Kirk wants to get an FHA loan. Which of the following is Kirk himself not likely to do during the application process?

Answer:

A, E

Explanation:

The accounting equation indicates that the sum of a company's assets is equivalent to its equity plus liabilities, where assets refer to resources owned by the business. Equity comprises the resources owed to the owners, whereas liabilities represent the amounts owed to creditors (external parties). These components contribute to a company's balance sheet. For the balance sheet to maintain equilibrium:

Assets must equal the total of liabilities and equity. Therefore, option A is accurate, along with option E. Option B is incorrect since certain transactions recorded may affect both balance sheet elements and those from the P/L. For example, training expenses incurred by the company paid in cash involve both an asset and an expense. Option C, on the other hand, states that Revenue minus Expense equals profit, not assets. While the latter part of this option is correct, the earlier part is not. Finally, option D is also false for the same reasons as option C.

Answer:

Upon issuance, Ozark should "Credit premium on bonds payable $100,000"

Explanation:

The bond issue price is calculated as ($10 million * $101) = $10,100,000

The bond's face value is = $10,000,000

The bond premium equals $10,100,000 - $10,000,000

Thus, the bond premium is $100,000

                                   Journal entry

                                                    Debit                   Credit

Cash                                        $10,100,000

Premium on bonds payable                                $100,000

Bonds payable                                                     $10,000,000

Conclusion: Therefore, upon issuance, Ozark should "Credit premium on bonds payable $100,000"

Answer: Partnership

A partnership constitutes a business ownership structure where parties unite by mutual agreement to manage the business and distribute its profits.

The specific terms and profit sharing details for each partner are documented in a partnership agreement.

All partners actively involved in managing the business and sharing profits are referred to as General Partners. These general partners bear joint and several liabilities for any debts incurred by the partnership.

Answer:

Explanation:

(a). By plotting the data on an Excel spreadsheet, the uploaded image below represents our findings

(b) The sample correlation coefficient is calculated using the Excel Correlation function as follows;

Admission Rate (%) 4-Year Graduation Rate (%)

 44      73

 71      62

 29      89

 39      86

 66      55

 28      73

 54      63

 10      88

 26      84

 43      77

 76      71

 67      68

 6      86

 66      59

 81      66

 18       88

 31       71

 9       84

 15       86  

 8        88

 17        84

 56         62

 51         79  

 54         68

 75         50

 13         86

 40          70

 67          68

 41          47

 68          71

∴ The calculated value of the sample correlation coefficient is = -0.76

This indicates that the two variables exhibit a moderately linear inverse correlation.

Cheers, I hope this is useful.

Answer:

The soft drink costs more when purchased in a can.

The can is $0.044 more per ounce than the bottle.

Explanation:

From the information in the question:

Price for a 12-oz can = 75 cents = $0.75

Price for a 2-liter bottle = $1.25

To find the cost per ounce for the can = $0.75 divided by 12

= $0.0625 per ounce

For the bottle:

Total ounces contained = 2 × 1.057 × 32 oz [As 1.0 L = 1.057 qt, 1 qt = 32 oz]

= 67.648 oz

Thus,

Cost per ounce for the bottle = $1.25 divided by 67.648 oz

= $0.0185 per ounce

Consequently,

The soft drink costs more in a can.

Price difference = $0.0625 per ounce - $0.0185 per ounce

= $0.044 per ounce

Therefore,

The can is $0.044 more expensive than the bottle.