Answer:
A) FNMA is owned by the U.S. government.
Explanation:
Federal National Mortgage Association (FNMA) also commonly referred to as "Fannie Mae" is a government-sponsored enterprise (GSE) that provides services such as purchasing mortgages from lending institutions so as to expand the secondary mortgage market or effectively boost affordable lending activity at the lending institutions. It was founded as part of the "New deal" during the Great Depression in 1938.
All of the following statements regarding the Federal National Mortgage Association (FNMA) are true;
1. FNMA pass-through certificates are not guaranteed by the U.S. government.
2. Interest on FNMA certificates is taxable at all levels.
3. FNMA stock is publicly traded on the NYSE.
<em>However, it is false or incorrect to say that the FNMA is owned by the United States of America (USA) government.</em>
The Federal National Mortgage Association (FNMA) is only being sponsored by the U.S government under the umbrella of the Federal Housing Finance Agency (FHFA).
Answer:
The proper adjusting journal entry at January 31
would: a) include a credit to Supplies for $400
Explanation:
On January 7, Bravo purchased supplies on
account for $1,000, and recorded this purchase to
the Supplies account by the entry:
Debit Supplies account $1,000
Credit Accounts Payable $1,000
At the end of January, Bravo had $600 of these
supplies still on hand. Supplies were used in
January = $1,000 - $600 = $400
The adjusting journal entry at January 31:
Debit Supplies Expense $400
Credit Supplies account $400
Answer:
The message should be brief and indirectly imply the refusal.
Explanation:
When refusing an applicant's request; it's standard practice to be polite and brief. Less words are very much commendable, to avoid emotion. Also, communication should be positive and respectful.
Answer:
a.
Date Account Title Debit Credit
XX-XX-XXXX Raw materials inventory $90,000
Accounts Payable $90,000
b.
Date Account Title Debit Credit
XX-XX-XXXX Work in Process Inventory $64,000
Raw materials inventory $64,000
c.
Date Account Title Debit Credit
XX-XX-XXXX Work in Process inventory $30,000
Wages Payable $30,000
d.
Date Account Title Debit Credit
XX-XX-XXXX Work in Process Inventory $20,000
Manufacturing overhead $20,000
