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kkurt [141]
3 years ago
9

The Davises pay the annual property tax of $1,825 on their lake house every January. On a whim, they sell the lake house to the

Bennets to buy a Winnebago and travel the country. Closing is set for July 31, and the buyers own the day of closing (pay prorated expenses through the day of closing). Using the calendar year proration method (assume that it's not a Leap year), how much of the pre-paid property tax was the Davises' responsibility
Business
1 answer:
sineoko [7]3 years ago
5 0

Answer:

$1,055

Explanation:

The computation of the pre-paid property tax was the Davises' responsibility is given below:

= $1,825 ÷ 365 days × 211 days

= $1,055

The 365 days represent total days in a year

The 211 days represent the days from Jan 1 to July 31

Hence, the pre-paid property tax was the Davises' responsibility is $1,055

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Deferral adjustments are needed when the business:_______
Mnenie [13.5K]

Answer: b. pays cash before the expense has been incurred.checked

d. receives cash before the revenue has been generated

Explanation:

Here is the complete question:

Deferral adjustments are needed when the business:

a. pays cash after the expense has been incurred.unchecked

b. pays cash before the expense has been incurred.checked

c. receives cash after the revenue has been generated.unchecked

d. receives cash before the revenue has been generated.

Adjustments are made during the end of every accounting period in order to report the revenues and the expenses in proper period at which they occur and also in order to report the assets and the liabilities at their appropriate amounts.

Deferral adjustment is when the revenue or the expense has been deferred or postponed and will therefore be reported on the income statement at a later period.

Previously deferred amounts will show on the balance sheet when a company pays cash before having to incur the expense or in a case whereby the company gets and collects cash before earning the revenue.

When revenues are made or when expenses are incurred, the previously deferred amounts will have to be adjusted and then, the amounts will be transferred to income statement through the use of the deferral adjustment.

5 0
3 years ago
DeKay Dental Supplies issued $10,000 of 20-year bonds on January 1, 2021. The bonds pay interest semiannually. This is a partial
valina [46]

Answer:

8%

Explanation:

Calculation to determine the stated annual rate of interest on the bonds

First step is to calculate Semi annual coupon rate

Semi annual coupon rate= 400 ÷ $10,000

Semi annual coupon rate= 4%

Now let determine the Annual rate of interest

Annual rate of interest= 4% × 2 (Semiannually)

Annual rate of interest= 8%

Therefore the stated annual rate of interest on the bonds is 8%

7 0
3 years ago
Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $39,000 in inventory. During t
vladimir2022 [97]
D. 16,110

39,000+9,250=48,250
48,250-(850+290)=47,110
47,110-31,000=16,110
4 0
3 years ago
Identify which party is responsible for reporting directly to the fda the investigator's financial interests with the sponsor: t
trasher [3.6K]

The  party that  is responsible for reporting directly to the fda the investigator's financial interests with the sponsor is: The <u>sponsor</u>.

<h3>What is FDA?</h3>

FDA  which full meaning is food and drug administration is an agency whose sole responsibility is to ensure that food and drug does not cause harm to the health of the general public and they does this by ensuring that food and drug that make cause harm to the public to be discard.

It is the duty of the investigator to report any form of adverse events to the sponsor and the investigator must have carryout thorough investigation  and supervise the investigation personally before reporting to the sponsor.

Therefore the  party that  is responsible for reporting directly to the fda the investigator's financial interests with the sponsor is: The <u>sponsor</u>.

Learn more about  FDA here:brainly.com/question/939216

#SPJ1

4 0
2 years ago
The general pattern that consumption of the first few units of any good tends to bring a higher level of _______ to a person tha
ch4aika [34]

Answer:

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Explanation:

The law of diminishing marginal utility states that as consumption increases, the utility derived from consumption falls.

I hope my answer helps you

6 0
4 years ago
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