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allsm [11]
3 years ago
14

Ashley Anderson pays her HOA dues of $660 for the calendar year. She then sells her property and closes on June 15. What is the

amount of the prepaid portion that is due back to Ashley using the 12 month, 360 day proration?
Business
1 answer:
Alenkinab [10]3 years ago
5 0

Answer:

The amount of the prepaid portion that is due back to Ashley using the 12 month, 360 day proration is=$362.34

Explanation:

<em>Step 1: Determine HOA per day</em>

Use the expression below to determine HOA per day;

T=H×N

where;

T=total HOA dues per year

H=HOA per day

N=number of days in a year

In our case;

T=$660

H=unknown

N=360 days

Replacing;

660=H×360

360 H=660

H=660/360

H=$1.83 per day

<em>Step 2: Determine amount of HOA that is due back</em>

Using the same expression;

T=H×N

but;

T=unknown

H=$1.83 per day

N=(June, 15 days)+(July, 30)+(Aug, 31)+(Sep. 30)+(Oct 31)+(Nov 30)+(Dec 31)

N=(15+30+31+30+31+30+31)=198 days

Replacing;

T=(1.83×198)=$362.34

The amount of the prepaid portion that is due back to Ashley using the 12 month, 360 day proration is=$362.34

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Answer:

The ending inventory under the dollar-value LIFO method is $1,554,000.

Explanation:

The dollar-value LIFO method can be described as a variation on the last in, first out (LIFO) method which focuses on the estimation of a conversion price index that can be employed to compare the year-end inventory to the base year cost.

The ending inventory under the dollar-value LIFO method can be calculated as follows:

Beginning inventory at begining price level = $1,400,000

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Beginning price level = 100

Ending price level = 110

Beginning price index = Beginning price level / Beginning price level = 100 / 100 = 1.0

Ending price index = Ending price level / Beginning price level = 110 / 100 = 1.1

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Real-dollar quantity increase in inventory = Ending inventory at base year prices - Beginning inventory = $1,540,000 - $1,400,000 = $140,000

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Therefore, the ending inventory under the dollar-value LIFO method is $1,554,000.

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Answer:

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Answer:

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Explanation:

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