Installment credit is a type of credit that has a fixed number of payments, in contrast to revolving credit.
<span>Examples of which are:
</span><span>
Land loan
Home construction loan
<span>Home mortgage
</span><span>Some equity loans
</span>Home improvement loan
Automobile loan
<span>Boat loans or RV loans specialty finance
</span>Student loan
Personal loan
<span>Vacation loan
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Answer:
2,060 units
Explanation:
As we know thestock policy of the firm is the ending inventory for each month should be the 30 % of the next month's sales
In the case of february, following this policy:
- Starting inventory: is the same of ending inventory of the previous month: 0,3*2,000 (February´s sales) units= 600 units.
- Ending inventory= 0,3*2,200 (March´s sales) units= 660 units
Also, Ending Inventory (EI) is the result of the sum of Starting Inventory (SI) and February Purchases (P) minus February Sales (S)
We want to know P ( units Purchased), so:
P= EI-SI+S= 660-600+2,000=2060 units
Answer:
4) Hyperinflation
Explanation:
Hyperinflation is when the prices of goods and services rise more than 50 percent a month. At that rate, a loaf of bread could cost one amount in the morning and a higher one in the afternoon. The severity of cost increases distinguishes it from the other types of inflation.
Answer:
<u>Closing Entries Dated 31, 2016</u>
Dr. Cr.
Closing Income Accounts
Service revenue $186,100
Interest revenue $90,300
Income Summary $276,400
Closing Expense Accounts
Income Summary $153,400
Supplies Expense $96,900
Advertising expenses $18,200
Salaries and wages $21,000
Income tax expense $17,300
Closing Income Summary Account
Income Summary $123,000
Retained Earning $123,000
Closing Dividend Account
Retained Earning $7,800
Dividend $7,800
Explanation:
All the Income and Expenses accounts are closed to Income summary account. The net balance of income summary account is transferred to retained earning account. The dividend balance is also transferred to retained earning account to close it. Ultimately all the balances are netted off in retained earning account.
