What is the percentage of students that graduate the University of Michigan each year?

Assume that you are a freshman and live in your school's dormitory. The agreement you've signed with the school states that you

andriy [413]

Your agreement with the school best approximates a tenancy for years.

<h3><u>What is tenancy?</u></h3>

A legal arrangement known as tenancy in common (TIC) allows two or more persons to jointly hold a piece of real estate or a plot of land.
The amount of total property, whether commercial or residential, under the ownership of each independent owner may be equal or different.
Tenants in common refers to the parties. One of the three types of joint ownership is tenancy in common.
Joint tenancy and entire tenancy are the other two categories. When a tenant in common passes away, their portion of the property falls to their estate, where a beneficiary of the share of property may be named. A TIC has no right of survivorship.

The dormitory agreement has a starting and ending point making it a tenancy for years.

Know more about tenancy with the help of the given link:

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5 0

1 year ago

Exercise 8-07 At December 31, 2019, Pharoah Company Company had a credit balance of $18,100 in Allowance for Doubtful Accounts.

Alja [10]

Answer:

Entries are given below

Explanation:

DATA:

Opening Balance in the allowance for doubtful debt = $18,100

During 2020 Pharoah company wrote off accounts totaling 12,900

Entry DEBIT CREDIT

Allowance for Doubtful Accounts $11,800

Accounts Receivable $11,800

At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700

Entry DEBIT CREDIT

Bad debt expense $17,400

Allowance for doubtful debt $17,400

Working

Balance before adjustment = $18,100 - $11,800

Balance before adjustment = $6,300

After Aging schedule indication

Adjustment = $23,700 - 6,300

Adjustment = $17,400

3 0

2 years ago

Nexus Industries uses a standard costing system to apply manufacturing costs to its production process. In May, Nexus anticipat

Mama L [17]

Answer:

$33,700 (Favorable)

Explanation:

Note: Figures are not inputted. The missing figures have been figured out as below.

"<em>Nexus industries uses a standard costing system to apply manufacturing costs to its production process. In May nexus anticipated 2700 units with fixed manufacturing overhead costs allocated at $8.40 per direct labor hour with a standard of 2.5 direct labor hours per unit. In May, actual production was 3400 units and actual fixed manufacturing overhead cost were $23000. What was nexus fixed manufacturing overhead volume variance in May</em>?"

Solution:

Budgeted fixed overhead costs = Units * Direct labor cost * Standard Direct Labor hours per unit

= 2,700 units * $8.40 * 2.5

= 2,700 units * 21

= $56,700

Fixed manufacturing overhead volume variance = Actual fixed overhead cost - Budgeted fixed manufacturing overhead costs

When Actual fixed overhead = $23,000 , Budgeted fixed overhead costs = $56,700

Fixed manufacturing overhead volume variance = $23,000 - $56,700

= $33,700 (Favorable) .

8 0

3 years ago

One way of reducing the amount of interest you pay on a loan is to:

zavuch27 [327]

It’s the second one
(Send extra money each month)
Hope this helps!

6 0

3 years ago

Read 2 more answers

Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December, he performed $

ICE Princess25 [194]

Answer:

Hank

a. After-tax income if bill is sent in December

= $30,000 * 0.68 (1 - 0.32) = $20,400

Return on investment of $20,400 * 1.01% = $20,604

b. if bill is sent in January

= $30,000 * 0.65 (1 - 0.35) = $19,500

c. Hank should send the bill in December.

d. with marginal tax rate = 24% next year, after-tax income

= $30,000 * 0.76 (1 - 0.24) = $22,800

e. He should send his bill in January.

Explanation:

a) Data:

Value of legal services for a client = $30,000

Marginal tax rate = 32% this year and 35% or 24% next year

After-tax rate of return = 12%

b) The after-tax income represents the amount of Hank's revenue that remains after tax has been deducted or paid. It is what belongs to Hank after the taxman has taken his cut.

7 0

2 years ago