A mortgage service office has the following four activities involved in approving a loan application Note that a working day is 8 hours and there are 60 minutes in one hour. Activity A Property survey B. Credit report C. Title search D. Final decision Time (minutes) 24 37 27 37 Activities B and C are combined together and assigned to two employees, while the other two employees are responsible for activities A and D respectively. What is the mortgage office's direct labor utilization (DLU) under this setting?
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- Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash (a) 179,000 (b) 35,000 (d) 19,000 (e) 590 (g) 1,900 (h) 9,900 (i) 3,900 Equipment (c) 69,000 Accounts Receivable (f) 10,200 (g) 1,900 Accounts Payable (c) 69,000 Supplies (b) 35,000 Scott Hamilton, Capital (a) 179,000 Fees Income (d) 19,000 (f) 10,200 Telephone Expense (e) 590 Scott Hamilton, Drawing (i) 3,900 Salaries…The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash (a) 174,000 (b) 30,000 (d) 14,000 (e) 540 (g) 1,400 (h) 9,400 (i) 3,400 Equipment (c) 64,000 Accounts Receivable (f) 11,200 (g) 1,400 Accounts Payable (c) 64,000 Supplies (b) 30,000 Wade Wilson, Capital (a) 174,000 Fees Income (d) 14,000 (f) 11,200 Telephone Expense (e) 540 Wade Wilson, Drawing (i) 3,400 Salaries Expense…
- The buyer was given a loan estimate at the time of the application for the mortgage and it is now three business days before the closing. The appraisal and the closing disclosure have been given to the buyer. The buyer’s broker meets her client at the property for a walk-through and to review the documents. Which of the following occurrences will result in the buyer having the right to an additional three days to review the documents? There was a mathematical error on the proration of taxes or utilities Appliances are missing even though the seller agreed to include them The loan product was changed from a fixed rate to one that is adjustable There was an omission in the property disclosure of a recently discovered special assessmentgeneral rent All's officers arrange a $50,000 loan for the company. The company is required to maintain a minimum checking account balance of 10% of the outstanding loan. The practice is calledSomerset received $16,800 from a customer for 12 months rent in advance of the rental period. How should somerset record this transactions
- Precilla, vice-president of operations for Sturgis National Bank, has instructed the bank's computer programmer to use a 365-day year to compute interest on depositoryaccounts (payables). Precilla also instructed the programmer to use a 360-day year to compute interest on loans (receivables). Discuss whether Precilla is behavingin a professional manner.The president of the retailer Prime Products has just approached the company’s bank with a request for a$30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Becausethe company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cashbudget to help determine whether the loan should be made. The following data are available for the monthsApril through June, during which the loan will be used:a. On April 1, the start of the loan period, the cash balance will be $24,000. Accounts receivable onApril 1 will total $140,000, of which $120,000 will be collected during April and $16,000 will becollected during May. The remainder will be uncollectible.b. Past experience shows that 30% of a month’s sales are collected in the month of sale, 60% in themonth following sale, and 8% in the second month following sale. The other 2% represents bad debtsthat are never collected. Budgeted sales and expenses for the…Apex Properties, Inc. owns two warehouse buildings that it rents to other businesses. The two buildings are very desirable properties and this enables Apex to require that renters pay rent in advance. The following is data for each building: Building #1 – Located at 111 Warehouse Way Rental rate .............................................................. $3,000 per month Number of months of rent collected in advance ...... 3 months Dates when rent is collected in advance ................. January 1, April 1, July 1, October 1 Building #2 – Located at 444 Storage Street Rental rate .............................................................. $4,000 per month Number of months of rent collected in advance ...... 3 months Dates when rent is collected in advance ................. January 1, April 1, July 1, October 1 Apex has the accounting policy that rent collected in advance be initially recorded in a liability account. The balance in the Unearned Rent Revenue account as of December…
- In a loan database, there are 81 loans to clients with 19 years of business experience. Also, there are 73 loans made to clients with a College education. In the database there are 124 loans to clients with 19 years of experience or who have a College education. How many loans were made to clients with a College education who also had 19 years of experience?Thunder Cat Services specializes in training and veterinary services to household pets, such as dogs, birds, lizards, fish, horses, and of course, cats. After the first 11 months of operations in 2021, Thunder Cat has the following account balances:THUNDER CAT SERVICES Trial Balance November 30, 2021Accounts Debits CreditsCash $ 19,400Supplies 1,500Prepaid Rent 7,200Equipment 83,700Buildings 240,000Accounts Payable $ 9,800Deferred Revenue 2,000Common Stock 125,000Retained Earnings 75,500Dividends 9,000Service Revenue 264,000Salaries Expense 65,000Advertising Expense 18,200Utilities Expense 32,300Totals…Dorman Company had the following items to report on its balance sheet: Employee advances $ 1,580 Amounts owed by customers for the sale of services (due in 30 days) 3,050 Refundable income taxes 1,120 Interest receivable 950 Accepted a formal instrument of credit for services (due in 18 months) 2,220 A loan to company president 10,000 Based on this information, what amount should appear in the "Other Receivables" category?