Ruppart Manufacturing has a contract for the sale of 100 cases of teaching supplies to Teachers Co-op, Inc Payment of the order is to be made in installments over the next year. Ruppart Manufacturing keeps a security interest in the cases sold to assure payment by Teachers Co-op, Inc When the order is completed, Ruppart ships the order. Legally:
a. both Ruppart and Teachers have an insurable interest in the supplies.
b. only Ruppart has an insurable interest in the supplies.
c. only Teachers has an insurable interest in the supplies.
d. neither Ruppart nor Teachers has an insurable interest in the supplies.
a
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Define the term "equivalent unit" as it relates to process costing along with a simple numerical example of its calculation
Explain the computation of the length of the operating cycle.
What will be an ideal response?
Investments in debt securities are classified for reporting purposes in one of three categories. List these three categories and explain which investments are included in each category. Also, briefly describe how the reporting differs for each category.
What will be an ideal response?
Chase has a $42,500 line of credit which charges an annual percentage rate of prime rate plus 5%. His starting balance on June 1 was $2,550. On June 4, he borrowed $5,300. On June 9, Chris made a payment of $800, and on June 17, he borrowed $5,600. If the current prime rate is 10%, what is his new balance?
A) $12,050.59 B) $12,598.99 C) $12,850.00 D) $12,766.83