The value of a bank's assets is than its liabilities, the bank is said to be <u>solvent</u>
<h3>What is assets?</h3>
Any resource that a company, an organization, or an economic body owns or controls is considered an asset. It encompasses everything that has the potential to generate gains in the economy. When turned into money, assets indicate the worth of ownership.
<h3>What do you mean by solvent in accounting?</h3>
A company's capacity to fulfill its short-term and long-term financial commitments is known as its solvency. One indicator of a company's financial health is its level of solvency, which reveals whether it will be able to continue running its business into the near future. Ratio analysis is a tool investors can use to assess a company's solvency.
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The department’ contribution to overhead is $35510.
<h3>How to calculate the department contribution to overhead?</h3>
Given, sales= $119,000;
cost of goods sold= $74,870;
total direct expenses= $8,620.
Gross profit = Sales - (COGS + Direct expenses)
Gross profit = $119,000 - ($74870 + $8620)
Gross profit = $35,510.
<h3>What are direct expenses?</h3>
Direct costs, commonly referred to as costs of goods sold (COGS), are expenses that are entirely attributable to the creation of a particular commodity or service. These expenses cover the direct costs of the materials required to make the product as well as maybe any labor charges that are utilized only to make the product.
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The importance of foreign employment are: 1) Country can get lots of foreign currency as the remittance which can be used to establish industries in the country. Such industries provide job opportunities in the country. ... 3) Foreign employment reduces the unemployment problem of a country.
Answer:
Dr. Lease asset office equipment $15,499
Cr. Lease Liability $15,499
Explanation:
A capital lease is a lease between two parties in which a party transfer leases asset to in exchange of lease payments.
To make a lease finance lease following criteria must be fulfilled.
- The asset will be transferred to lessee at the end of lease period
- Agreement must contain bargain purchase option
- Lease period must be 75% or more of useful life of asset
- Value of lease must be equal or more than the market value of asset
