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Usimov [2.4K]
3 years ago
9

Miller owns a personal residence witha fair market value of $308,000 and an outstanding first mortgage of $246,400. Miller gets

a secnd mortage on the residence and in return borrows $15,400 to purchase new jet skis. Interest on the $___________ of the first and second mortgage is treated as qualified residence indebtedness.
Business
1 answer:
marysya [2.9K]3 years ago
3 0

Answer: $246,400

Explanation:

Qualified residence indebtedness refers to the mortgage that's taken to purchase or improve on one's main home.

Based on the information given above, the on the $246,400 of the first and second mortgage is treated as qualified residence indebtedness.

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assume the fixed overhead per unit was $1.50 for both the beginning and ending inventory. what is net income under absorption co
Nesterboy [21]

Answer:

Net income under absorption costing is <u>$904,370</u>.

Explanation:

Note: This question is not complete and it contains an error in the only available data. The complete correct question is therefore provided before the question is answered as follows:

Kluber, Inc. had net income of $908,000 based on variable costing. Beginning and ending inventories were 55,800 units and 53,600 units, respectively. Assume the fixed overhead per unit was $1.65 for both the beginning and ending inventory. What is net income under absorption costing?

The explanation to the answer is now given as follows:

Variable costing is a costing technique that takes only the variable cost into consideration and exclude the fixed manufacturing overhead from the production production cost of a product.

Absorption costing is a costing technique in which the fixed overhead cost of production is allocated to products produced.

For this question, net income under absorption costing can be determined as follows:

Net income based on variable costing = $908,000

Total beginning fixed overhead = Beginning inventories * Fixed overhead per unit = 55,800 * $1.65 = $92,070

Total ending fixed overhead = Ending inventories * Fixed overhead per unit = 53,600 * $1.65 = $88,440

Adjustment for fixed overhead for the period = Total ending fixed overhead - Total beginning fixed overhead = $88,440 - $92,070 = -$3,630

Net income under absorption costing = Net income based on variable costing + Adjustment for fixed overhead for the period = $908,000 + (-$3,630) = $908,000 - $3,630 = $904,370

Therefore, net income under absorption costing is <u>$904,370</u>.

7 0
3 years ago
Texas annexation was not at the forefront of american politics until president john tyler used it as a rallying cry for his bid
spayn [35]

Answer:

A letter by Secretary of State John C. Calhoun to President Tyler linked the idea of absorbing Texas directly to the goal of strengthening slavery in the United States.

Prospective presidential candidates, Henry Clay and Martin Van Buren, met and agreed to reject the immediate annexation of Texas on the grounds it might lead to war with Mexico.

Explanation:

6 0
2 years ago
According to the video, which food safety regulations have been created by the passage of the Food Safety Modernization Act? Che
TiliK225 [7]

the answers are 2,3,5

7 0
3 years ago
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What do people purchase as a form of risk management to protect themselves from losing a lot of money in the event something hap
MaRussiya [10]
They purchase insurance.
6 0
3 years ago
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Linke Motors has a beta of 1.30, the T-bill rate is 3.00%, and the T-bond rate is 6.5%. The annual return on the stock market du
elena-14-01-66 [18.8K]

Answer:

c. 11.05%

Explanation:

The computation of firm's required return is shown below:-

First we need to find out the Market Risk Premium for computing the firm's required return.

Using CAPM, we calculate Market Risk Premium

Expected Future Market Rate of Return = Risk Free Rate on T-Bond + Beta of the Market × Market Risk Premium

10% = 6.5% + 1 × Market Risk Premium

Market Risk Premium = (10% - 6.5%) ÷ 1

= 3.5%

Required Rate of Return = Risk Free Rate + Beta of the Stock × Market Risk Premium

= 6.5% + (1 + 3.00%) × 3.5%

= 6.5% + 1.30 × 3.5%

= 11.05%

8 0
3 years ago
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