Reference no: EM132786935
Kent Company, a realty entity, maintains eserow accounts and pays real estate taxes for the mortgage customers.
Escrow funds are kept in interest-bearing accounts. Interest, less a 10% service fee, is credited to the mortgagee's account and used to reduce future escrow payments.
The entity provided the following additional intormation for the current year:
Escrow accounts liability, January 1 700,000
Escrow payments received 1,580,000
Real estate taxes paid 1,720,000
Interest on escrow funds 50,000
Question 1: What amount should be reported as escrow accounts liability on December 31?
a. 510,000
b. 515,000
c. 605,000
d. 610,000
|
What is the bonus for the current year
: What is the bonus for the current year? Ronald Company has an incentive compensation plan under which a branch manager received 10% of the branch income
|
|
What purposes do barriers to entry created by government
: What purposes do barriers to entry created by the government serve? What are other barriers to entry into the pharmaceutical industry?
|
|
What amount should be reported as an escrow liability
: On September 30, 2020, what amount should be reported as an escrow liability? On January 1, 2020, the balance in the escrow account was P300,000.
|
|
Find out demand and supply curves for market
: Illustrate this observation with one demand and supply graph for the market for Australian wool and another demand and supply graph for raw cotton.
|
|
What amount should be reported as escrow accounts liability
: What amount should be reported as escrow accounts liability on December 31? Kent Company, a realty entity, maintains eserow accounts
|
|
What is the elasticity of demand
: The school decides to increase tuition, and enrollment falls to 9,000. Tuition started at $4,000 per semester but has since gone up to $4,800
|
|
What amount be reported as current liability for advances
: What amount should be reported as current liability for advances from customers at year-end? Customer advances - beginning of year 1,180,000
|
|
Impact on market equilibrium price and quantity
: The federal government implemented the Cash for Clunkers program in July 2009 as part of an effort to stimulate the economy, and the U.S. auto sector in particu
|
|
What is the liability for deposits on december
: What is the liability for deposits on December 31, 2020? The customer is charged a deposit for each container delivered and receives a refund
|