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saw5 [17]
3 years ago
7

Within which time period must a Purchase Money Security Interest ("PMSI") creditor in goods, other than inventory or livestock,

perfect her security interest once the debtor takes possession of the collateral?
Business
1 answer:
Masteriza [31]3 years ago
8 0

Answer:

First of all, a PMSI allows a creditor to legally claim possession of property financed by them or demand repayment. The PMSI grants creditors preference over other lenders' claims.

The requirement for the proper perfection of a PMSI in goods other than inventory or livestock is within a 20 day period after the debtor receives possession of the collateral. This rule applies to goods such as equipment and machinery.

In case the good is software, there is no 20 day period. The PMSI must be perfected when the debtor receives possession of the collateral.

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Olinick Corporation is considering a project that would require an investment of $324,000 and would last for 8 years. The increm
mylen [45]

Answer:

Payback period = 3.5 years

Explanation:

Net income                           $50,000.00

Add: Depreciation expense<u> $42,000.00</u>

Net annual cash inflow     <u>  $92,000.00</u>

Payback period = Initial investment / Annual cash inflows

= $324,000 / $92,000

= 3.5 years

5 0
3 years ago
All of Gaylord Company's sales are on account. Thirty-five percent of the credit sales are collected in the month of sale, 45% i
Airida [17]

Answer: d. $51,000

Explanation:

In March the following will be collected as per the method of collection for Gaylord Company.

1. 35% of sales in March

2. 45% of sales in February

3. 100% - 35% - 45% = 20% of sales in January.

= (35% * 40,000) + (45% * 60,000) + (20% * 50,000)

= 14,000 + 27,000 + 10,000

= $51,000

I have attached the missing part of the question.

6 0
3 years ago
The accounting and finance department performs processes such as creating financial statements, paying accounts payables, and co
noname [10]

Answer:

Business-facing processes

Explanation:

As we know that preparation of the financial statements is necessary for all the types of the organization whether small or large, private or public company, etc.  

The preparation of the financial statement is done by the accounting and finance department of the organization.  

The functions like creating financial statements, paying accounts payable, and collecting accounts receivables are done by business organizations so that no problem will exist in the future.  

Such types of business organization are called legal organization who are conducting their business activities in an ethically manner

4 0
3 years ago
Soccer Wholesale purchased land and a warehouse for $990,000. In addition to the purchase price, Soccer Wholesale makes the foll
Elan Coil [88]

Answer:

Cost of land= $1,124,100

Explanation:

<em>According to International accounting standards(IAS) 16 ,The cost of land includes purchase cost plus all other costs necessary to bring and make it ready for the intended use. </em>

<em>These costs include purchase cost, fees and commission associated with the purchase transaction. </em>

Further more, included in the historical cost are the net demolition cost of old structure to prepare the land for use. Net cost here means cost of demolition less any incidental proceed from the old structure.

However, remember that land is not depreciated because it has an infinite life span.

So using the historical cost principle the cost of the land

Cost of land = 990,000 + 49,600 +2300 + 6, 900 + 75,300=  1,124,100.00

Cost of land= $1,124,100

6 0
3 years ago
Is there anyone good in Accounting?
Helen [10]
Well, yes, is that's the question

3 0
3 years ago
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