I you go for a shorter term your monthly pay will go up but you interet rate will lower.
Answer:
Explanation:
FASB amended the rules to improve the comparability of the information about business combinations provided in financial reports. A variable interest entity is a legal business.
The Financial Accounting Standards Board issued SFAS 141(R) in 2007 December, to substitute the SFAS 141. Evaluating the comment letters, articles and industry publications, they analyzed issues that were with SFAS 141 from the perspective of professionals, users and the FASB; it was evaluated 141(R) to ascertain these weaknesses and they were corrected with solutions been profound in 141(R).
Answer:
The correct answer is option a.
Explanation:
Taxes levied on either buyers or sellers are equivalent. In both cases, the tax creates a wedge. This wedge is the difference between the price that the buyers have to pay and the price that the sellers receive.
The price that the buyers have to pay increases while the price that the sellers receive decreases. But this tax wedge does not depend on whom the tax is levied, it depends on the elasticity of demand and supply. So whether the tax is levied on buyers or sellers, the tax wedge will remain the same.
The tax burden will be shared between both buyers and sellers. So it is incorrect to say that the taxes levied on sellers and taxes levied on buyers are not equivalent.
Answer and Explanation:
The preparation of the sales section of the income statement is presented below:
<u>Income Statement
</u>
<u>For the year ended </u>
Sales
Sales revenue $903,400
Less:
Sales Discount $15,400
Sales return & allowances $22,000
Net Sales $866,000
hence the net sales is $866,000
The freight out would not be considered. Hence, ignored it
Answer:
1.
Dec 31 Rent expense $3450 Dr
Prepaid Rent $3450 Cr
2.
Oct 1 Prepaid Rent $13800 Dr
Cash $13800 Cr
3.
Year end balances at 31 December:
Rent Expense = $3450
Prepaid Rent = $10350
Explanation:
Assumption: The year end for the business in on 31 December.
1.
The rent is paid in advance thus it is an asset. On 31 December the adjusting entry will be made under the accrual principle to match the current period's rent expense and record it in the period to which it belongs to. Thus we will credit the rent expense for 3 months i.e. October, November and December. We will credit the asset account that is Prepaid Rent.
2.
The prepayment of rent is creating an asset account in the title of prepaid rent. The entry would be to record the asset prepaid rent by the full amount of the rent prepaid and credit the other asset account through which the payment is being made.
3.
The adjusted year end balance for rent expense will be the rent expense paid for this period that is $1150 * 3 = 3450
The balance in the prepaid rent account after adjusting the rent expense will be,
Prepaid rent = 13800 - 3450 = $10350
