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ra1l [238]
2 years ago
6

Based on the passage, who might be interested in your credit report, and why? Check all that apply.

Business
2 answers:
il63 [147K]2 years ago
7 0

Answer:

A, B, D, and F

This is correct on <em>Edg</em> :)

MrRissso [65]2 years ago
5 0

B, D and F

Explanation:

You might be interested in
What are the characteristics of open and honest communication?
earnstyle [38]

Answer:

being open and honest builds a sense of self-worth. It is about being moral, truthful to yourself and with others.

Explanation:

4 0
3 years ago
Outdoor Company expects to sell 7 comma 500 units for $ 175 each for a total of $ 1 comma 312 comma 500 in January and 2 comma 5
nikitadnepr [17]

Answer and  Explanation:

The preparation is presented below:

                              Outdoor Company

               Inventory, Purchases, and Cost of Goods Sold Budget    

             Two months Ended January 31 and February 28

Particulars              January          February March

Sales in units         7,500 units      2,500 units   4,700 units

Sales price         $175                 $195              $270

Sales in dollars $1,312,500      $487,500       $1,269,000

Percentage of cost of goods sold 60%   60% 60%

Cost of goods sold $787,500      $292,500 $761,400

Add: Desired ending merchandise inventory $185,500 466,840

    ($292,500 × 60% + $10,000)        ($761,400 × 60% + $10,000)

Total merchandise inventory required $973,000   $759,340

Less: Beginning merchandise inventory $482,500  $185,500

                        ($787,500 × 60% + $10,000)

Budgeted purchases $490,500  $573,840

The ending inventory of month of Jan should be beginning inventory of Feb and the same is shown above

         

6 0
3 years ago
At December 31, 2019, Swifty Corporation reported the following as plant assets.
Kay [80]

Answer:

April 01 2020

Land                                                            Debit          $ 2,200,000

Cash                                                           Credit                             $2,200,000

To record purchase of land

May 01 2020

Cash                                                            Debit         $ 504,000

Allowance for depreciation equipment    Debit         $ 363,720

Equipment                                                   Credit                              $ 840,000

Gain on sale of equipment                         Credit                              $   27,720

To record sale of equipment and to recognise gain on sale

June 01 2020

Cash                                                              Debit      $ 1,450,000

Land                                                              Credit                            $ 399,000

Gain in sale of land                                      Credit                            $1,051,000

To record sale of land and gain on the sale

July 01 2020

Equipment                                                     Debit    $ 2,480,000

Cash                                                              Credit                         $ 2,480,000

To record purchase of equipment

December 31 2020

Allowance for depreciation                          Debit    $ 491,000

Equipment                                                      Credit                        $ 491,000

To record retirement of equipment

The adjusting entry for depreciation is as follows:

December 31 2020

Depreciation expense - Equipment             Debit  $ 4,985,000

Depreciation expense - Buildings                Debit  $   578,200

Allowance for depreciation - Equipment     Credit                     $ 4,985,000

Allowance for depreciation - Buildings        Credit                     $    578,200

Explanation:

Computation for Depreciation expense for the year

Equipment Jan 01 2020                        $ 48,670,000  for 4 months @ 10 %

Sales - May 01 2020                              <u>$(     840,000)</u>

Adjusted balance May 01 2020            $ 47,830,000 for 2 months @ 10 %

Purchases July 01 2020                        <u>$   2,480,000</u>

Adjusted balance July 01 2020            $  50,310,000 for 6 months @ 10 %

Depreciation expense for 4 months = $ 48,670,000*10 % *4/12 = $1,622,333

Depreciation expense for 2 months = $ 47,830,000*10 % *2/12 = $   797,167

Depreciation expense for 6 months = $ 51,310,000*10 % *6/12 =<u>$ 2,565,500</u>          

Total depreciation equipment                                                      $ 4,985,000

Depreciation on buildings     $ 28,910,000 * 2 %                       $     578,200

Depreciation has to be recorded for full year on assets retired on December 31 2020

Computation of gain and loss on sale of equipment

Cost of equipment  purchased on January 1 2016                       $ 840,000

Depreciation rate                                          10 %

Equipment sold on May 01 2020

Depreciation charged for 4 years and 3 months @ 10 %

$ 840,000 * 4.33 *10 %                                                                   <u>$  363,720</u>

Net book value of equipment disposed on May 01 2020            $ 476,280

Sale value of equipment                                                                  <u>$ 504,000</u>

Gain on sale of equipment                                                             $ (27,720 )                                  

The gain on sale of land is the difference between the cost and sales proceeds since land is not depreciated

Sale proceeds - Cost = $ 1,450,000 - $ 399,000 =                      $ 1,051,000

The assets that was retired on Dec 31 2020 was purchased on December 31 2010 and was considered for depreciation for 10 years and was fully depreciated and had ni book value on the date of retirement

6 0
2 years ago
If these are the only four sellers in the market, then when the price decreases from $4 to $2, the market quantity supplied
inn [45]

Answer:

Decreases by 50 percent

Explanation:

The law of supply asserts that other things remaining constant, the quantity of goods and services supplied increases as price rises. Therefore, the price and quantity supplied are directly related. Should the price fall, the quantity supplied will also decrease. Producers will prefer to supply more when the price is high to make more revenue.

The supply curve is upward sloping indicating how quantity supplied changes at different price levels. In the case, the price has decreased from $4 to $2, which represents a 50 percent drop. The quantities supplied will decrease as per the law of supply.  A 50 percent decrease may result in a similar decrease in quantity supplied as the supply curve is upward sloping.

4 0
3 years ago
A minor can disaffirm a contract if:
SashulF [63]

Answer:

a. he or she has not ratified the contract on reaching majority.

Explanation:

Generally a minor is allowed to dissaffirm a contract they entered when they were underaged. Also when they attain the age of majority they will need to ratify the contract for it to be binding.

In the case where the contract has not been ratified on reaching majority, it can still be dissaffirmed.

Contracts with minors are void, and only some state laws allow for ratification of the contract on attainment of majority age.

4 0
2 years ago
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