All categories

4 years ago

What is a “thin file”?

Business

1 answer:

devlian [24]4 years ago

6 0

Answer:

The correct answer is letter "C": Your credit history is little to none, which makes it difficult to obtain credit moving forward.

Explanation:

Having a thin credit file implies there is little to no information about your credit history. This scenario is typical for people who have not requested any credits in the past. When they apply for a loan for the first time, they might struggle because banks do not have much information to determine if that person will take care of the loan payments or not.

You might be interested in

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $47 $423 Aug. 13 Purchase 1

pantera1 [17]

Answer:

a. First-in, first-out (FIFO) $813

b. Last-in, first-out (LIFO) $773

c. Weighted average cost $795

Explanation:

Date transaction units unit cost total cost

Jan. 1 Inventory 9 units at $47 $423

Aug. 13 Purchase 19 units at $50 $950

Nov. 30 Purchase 13 units at $51 $663

Available for sale 41 units $2,036

Ending inventory 16 units

a. First-in, first-out (FIFO) $

ending inventory = (13 x $51) + (3 x $50) = $813

COGS and ending inventory are calculated based on the oldest units purchased

b. Last-in, first-out (LIFO) $

ending inventory = (9 x $47) + (7 x $50) = $773

COGS and ending inventory are calculated based on the last units purchased

c. Weighted average cost

ending inventory = ($2,036 / 41) x 16 = $795

COGS and ending inventory are calculated using an average

5 0

3 years ago

Jorge purchased a copyright for use in his business in the current year. The purchase occurred on July 15th and the purchase pri

jolli1 [7]

Answer:

$6,000

Explanation:

Purchase price = $75,000

Remaining life = 75 months

The amortization amount for each month (Am) is given by the total purchase price divided by the remaining life of the copyright.

$A_m=\frac{\$75,000}{75}=\$1,000\ per\ month\\$

Since the purchase was made in July, there are 6 months left in the current year. Therefore, Jorge's total amortization amount during the current year is:

$A=6*\$1,000 = \$6,000$

7 0

3 years ago

Belinda was involved in a boating accident in 2019. Her speedboat, which was used only for personal use and had a fair market va

Katen [24]

Answer: $200

Explanation:

To qualify as a Casualty loss, the event that led to the damage or destruction must have been unexpected such as an accident, hurricane, fire etc.

When calculating for the Casualty loss deduction, we simply deduct the money received from the insurance from the Adjusted basis,

Casualty loss deduction = Adjusted basis - Cash received from the Insurance company

= $14,000 - $10,000

= $4,000

Since it is After any limitations, we also deduct a cost per event floor of $100 and 10% of the AGI

=4,000 - 100 - (37,000*0.1)

= $200

Belinda's casualty loss deduction (after any limitations) is $200.

3 0

3 years ago

The government of Velovia made progress in its efforts to bring rapid inflation under control. Although prices are still rising,

Hoochie [10]

Answer:

a. True

Explanation:

At the time when the velvovia government made the efforts in its progress in order to control the increased inflation but at the same time the price is also still increasing but the increase rate would be falled down so here it is recommended that the velovia experienced the disinflation where the inflation is considerably slowing and the rate of inflation is also slow down

Therefore the given statement is true

8 0

3 years ago

Chae Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the firs

liberstina [14]

Answer:

Explanation:

Opening units 710

Started 8200

8910

Transffered -7650

Closing 1260

Cost Table

Cost opening current total complete WIP Equivelant cost

Head cost cost cost units units prod. units per unit

Material 8,000 138,000 146,000 7,650 1,134 8,784 16.6211

C C 7,000 324,000 331,000 7,650 882 8,532 38.7951 55.4163

5 0

3 years ago