What amount should kent report as escrow accounts liability

Assignment Help Financial Accounting
Reference no: EM131894602

Kent Co., a division of National Realty, Inc., maintains escrow accounts and pays real estate taxes for National's 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. Additional information follows:

Escrow accounts liability, 1/1/Y2 $ 700,000 Escrow payments received during year 2 1,580,000 Real estate taxes paid during year 2 1,720,000 Interest on escrow funds during year 2 50,000 What amount should Kent report as escrow accounts liability in its December 31, year 2 balance sheet?

 

 

Reference no: EM131894602

Questions Cloud

Show the ipv-six loopback address : Using the CIDR notation, show the IPv6 address mapped to the IPv4 address 129.6.12.34. Using the CIDR notation, show the IPv6 loopback address.
Evaluate selected principle based on a deontological ethics : Write a 750-word essay on a principle from the AICPA principles section of the Code of Professional Conduct Provisions. Include the following in your essay.
Quoted citations and paraphrased passages in-text : What do you notice about the differences between quoted citations and paraphrased passages in-text?
What is the cidr notation for the blocks in the first subnet : An organization is assigned the block 2000:1234:1423/48. What is the CIDR notation for the blocks in the first and second subnets in this organization?
What amount should kent report as escrow accounts liability : What amount should Kent report as escrow accounts liability in its December 31, year 2 balance sheet?
Discuss how organizations compensate the employees : There is disagreement concerning the level of governmental intervention into how organizations compensate their employees. On the research how would you respond
Prepare a direct labor budget : The union contract provides for wage rate to be $11 per hour for first 3 quarters and a wage increase to $13 per hour on October 1. Prepare direct labor budget
Manage drug ordering in a pharmacy : Pharmacy technicians often manage drug ordering in a pharmacy. What are some consequences if there are errors in the order and the inventory is too low or too h
Write an essay about a significant event in your life : Write an essay about a significant event in your life. Choose an even that will be engaging for readers and that will,at the same time.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd