A credit bureau, AKA credit agencies, are companies that collect credit information about individuals. They then calculate a credit score for each individual based on this information. True False
Q: 18. The Disney Company's breakeven sales is P400,000 at a certain level of fixed costs. When such…
A: Lets understand the basics. Break even point is a point at which no profit no loss condition arise.…
Q: On December 31, 2021, Maroon Co. leased an equipment with a cost of P2,000,000 to Green Co. for…
A: As per IFRS 16, Leases, Lessor will recognize Net investment in lease on lease commencement date…
Q: $ millions Total assets Total liabilities Total equity Apple Current Year $ 338,516 248, 028 90, 488…
A: The debt to equity ratio represents the availability of debt held in hands of the company as…
Q: Hazel Gird's products come with a one-year warranty. In 2014, sales totaled 2,500 units. It is…
A: As per the accrual method of accounting, the expenditure which is related to a particular year…
Q: Use the following information for the Quick Study below. (Algo) [The following information applies…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: 10. Horizontal analysis is a technique to compare company's financial condition over a period of…
A: 1. Horizontal analysis - Horizontal Analysis is part of the analysis in which individuals get the…
Q: A company has the following information available that was used to report inventory using the…
A: Most of ending inventory is to be reported at cost index 1.06
Q: requires alue of money at machinery for $86- value. Cougar d anged the machin
A: Given: Cougar to pay 100,000 identical piece of machinery $86,000 Cougar paid=$10,000 fair…
Q: Susan Wilson operates a popular summer camp for elementary school children. Projections for the…
A: Calculation of above requirement are as follows.
Q: AAV Company's Job 168 for the manufacture of 2,500 coats in August was completed with a cost per…
A: Total coats produced are 2500 , out of these 300 got spoiled so net production is 2200. Total cost…
Q: Prepaid journal entries to record following transactions: Jan 10-issued shares of 10$ par common…
A: Cash received on issue of Common stock =$56
Q: QUESTION S Matthew (48 at year-end) develops cutting-edge technology for SV, Inc. located in Silicon…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: A plant asset cost $95400 when it was purchased on January 1, 2014. It was depreciated by the…
A: Working Note: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) /…
Q: . What amont of money is equivalent to receiving ₱ 10,000 three years from today, if interest is…
A: Present value is the value which has been computed by the company are by the investor when the…
Q: Accounting
A: Product pricing is a very crucial decision to be taken by the management. Different techniques such…
Q: Give a sample and solution for 2. Note Payable
A: Notes payable (NP) refers to the liabilities which are long term in nature and states that the…
Q: ncremental borrowing rate was 12% and the interest rate implicit in the lease, which was known by…
A: Financial position refers to the concept which reflects the current position of the company in terms…
Q: Given the following account balances at year end, compute the total intangible assets on the balance…
A: INTANGIBLE ASSETS ARE ASSETS WHICH HAVE NO PHYSICAL SUBSTANCE AND CANNOT BE SEEN AND TOUCHED.
Q: SLO-3.3. Liabilities are reported on the OIncome Statement Ostatement of Owner's Equity Ostatement…
A: Basic accounting equation is Total Assets = Total liabilities + Owners Equity
Q: On January 1, 2020, Dan Co. entered into a ten-year noncancelable lease lease requiring year-end…
A: As per IFRS 16, Leases The initial recognition of lease liability will be present value of future…
Q: On July 1, 2019, Cody Company paid P1,198,000 of 10%, 20 year bonds with face amount of P1,000,000.…
A: Introduction:- The following basic information needs to understand understand as follows under:- On…
Q: rporation bough ation is P6,800, executives, for
A: GIVEN Delata Corporation bought a condominium unit P6,000,0000. property per tax declaration is…
Q: 7. The accounts receivable turnover is both a measure of liquidity and a measure of activity. True O…
A: Generally true and false questions are made to test out the understanding of a concept without…
Q: On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated…
A: A patent appears to be a legal privilege awarded by a sovereign authority to an inventor. In…
Q: The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance…
A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as of the…
Q: The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are…
A: The cost of goods sold includes the total cost of goods sold during the period, and ending inventory…
Q: Shock Company manufactures electronic equipment. The following is a summary of its basic cost and…
A: Operating income = Total contribution - Fixed cost
Q: The company's balance sheet showed accounts payable has a value of 30 million; short term loans 20…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…
Q: Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; and P185,000…
A: If there were any omissions, determine it pertains to an accrual or deferral of an asset or…
Q: Roberts Enterprises has budgeted sales in units for the next five months as follows: June…
A: Since, Sales in Units = Opening inventory units + units to be produced - Closing inventory units
Q: Essentials of Federal Income Taxation 9. Guaranteed Payments and Allocation of Partnership Income.…
A: The guaranteed payment is the payment like salary for service provided, return on time invested, and…
Q: A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: 35. X Co generates a 12 per cent contribution on its weekly sales of P280,000. A new product, Z, is…
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed…
Q: The Warner Company sells its only product for P30 and the variable costs amount to P21 per unit.…
A: Lets understand the basics. Margin of safety is a sales over a break even point. Margin of safety =…
Q: SLO-2.3. The first or original step in recording transactions is in the = OLedger Journal OTrial…
A: Journal: It is the first step where the transactions are posted in the form of Debit and Credit…
Q: Which statement is most TRUE regarding Corporate Social Responsibility (CSR) Reporting as of April,…
A: Answer:- CSR meaning:- Corporate social responsibility is a kind of business paradigm in which…
Q: An asset was purchased for $257000. It had an estimated salvage value of $49000 and an estimated…
A: Lets understand the basics. In straight line basis, depreciation is calculated in equal installment…
Q: Hua Company has an agreement to pay its sales manager a bonus of 5% of income after bonus and after…
A: Tax means the mandatory payment made to government for the income earned. Bonus means the amount…
Q: Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023.
A: LIFO is the method which has been used by the company in determining the valuation of the goods and…
Q: SLO-4.1. Which of the following would not qualify as an internal control procedure within a…
A: Internal controls are the procedures ensuring that the financial reporting done by the business is…
Q: Bing producing toys has given the following details for the year 2019 with actual hours worked by…
A: Efficiency ratio=[Output which was actual in terms of standard hours / Actual number of hours worked…
Q: Rizzo Co. has Net Income of $279,000 for 2024. Over the past two years, the company had outstanding…
A: Earning per share represents the earnings of the company held in hands of each shareholder of the…
Q: Determine Total Assets value?
A: Introduction: Assets: Any resource having monetary value called as Assets. Assets are of two types…
Q: Tara is the sole shareholder of an S Corporation. Tara's salary and bonus from the S Corporation is…
A: These taxes are often called as self employment taxes. If one forms a S Corporation, some of these…
Q: Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the…
A: Units stored in basement means units in hand = 600 units
Q: Anderson Foods produces spécialty soup sold in jars. The projected sales in dollars and jars for…
A: Formula: Desired ending inventory =Following month sales units x 25% Beginning inventory = Current…
Q: SLO-4.2. A necessary element of internal control is ODatabase OSystems design. OSystems analysis.…
A: Internal control is a set of procedures followed to achieve efficiency and effectiveness in the…
Q: XYZ company provided the following information: $30,000 Salms Accounts payable Seling expenses 3,000…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: COMPREHENSIVE 28. (Obj. 2) On November 10, 2021, Bev sold residential realty for $300,000. Bev…
A: Solution:- Given, On November 10, 2021, Bev sold residential = $300,000 Bev purchased the realty on…
Q: 1. Which of the following statements concerning financial ratios is incorrect? A. Accounting…
A: Financial ratios are one of the most important and powerful indicators of the measurable metrics of…
Step by step
Solved in 3 steps
- Question: The credit worthiness of a customer is normally checked by the organization's Credit Control Department, before any credit sales is approved. reqiured: state why this process is important?Why do we need to check the credit worthiness of credit customers before granting their credit application?Describe the importance of a credit score for financial planning. List the credit bureaus and list information that is contained in a person's credit report. Review at least two sources of free credit reports, such as Credit Karma
- What is the difference between a credit score(FICO) and a credit report. How/where can you check your report? How/where can you check your score?Effective credit management involves establishing credit standards for extending credit to customers, determining the company’s credit terms, and setting up procedures for invoicing and collecting past-due accounts. The following statement refers to a credit management policy. Select the best term to complete the sentence. A. How a company handles its credit accounts, including methods of invoicing and collecting past-due accounts, is indicated by the company’s . Consider the case of Sombra Corp.: Sombra Corp.’s CFO has decided to take a closer look at the company’s credit policy. Sombra Corp. has annual sales of $384.4 million, and it currently has an accounts receivable balance of $45.9 million. The first step in analyzing the firm’s credit policy is to determine its days sales outstanding (DSO). B. Based on this information, Sombra Corp.’s DSO is . (Note: Use 365 days as the length of a year in all calculations.) C. The average DSO for Sombra Corp.’s…Effective credit management involves establishing credit standards for extending credit to customers, determining the company’s credit terms, and setting up procedures for invoicing and collecting past-due accounts. The following statement refers to a credit management policy. Select the best term to complete the sentence. How a company handles its credit accounts, including methods of invoicing and collecting past-due accounts, is indicated by the company’s . Consider the case of Three Waters Co.: Three Waters Co.’s CFO has decided to take a closer look at the company’s credit policy. Three Waters Co. has annual sales of $384.4 million, and it currently has an accounts receivable balance of $45.4 million. The first step in analyzing the firm’s credit policy is to determine its days sales outstanding (DSO). Based on this information, Three Waters Co.’s DSO is . (Note: Use 365 days as the length of a year in all calculations.) The average DSO for Three…
- The credit bureau score model of credit scoring examines: Group of answer choices D. In-house data collected A. Credit card data collected from several banks B. Applicant profile C. FICO scoresCompanies like to use statistical scoring systems, such as the Z score, to assess a customer's creditworthiness because: they provide an absolute determination of which customers deserve credit. their use keeps the credit department busy. they provide information related to the 5 Cs of credit. they eliminate all need for full-blown detailed credit checks. they provide a quick first-cut estimate of creditworthiness.What is the difference between your credit report and your credit score? What is a good credit score? PLEASE CITE REFERENCES.
- Working with a company that is able to pay its bills is important. The Balance Sheet is a great place to start when evaluating a company's creditworthiness. Which Balance Sheet accounts would you use to perform your evaluation? How would you use the Balance Sheet to determine creditworthiness?How does credit scoring operate, and how are we as consumers and users of credit effected by it?Discuss, in general, what it means for the brothersto set a credit and collections policy