A mortgage that was executed two years ago provided for a prepayment penalty. The mortgagee is most likely to waive this penalty when:
A: The supply of money exceeds the demand;
B: Deflation is the trend and low interest rates are common;
C: A new loan can be made on the property at a higher rate;
D: Building costs are rising substantially.
Answer: C: A new loan can be made on the property at a higher rate;
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A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $99,000
During the year, Sales Revenue amounted to $73,000, Sales Returns and Allowances were $1,400, Sales Discounts were $3,100, Cost of Goods Sold was $30,000, and all other expenses totaled $16,000. The company declared and paid $25,000 as dividends. The last step in the closing process would include ________. A) a debit to Income Summary for $50,500 B) a credit to Income Summary for $73,000 C) a debit to the Retained Earnings account for $20,500 D) a debit to the Retained Earnings account for $25,000
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A) analysis B) prototype C) design D) implementation