Tran currently makes $4,500 per month in gross income. He has a student loan payment of $250 per month and a car loan of $450 per month. His credit card payments average $300 per month
What is the largest PITI he could qualify for with a reputable lender?
A) $620
B) $900
C) $1,260
D) $1,620
Answer: A
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Which of the following must be approved by the FDA before it can be sold to the general public?
A. All products made from animals. B. Food ingredients. C. Produce. D. Eggs.
Brooke Distributing leased a machine for a period of eight years, contracting to pay $200,000 at the beginning of the lease term on December 31 . 2014, and $200,000 annually on December 31 for each of the next seven years. The present value of the eight rent payments over the lease term, appropriately discounted at 1 . percent, is $1,174,000 . On its December 31 . 2015, balance sheet, Brooke
should report a liability under capital lease of a. $871,400. b. $876,600. c. $974,000. d. $1,091,400.
Garden Company had pretax accounting income of $24,000 during 2014 . Garden's only temporary difference for 2011 relates to a sale made in 2012 and recognized for accounting purposes at that time. However, Garden uses the installment sales method of revenue recognition for tax purposes. During 2014 Garden collected a receivable from the 2012 sale which resulted in $6,000 of income under the
installment sales method. Garden's taxable income for 2014 would be a. $6,000. b. $18,000. c. $24,000. d. $30,000.
A primary purpose of using a standard cost system is
a. to make things easier for managers in the production facility. b. to provide a distinct measure of cost control. c. to minimize the cost per unit of production. d. b and c are correct.