They are in Installment Sales Contract.
<h3>
What is an Installment Sales contract?</h3>
Any contract or agreement, including a contract for deed, bond for deed, or any other sale or legal device whereby a seller agrees to sell and the buyer agrees to buy residential real estate, in which the consideration for the sale is payable in installments for a period of at least one year after the date of sale, and the seller retains an interest or security for the purchase price or otherwise in the property, is referred to as an "installment sales contract" or simply as "contract."
Revenue recognition using the installment sales technique is postponed until the sale's cash is received. Because revenue is not immediately recognized at the moment of sale, the installment sales method is a conservative way to recognize revenue.
Only when partial ownership is transferred at the time of sale is the installment sales technique used. The technique is also applied when there is some doubt regarding the amount that will be collected (therefore, it would be inappropriate to recognize all revenue at the time of sale).
Therefore, Carol and Leslie are in Installment Sales Contract.
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True, the employer and employee will have to contribute to F.I.C.A and the Medicare program.
Answer:
Maximum initial purchase that Carla can buy on credit is <u>$1455.08</u>
Explanation:
Formula = M = [P (1 + r)^n * r] / [(1 + r)^n - 1]
$70 = P [(1 + 0.142/12)^24 * 0.142/12 ] / [(1 + 0.142/12)^24 - 1]
= $70 = P (1.326209535) * 0.142/12 / 0.326209535
= $70 = P * 0.0156934795 / 0.326209535
= P = $1455.08
So, the maximum initial purchase that Carla can buy on credit = $1455.08
Answer:
d.$74,000
Explanation:
The annual average investment is given by the average of the initial investment (144,000) and the scrap value (salvage value = 4,000)
The average investment amount is:
The annual average investment amount used to calculate the accounting rate of return is: d.$74,000
Based on the process that Lemony Lemonade uses to make lemonade, the equivalent units for conversion costs is 1,600 units.
<h3>What equivalent units are for conversion costs?</h3>
This can be found as:
= Number of units that are WIP x Percentage of completion
Solving gives:
= 3,200 x 50%
= 1,600 units
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