Answer:
August 1, merchandise purchased on account 2/10, n/30
Dr Merchandise inventory 25,000
Cr Accounts payable 25,000
Explanation:
If Greene paid within the discount period, the journal entry to record the payment would be:
August 2-11, payment of accounts payable
Dr Accounts payable 25,000
Cr Cash 24,500
Cr Purchase discounts 500
If Greene didn't paid within the discount period, the journal entry to record the payment would be:
August 20, payment of accounts payable
Dr Accounts payable 25,000
Cr Cash 25,000
Answer: Minimum 62 years
Explanation: As per the rules, the youngest borrower must have attained the age of 62 years to qualify for reverse mortgage loan. There are several other requirements as well.
HUD financial criteria also needs to be fulfilled by the borrower. The home in which borrowers be living must be their prime residence and the required home equity will also be required.
Answer:
Explanation:
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Answer:
Instructions are below.
Explanation:
Giving the following information:
Units Produced 20,000
Units Sold 17,000
Unit Sales Price $ 240
Full Manufacturing Cost Per Unit $97
<u>Under the absorption costing method, the fixed manufacturing overhead is part of the product cost.</u>
Income statement:
Sales= (17,000*240)= 4,080,000
Cost of goods sold= (17,000*97)= (1,649,000)
Gross profit= 2,431,000
Variable Selling Expenses= (71,000)
Fixed General and Administrative Costs= (88,000)
Net operating income= 2,272,000
Answer:
Ethics is defined as moral principles that governa person's behaviour or the conducting of an activity
