_is when there is temporarily not enough of something

A few years ago, simon powell purchased a home for $225,000. today, the home is worth $400,000. his remaining mortgage balance i

belka [17]

To find Simon's maximum amount he can borrow against his home you will use the Home Loan Value Formula.

Home is worth: $400,000
Remaining balance: $175,000
Borrow: up to 75% on home

First, you'll want to take the market value of $400,000 and multiply it by 75% (.75) which gives you $300,000.
Then, you'll need to subtract what Simon owes on the home to find the amount he can borrow.
$300,000 - $175,000 = $125,000
Simon can borrow $125,000 against his home.

5 0

3 years ago

Ending total assets are $1,500,000, inventory turnover is 6.0 times, net sales are $8,000,000 and the asset turnover is 4.0 time

NARA [144]

Answer:

$2,500,000

Explanation:

Data provided

Ending assets = $1,500,000

Inventory turnover = 6.0 times

Net sales = $8,000,000

The computation of beginning total asset balance is shown below:-

Average total assets = $8,000,000 ÷ 4

= $2,000,000

Total assets = $2,000,000 × 2

= $4,000,000

Beginning assets = Total assets - Ending assets

= $4,000,000 - 1,500,000

= $2,500,000

Therefore we applied the above formula

8 0

3 years ago

Read 2 more answers

For an oil and gas limited partnership (LP), allowances in the form of deductions are allowed by the IRS to be taken to compensa

Triss [41]

Answer:

The allowance can be taken based on:

a reduction (production) of the oil and gas reserves.

Explanation:

A limited partnership's allowance for depletion is a special form of depreciation used to account for the gradual reduction in the value of natural resources based on their usage or consumption. There are two methods for recognizing depletion of natural resources. They are the cost depletion method, which is based on usage, and the percentage depletion method, which is a percentage of gross earnings. Then, depletion is different from depreciation, in that depreciation is for tangible assets, while depletion is for natural assets.

3 0

3 years ago

Yehle Inc. regularly uses material Y51B and currently has in stock 457 liters of the material for which it paid $2,619 several w

Sedaia [141]

Answer:

Option A is the correct answer,$5810

Explanation:

The relevant of the Y51B is the cost of replacement,which is the open market price as it is actively being used by Yehle Inc.

Besides, if the quantity currently in inventory is used it has to be replaced at open market price.

Disposal value would have been used if the material in question is not being used

The relevant of 700 liters is given below:

$5.81*1000=$5,810

1000 liters has to be bought not 700 liters as the least quantity available for sale is 1000 liters.

Above,it would be wrong to choose option D as 700 liters is not available

5 0

3 years ago

Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.

Stolb23 [73]

Answer:

Matching transactions to the journal in which they would be entered:

Transactions Journal Type

1. Recognized depreciation on the building General Journal

2. Journalized the adjusting entry for supplies

used during the period General Journal

3. Closed the revenue account at the end

of the period General Journal

4. Received cash from the bank in exchange

for a note payable Cash Receipts Journal

5. Withdrew cash for personal use (by owner) Cash Payments Journal

Explanation:

Revenue journal records revenue transactions.

Cash receipts journal records all cash receipts.

Purchases journal records all purchases on account.

Cash payments journal records all cash payments.

General journal is used for all transactions, especially those that cannot be recorded in any of the other specialized journals.

3 0

2 years ago