Answer:
$579,000
Explanation:
The cash payment in September would be made of 35% purchases in September and 65% of the purchase made in August (the previous month).
Hence
Cash payment in September = (35% × $670,000) + (65% × $530,000)
= $579,000
the cash payment for September is $579,000
Answer:
The answer is: A) M1 stays the same and M2 stays the same
Explanation:
Total money supply is divided into:
- M1 includes all coins and bills in circulation plus traveler's checks and checking account deposits.
- M2 includes M1 plus savings accounts, short term deposits and money market accounts.
- M3 includes M2 plus long term bank deposits and institutional money market funds.
The journal entry to record the purchase of materials on account in process cost accounting is an Increase in assets and an increase in liabilities. Option A. This is further explained below.
<h3>What is a journal entry?</h3>
Generally, In process cost accounting, a rise in assets and an increase in liabilities are recorded in the journal entry for the purchase of materials on account.
In conclusion, A journal entry is a kind of entry that is used in the accounting records of a company to record a transaction that occurred inside the company.
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Current ad valorem property taxes owed by the seller that have NOT yet been billed at the time of closing are an example of (D) accrued items.
- The portion of the budgeted expenses of a taxing body that must be funded by real property taxes.
- Taxing entities occasionally use an equalization technique as part of the assessment process to reduce significant differences in assessed values within a district.
- The taxation authorities in Texas will only accept payment from one entity when it comes time to pay the property taxes at the end of the fiscal year.
- The property taxes will therefore be prorated at closing when you sell or buy a home so that each party pays their fair share of the year's taxes.
How does property tax work in Texas?
- Texas levies property taxes as a percentage of each home's appraised value.
- So, for example, if your total tax rate is 1.5%, and your home value is $100,000, you will owe $1,500 in annual property taxes.
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