginning </span>retained earnings<span> from ending </span>retained earnings<span> to</span>calculate<span> the year's </span>retained earnings<span>.</span>
