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Galina-37 [17]
3 years ago
6

Janice plans on pursuing a teaching degree in college. Her only option for funding her college education is to apply for loans.

Should Janice apply for a federal or a private loan? Why?
Select the best answer from the choices provided.
A. a private loan because she may qualify for loan forgiveness
B. a federal loan because she may qualify for loan forgiveness
C. a private loan because she does not have to pay it back
D. a federal loan because she does not have to pay it back
Business
1 answer:
vazorg [7]3 years ago
7 0
A because  a lot of times depending on your degree they will automatically give you loan forgiveness, espicially going into a high attending job such as teaching.
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At the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of the benefit that was used up
TEA [102]

Answer:

d. net income for the year will be overstated.

Explanation:

The prepaid rent account is used to record the amount paid in advance for rent. Once the amount is paid, the entries required are

Debit Prepaid rent

Credit Cash account

On subsequent use of the rent, the required entries are

Debit Rent expense

Credit Prepaid rent

As such where at the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of the benefit that was used up / expired was accidentally omitted, net income for the year will be overstated as the rent expense that would have been posted to reduce it would have been omitted.

6 0
3 years ago
You take out a loan for $100,000 at an annual interest rate of 5.9% that is to be paid with three equal annual payments of $37,3
Hunter-Best [27]

Answer:

The principal repaid in the second year will be $33,296.

Explanation:

Out of each 37,341.79 payment a part of it will be principal repayment and a part of it will be interest payment. When the first 100,000 is paid (0.059*100,000)=5,900 is interest and (37,341-5,900)= 31,441 is principal repayment which means, that in the second year the principal remaining is (100,000-31,441)=68,559. So the interest payment in the second year will be (0.059*68,559)=4,045 and the principal repaid will be (37,341-4,045)=33,296.

8 0
3 years ago
During 2021, its first year of operations, Ashbaugh Industries recorded sales of $21,000,000 and experienced returns of $1,400,0
juin [17]

Answer:

B) Credit to refund liability of $280,000

Explanation:

The total estimated returns are 85 of the total sales = 8% x $21,000,000 = $1,680,000.

Since the company had already accounted for $1,400,000 in returns, the adjusted necessary should be = total returns - accounted returns = $1,680,000 - $1,400,000 = $280,000

Since the refund liability account must increase, and it is a liability account, it should be credited.

3 0
3 years ago
A description of how a particular society distributes its resources to produce goods and services is the definition
Amiraneli [1.4K]

Answer:∈

Explanation:

3 0
3 years ago
The Thomlin Company forecasts that total overhead for the current year will be $11,100,000 with 160,000 total machine hours. Yea
katrin2010 [14]

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 11,100,000/160,000

Predetermined manufacturing overhead rate= $69.375 per machine hour

<u>Now, we can allocate overhead:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 69.375*81,000

Allocated MOH= $5,619,375

<u>Finally, we can determine the under/over allocation:</u>

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 7,950,000 - 5,619,375

Under/over applied overhead= $2,330,625 underallocated

5 0
3 years ago
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