Answer:
The maximum interest rate the bank needs to offer on the loan if Martin is at least to break even on this investment is A) 6%
Explanation:
Martin is offered an investment where for $4000 today, he will receive $4240 in one year. The interest rate of the investment = ($4,240-$4,000)/$4,000x100% = 6%
The maximum interest rate the bank needs to offer on the loan if Martin is at least to break even on this investment should equal the interest rate of the investment: 6%
Answer:
Lessee's Entries:
Rent expense (Dr.) $45,500
Cash (Cr.) $45,500
Lessor's Entries:
1. Property Tax expense (Dr.) $2,000
Maintenance and Repair Expense (Dr.) $650
Insurance Expense (Dr.) $500
Accounts Payable (Cr.) $3,150
2. Depreciation Expense (Dr.) $ 29,285
Accumulated Depreciation (Cr.) $29,285
3.Cash (Dr.) $45,500
Rent Revenue (Cr.) $45,500
Explanation:
The lease is considered as an operating lease as it does not have bargain purchase option and renewal options. The property ownership is not transferred in this lease.
Depreciation expense:
[ Cost - Salvage Value ] / 7
220,000 - 15000 / 7
Answer:
D) Finance/Administration
Explanation:
The major functions of the finance/administration section of the ICS are:
- Monitors costs related to the incident.
- Provides accounting, procurement, time recording, and cost analyses.
For example, paying for any expenses including food, gasoline, materials, etc.
The other sections are:
- Incident Command (incident commander)
- Operations section
- Planning section
- Logistics section
The head of an ICS section is called a chief, and each section is divided into divisions which are lead by a supervisor. Depending on the size of the incident, the section can be divided into groups, branches, task forces, strike teams and may even include single resources.
