Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a beginning Cash balance of $36,000. A. Purchased merchandise inventory on account, $16,900. B. Paid vendors for part of inventory purchased earlier in month, $11,100. C. Purchased merchandise inventory for cash, $10,400.
Answer and Explanation:
The preparation of the T-accounts are as follows:
For Account payable
Cash $11,100 Inventory $16,900
Balance $5,800
Total $16,900 Total $16,900
For Inventory
Account payable $16,900
Cash $10,400 Balance $27,300
Total $27,300 Total $27,300
For cash
Opening balance $36,000 Account payable $11,100
Inventory $10,400
Balance $14,500
Total $36,000 Total $36,000
What are human rights
Organizations spend a lot of money enabling employees to solve problems collectively. But inducing more collaboration may actually hinder the most important part of problem-solving: actually solving the problem. Should the organizations let their employees do work individually?
Answer:
There are positive and negative risks to every new strategy implemented in an organization. In the case of giving more independence to employees by letting them work individually, the company can indeed have positive results, such as increased individual productivity of employees, reduction of conflicts, greater innovation and problem solving.
But before implementing any strategy, the company must consider its structure, objectives and values, and then carry out an analytical plan that makes it possible to understand if this is a positive strategy, as there are businesses that need collective work so that they can be developed effectively .
A plant manager is attempting to determine the production schedule of various products to maximize profit. Assume that a machine hour constraint is binding. If the original amount of machine hours available is 200 minutes, and the range of feasibility is from 130 minutes to 300 minutes, providing two additional machine hours will result in Group of answer choices a different product mix, same total profit as before. the same product mix, different total profit. the same product mix, same total profit. a different product mix, different total profit.
Answer: a different product mix, different total profit.
Explanation:
It should be noted that in a situation whereby constraint is binding and a change with regards to the availability that is within the range exist, this will bring about a change in both the product mix and total profit.
With regards to the question, since the machine hour constraint is binding and the original amount of machine hours available is 200 minutes, and the range of feasibility is from 130 minutes to 300 minutes, then it should be noted that the provision of two additional machine hours will result in a different product mix, different total profit.
Giani and Maria are attempting to purchase a house in a new neighborhood. Maria is four months pregnant with their first child, and they are making the move to set themselves up in their dream neighborhood to raise a family. Two weeks after the initial interview, their broker calls to inform them that they have been denied for a loan. The broker continues to say that he mentioned to his underwriter that Maria probably planned to stay at home for a year after having the baby. With that, the underwriter did not allow her income to be used for qualification. This broker is in violation of what law
Answer:
The answer is "ECOA".
Explanation:
The Equal Credit Opportunity Act strictly prevents a lady from paying when she has a kid. It implies electronically gather information in clinical trials. The quality of data can be greatly improved whilst satisfying regulatory requirements. Inside this context, technologies including mobile phones, tablets or even the Web allows participants in the study, doctors, and caregivers to submit health results immediately.
The mid-1990s saw a rise in the use of mobile phones in the general population. The technology continued to improve in the early 2000s and in the mid-2000s smartphones revolutionized the way people communicated. The technology has changed very rapidly and improved the lives of consumers. With these rapid changes, what would you suspect has happened to the CPI calculation
Answer:
The correct option is b. the CPI has understated the cost of living because of quality improvement bias.
Explanation:
Note: This question is not complete as it does not include the answer options. The answer options are therefor provided before answering the question as follows:
a. The CPI has overstated the cost of living because of income bias.
b. The CPI has understated the cost of living because of quality improvement bias.
c. The CPI has overstated the cost of living because of quality improvement bias.
The explanation of the answer is now provided as follows:
The Consumer Price Index (CPI) can be described as a metric that measures the average change in prices paid for a market basket of consumer goods by urban consumers over time.
Quality improvement bias occurs when price indexes do not incorporate information about good quality over time in addition to their nominal price.
Better and greater speeds and functionalities have become available as a result of advancements in computer chips and improved the lives of consumers, all without incorporating the information in CPI.
Therefore, the correct option is b. the CPI has understated the cost of living because of quality improvement bias.
Can you explain how I can get the surplus?
Answer:
The answer is "6".
Explanation:
Using formula:
[tex]\text{Producer surplus= Actual Price- Minimum Acceptable Price}\\\\[/tex]
[tex]=13-7\\\\=6[/tex]
Monetary policy Select one: a. cannot be implemented quickly and most of its impact on aggregate demand occurs months after policy is implemented. b. can be implemented quickly and most of its impact on aggregate demand occurs very soon after policy is implemented. c. can be implemented quickly, but most of its impact on aggregate demand occurs months after policy is implemented. d. cannot be implemented quickly, but once implemented most of its impact on aggregate demand occurs very soon afterward.
Answer:
c. can be implemented quickly, but most of its impact on aggregate demand occurs months after policy is implemented.
Explanation:
A monetary policy can be defined as the actions (macroeconomic policies) adopted and undertaken by the central bank of a particular country to control the money supply and interest rates so as to boost or enhance economic growth. The central bank uses monetary policies to manage inflation, economic growth through long-term interest rates and level of unemployment in a country. In order to boost economic growth, monetary policy is used to increase money supply (liquidity) while it is also used to prevent inflation by reducing money supply.
Generally, money supply comprises of checks, cash, money market mutual funds (MMF) and credit (mortgage, bonds and loans).
Typically, a monetary policy can be implemented quickly by the central bank of a particular country, but most of its impact on aggregate demand occurs months after policy is implemented.
Tax planning Question 6 options: guides investment activities to maximize after-tax returns over the long term for an acceptable level of risk. ignores the source of income and concentrates solely on the amount of income. is primarily done by individuals with incomes below $200,000. is limited to reviewing income for the current year and determining how to minimize current taxes.
Answer:
guides investment activities to maximize after-tax returns over the long term for an acceptable level of risk
Explanation:
Given that the purpose of Tax planning is to ensure that there is tax efficiency for the firm, in an after-tax evaluation, the goal of the firm in terms of returns or profits is toll achieved.
Hence, in this case, the correct answer to the question is that TAX PLANNING "guides investment activities to maximize after-tax returns over the long term for an acceptable level of risk."
Katie was watching TV late one night and was surprised to see a promotional program for the Sleep Number bed. She had heard of the mattress before and watched a few minutes of the program to learn more. The program mentioned a 60-night full refund and encouraged viewers to contact a toll-free number or place an order via the company's website. What type of promotional activity is the Sleep Number mattress company using
Answer:
Direct marketing
Explanation:
Direct marketing involves a direct contact made with a customer during a promotional activity.
Channels used during direct marketing includes mail, social media, texting campaign, and phone calls.
In the given scenario the promotional program is encouraging viewers to contact a toll-free number or place an order via the company's website.
These activities involve direct marketing.
What types of services do property taxes typically pay for?
Answer:
The local governing body will use the assessed taxes to fund water and sewer improvements and provide law enforcement, fire protection, education, road and highway construction, libraries and other services that benefit the community.
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL)
On January 1, 2021, Red Flash Photography had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During 2021, the company had the following transactions:
1. February 15 Issue additional shares of common stock, $28,000.
2. May 20 Provide services to customers for cash, $43,000, and on account, $38,000.
3. August 31 Pay salaries to employees for work in 2021, $31,000.
4. October 1 Purchase rental space for one year, $20,000.
5. November 17 Purchase supplies on account, $30,000.
6. December 30 Pay dividends, $2,800.
The following information is available on December 31, 2021:
Employees are owed an additional $4,800 in salaries.
Three months of the rental space has expired.
Supplies of $5,800 remain on hand.
All of the services associated with the beginning deferred revenue have been performed.
Requirement
General Journal
General Ledger
Trial Balance
Income Statement
Statement of SE
Balance Sheet
1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
2. Record the adjusting entries in the 'General Journal' tab.
3. Review the adjusted 'Trial Balance' as of December 31, 2021.
4. Prepare an income statement for the year ended December 31, 2021, in the 'Income Statement' tab.
5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2021, in the 'Income Statement' tab.
6. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.
7. Record the closing entries in the 'General Journal' tab.
Answer:
Red Flash Photography
1. General Journal
January 1, 2021:
Debit Cash, $20,000
Supplies, $8,800
Land, $68,000
Credit: Deferred Revenue, $5,800
Common Stock $58,000
Retained Earnings, $33,000
To record opening balances.
Feb. 15 Debit Cash $28,000
Credit Common Stock $28,000
To record additional shares issued.
May 20 Debit Cash, $43,000,
Debit Accounts receivable $38,000
Credit Service revenue $81,000
To record provision of services for cash and on account.
August 31 Debit Salaries Expense $31,000
Credit Cash $31,000
To record payment of salaries.
October 1 Debit Prepaid Rent $20,000
Credit Cash $20,000
To record prepayment of rent for one year.
November 17 Debit Supplies $30,000
Credit Accounts payable $30,000
To record the purchase of supplies on account.
December 30 Debit Dividends $2,800
Credit Cash $2,800
To record payment of cash dividends.
Analysis of Adjustments at December 31, 2021:
1. Debit Salaries Expense $4,800
Credit Salaries Payable $4,800
To accrue salaries.
2. Debit Rent Expense $5,000
Credit Prepaid Rent $5,000
To record rent expense for the year.
3. Debit Supplies Expense $33,800
Credit Supplies $33,800
To record supplies expense.
4. Debit Deferred Revenue $5,800
Credit Service Revenue $5,800
To record services performed.
3. Adjusted Trial Balance as of December 31, 2021
Account Titles Debit Credit
Cash $37,200
Accounts receivable 38,000
Supplies 5,000
Prepaid Rent 15,000
Land 68,000
Accounts Payable $30,000
Salaries Payable 4,800
Common Stock 86,000
Retained Earnings 33,000
Dividends 2,800
Service Revenue 86,800
Salaries Expense 35,800
Rent Expense 5,000
Supplies Expense 33,800
Totals $240,600 $240,600
4. Income Statement for the year ended December 31, 2021
Service Revenue $86,800
Salaries Expense 35,800
Rent Expense 5,000
Supplies Expense 33,800 $74,600
Net Income $12,200
5. Statement of Stockholders Equity for the year ended December 31, 2021
Retained Earnings $33,000
Net Income 12,200
Dividends (2,800)
Retained earnings, Dec. 31, 2021 $42,400
Common stock 86,000
Total equity $128,400
6. Classified Balance Sheet as of December 31, 2021
Assets
Current Assets:
Cash $37,200
Accounts receivable 38,000
Supplies 5,000
Prepaid Rent 15,000 $95,200
Long-term assets:
Land $68,000
Total assets $163,200
Liabilities and Equity:
Accounts Payable $30,000
Salaries Payable 4,800
Total liabilities $34,800
Equity:
Common Stock 86,000
Retained Earnings 42,400
Total equity $128,400
Total liabilities and equity $163,200
7. General Journal
Debit Service Revenue $86,800
Credit Income Summary $86,800
To close revenue income summary.
Debit Income Summary $74,600
Credit Salaries Expense $35,800
Credit Rent Expense $5,000
Credit Supplies Expense $33,800
To close expenses to income summary
Debit Income Summary $12,200
Credit Retained Earnings $12,200
To close income summary to retained earnings.
Debit Retained Earnings $2,800
Credit Dividends $2,800
To close dividends to retained earnings.
Explanation:
a) Data and Analysis:
January 1, 2021 balances:
Cash, $20,000
Supplies, $8,800
Land, $68,000
Deferred Revenue, $5,800
Common Stock $58,000
Retained Earnings, $33,000
Transactions:
Feb. 15 Cash $28,000 Common Stock $28,000
May 20 Cash, $43,000, Accounts receivable $38,000 Service revenue $81,000
August 31 Salaries Expense $31,000 Cash $31,000
October 1 Prepaid Rent $20,000 Cash $20,000
November 17 Supplies $30,000 Accounts payable $30,000
December 30 Dividends $2,800 Cash $2,800
Analysis of Adjustments at December 31, 2021:
1. Salaries Expense $4,800 Salaries Payable $4,800
2. Rent Expense $5,000 Prepaid Rent $5,000
3. Supplies Expense $33,800 Supplies $33,800
4. Deferred Revenue $5,800 Service Revenue $5,800
Broker Blake enters into a written agreement to represent seller Kelly and buyer Jenny that also authorizes Blake to act as an intermediary. The written agreement does not specifically address authority for making appointments. If Jenny now wishes to enter into negotiations for the purchase of Kelly's property, what must Blake do before making appointments for his two clients
Answer: Obtain written consent from Seller Kelly and Buyer Jenny to make appointments
Explanation:
In a situation whereby Blake wishes to enter into negotiations for the purchase of Kelly's property, then Blake needs to obtain written consent from Seller Kelly and Buyer Jenny to make appointments.
The reason for this is because Blake already has a written agreement to represent seller Kelly and buyer Jenny that also authorizes Blake to act as an intermediary.
In the open-economy macroeconomic model, if for some reason foreign citizens want to purchase more U.S. goods and services at each exchange rate, then a. the demand for dollars in the market for foreign-currency exchange shifts right. b. the demand for dollars in the market for foreign-currency exchange shifts left. c. the supply of dollars in the market for foreign-currency exchange shifts right. d. the supply of dollars in the market for foreign-currency exchange shifts left.
Answer: a. the demand for dollars in the market for foreign-currency exchange shifts right.
Explanation:
If foreigners wanted to buy more U.S. goods and services, they would demand more dollars to do so as U.S. goods and services are denominated in dollars. This would shift the demand curve for U.S. dollars to the right to reflect the increase.
With the demand curve having shifted right, it will intersect with the supply curve at a higher rate. This new equilibrium point would mean a higher exchange rate which means the U.S. dollar would get stronger.
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker’s business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $600,000 to its supplier using a 12-month, 11% note.
Required:
Record the following transactions for Shoemaker Corporation.
1. The loan of $600,000 and acceptance of the note receivable on April 1, 2021.
2. The adjustment for accrued interest on December 31, 2021.
3. Cash collection of the note and interest on April 1, 2022.
Answer:
1.
Date Account title Debit Credit
April 1, 2021 Note receivable $600,000
Cash $600,000
2.
Date Account title Debit Credit
Dec 31, 2021 Interest receivable $49,500
Interest revenue $49,500
Working:
From the date of the loan to December is 9 months so interest must be calculated for these 9 months so that the interest for 2021 is known:
= 600,000 * 11% * 9/12 months
= $49,500
3.
Date Account title Debit Credit
April 1, 2022 Cash $666,000
Interest receivable $49,500
Interest revenue $16,500
Notes receivable $600,000
Working
Interest revenue:
Calculated on the remaining 3 months of the loan:
= 600,000 * 11% * 3/12 months
= $16,500
What would be Tipical Day for a Doctor ?
Explanation:
Average 20 patients would be tipical Day for a doctor.
hope it is helpful to you ☺️
The owner of a one-acre parcel of land with a small house on it rented the property to a professor of a nearby college at a monthly rental of $500. Several years later, after the professor got tenure, the parties orally agreed that the professor would purchase the property from the owner for the sum of $60,000, payable at the rate of $500 a month for 10 years. They agreed that the owner would give the professor a deed to the property after five years had passed and $30,000 had been paid toward the purchase price, and that the professor would execute a note secured by a mortgage for the balance. The professor continued in possession of the property and made all monthly payments in a timely fashion. When he had paid $30,000, he tendered a proper note and mortgage to the property owner and demanded that she deliver the deed as agreed. The owner refused because valuable minerals had been discovered on adjacent parcels in recent months, causing the value of this parcel of land to increase to 10 times its former value. The professor brought suit against the property owner for specific performance. If the court rules in favor of the property owner, what is the likely reason
Answer: See explanation
Explanation:
Based on the information that were provided in the question, in a situation whereby the court rules in favor of the property owner, the most likely reason for this will be because the payment of the professor are as consistent just exactly as if they had a landlord-tenant relationship between them even though it was just an oral contract that they both had.
In this case, since the professor met his term of the agreement, then he should be given the property.
justify why a perfect market is unrealistic
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Adrianne is a package delivery service manager. She is interested in implementing ________, the management philosophy pioneered by Frederick W. Taylor and Frank and Lillian Gilbreth, which scientifically studies work methods to improve the productivity of individual workers. In this particular case, Adrianne will study the routes that drivers take through a congested to city in order to identify ways that delivery staff can make the most deliveries in each two-hour period. Group of answer choices quantitative management contingency management management science human relations management scientific management
Answer:
scientific management
Explanation:
Scientific management represent the management theory in which the analysis is done with respect to the workflow. Its main purpose to improve out the economic efficiency and the labor productivity.
So as per the given situation since adrianne will have to study the routes so that the delivery staff could able to make the most deliveries in two -hour period due to which the productivity could be increased
URGENT.
True or false. The marketing department is the most important function in business.
Answer:
True
Explanation:
Without the marketing department the business is demolished
Answer:
The answer is true.
Explanation:
The marketing department is one of the most important things a business can do. Not only does marketing build brand awareness but it can also increase sales, grow businesses and engage customers.
On a base level, marketing is useful for customer education. The business owner and employees know the ins-and-outs of the product but do the consumers? In order to buy into a product, the audience needs to have a solid understanding of what it does and how it works. Marketing is the most effective way to communicate the value proposition to the customers in a fun and interesting way. If consumer education is a priority then marketing should be too.
Modern marketing is a less expensive game than ever before. Social media platforms and email campaigns have made reaching out to consumers a much more finance-friendly possibility. Smart marketing can help even the playing field when it comes to competing against big name competitors. Due to the smaller nature of their businesses, SMB leaders often have much more time to pay attention to every client individually via the various marketing platforms. Modern consumers value experience over pricing, so this kind of one-on-one interaction could push customers in your direction over bigger brands.
Marketing is meant to sustain a company’s presence – not remedy a lack of engagement. In this sense, marketing is something that businesses need to create and manage every day to maintain a healthy relationship with their consumers. Marketing is important because it allows businesses to maintain long-lasting and ever-present relationships with their audience. It is not a one-time fix, it is an ongoing strategy that helps businesses flourish.
Customer engagement is the heart of any successful business – this is especially true for SMBs. Marketing solves the question of how to keep a conversation going once the customer has walked out the door. In the past, face-to-face interactions made up much of B2C engagement. Consumers want to be engaged outside the store. This is where marketing comes in, and whatever the medium, a person can send their customers content to keep them engaged beyond store hours. The audience wants to form a relationship with your brand, and marketing can be used to do just that.
Marketing is important because it helps to sell your products or services. The bottom line of any business is to make money and marketing is an essential channel to reach that end goal. SMBs need to create fresh and inviting content to draw customers in and lead them to a purchase. Marketing helps sales and sales help your business.
Marketing is an important strategy to ensure the growth of a business. While the current customers should always be the main priority, marketing efforts can help to expand this base. Little efforts like social media posts and email campaigns can not only engage existing consumers but spread the word to new potential customers. In essence, marketing secures a business’s future through new and old customer engagement.
Bill plans to deposit $200 into a bank account at the end of every month. The bank account has a nominal interest rate of 8 percent and interest is compounded monthly. How much will Bill have in the account at the end of 2½ years (30 months)?
The amount that should have in the account at the closing of 30 months is $6,617.77.
Given that,
The rate of interest = 8% ÷ 12 = 0.6666%The nper is = 2.5 × 12 = 30The monthly payment or pmt is $200The present value be $0Now the following formula should be used:
=-FV(RATE,NPER,PMT,PV,TYPE)
After applying the above formula, the future value is $6,617.77.
Therefore we can conclude that The amount that should have in the account at the closing of 30 months is $6,617.77.
Learn more about the future value here: brainly.com/question/8286272
A polycentric predisposition means: that Polynesian companies are more effective than companies from other cultures. individuals have a philosophy of management whereby strategic decisions are tailored to suit the cultures of the countries where the MNC operates. individuals have a way to look at multiple issues and make the same decision no matter what country they are working in. that people from more than two races can function better in international businesses.
Answer: individuals have a philosophy of management whereby strategic decisions are tailored to suit the cultures of the countries where the MNC operates.
Explanation:
The cultures and norms of the various countries of earth vary in certain aspects so we cannot expect a formula that works in a country to work in another country. There is a need to tailor what we are offering to the culture of the country we are offering it in for us to have a chance at selling our product.
This is what a polycentric predisposition is and it is very important and useful to Multinational companies that have to sell in various countries. For instance, McDonalds cannot sell beef in India but can sell it in the United States. They tailor made their burgers to reflect the values in both countries.
Which of the following formulas determines the budgeted units to be produced? Expected Units to Be Sold – Desired Units in Ending Inventory + Estimated Units in Beginning Inventory Expected Units to Be Sold – Desired Units in Ending Inventory – Estimated Units in Beginning Inventory Expected Units to Be Sold + Desired Units in Ending Inventory + Estimated Units in Beginning Inventory Expected Units to Be Sold + Desired Units in Ending Inventory – Estimated Units in Beginning Inventory
Answer: Expected Units to Be Sold + Desired Units in Ending Inventory – Estimated Units in Beginning Inventory
Explanation:
To find out the units that should be produced, one should find out the number of units that they would want to sell. They should then add this to the number of units they would prefer to have as ending units that way after they sell the goods they want, they will still have the desired amount in inventory.
Seeing as there might be some goods in inventory called beginning inventory already, this should then be deducted from the above to see the number of units that should be produced in excess of these goods that are already in stock.
How can buisness decision affect the local community??
Answer:
Small businesses will also participate and volunteer their time at fairs and festivals, working to connect with members of the community while sharing their services to a large audience.Local businesses pay local taxes, bolstering the city revenue available for improvements to roads, schools, and area green spaces. When shoppers spend their money locally, the taxes they pay benefit their community and better their own lives. Shopping online, for example, may not keep tax revenue local.
The Happy Days Day Care is hiring a child care worker.On the employment application,Happy Days specifically asks if the applicant has ever been arrested.Tina applies for a job at Happy Days and answers no to that question.She also answers no to the question that asks if there is any reason that she would not be qualified to work with children.Soon after Tina is hired,she severely shakes a baby to stop it from crying,causing the baby injuries.It is discovered at trial that Tina has been fired from numerous day cares for baby shaking and various other offenses.If the baby's parents sue Happy Days:
A) Happy Days is not liable because it made a good faith effort to screen applicants and because it specifically asked about past indiscretions.
B) Happy Days is liable because Tina was dealing not with the public but only with children.
C) Happy Days is liable for negligent hiring.
D) Happy Days is liable for negligent retention.
Answer: C) Happy Days is liable for negligent hiring.
Explanation:
Happy Days is liable for negligently hiring Tina. As the employer and especially as one working with children, the onus is on them to verify the information given to them by Tina.
Had they verified the information, they would have found out that Tina was not supposed to be taking care of children due to her violent tendencies. They would therefore not hire her and this ugly situation would have been avoided.
Centre City enacts an ordinance that bans the distribution of all printed materials on city streets. Diners Café opposes the city’s latest "revenue-enhancing" measure—a tax on prepared food sales—and wants to protest by distributing handbills. In Diners’ suit against the city, a court would likely hold the ban on printed materials to be
Answer: unconstitutional under the First Amendment.
Explanation:
From the information provided, in Diners’ suit against the city, the court would likely hold the ban on printed materials to be unconstitutional under the First Amendment.
Under the First Amendment, any law that limits or ban freedom of expression, religion, peaceful assembly, petitioning of the government is prohibited. Therefore, the action of the city is unconstitutional.
Deet, an unmarried taxpayer, qualified to itemize deductions. Deet's adjusted gross income was $40,000 and he made a $1,500 substantiated cash donation directly to a needy family. In the same year, Deet also donated art, valued at $11,000, to a local art museum. Deet had purchased the artwork two years earlier for $2,000. What was the maximum amount of the charitable contribution allowable as an itemized deduction on Deet's income tax return
Answer:
$11,000
Explanation:
Based on the information given What will be the MAXIMUM AMOUNT OF THE CHARITABLE CONTRIBUTION ALLOWABLE as an itemized deduction on Deet's income tax return will be the amount of $11,000 which represent the amount the art value that Deet donated to the local art museum which was valued at $11,000.
Therefore the maximum amount of the charitable contribution allowable as an itemized deduction on Deet's income tax return is $11,000
If a loan has a nominal annual rate of 8%, then the effective rate can never be greater than 8%. b. If a loan or investment has annual payments, then the effective, periodic, and nominal rates of interest will all be different. c. The present value of a 3-year, $150 annuity due will exceed the present value of a 3-year, $150 ordinary annuity. d. The proportion of the payment that goes toward interest on a fully amortized loan increases over time.
Answer:
c. The present value of a 3 year, $150 annuity due will exceed the present value of a 3 year, $150 ordinary annuity.
Explanation:
Annuity is a lump sum payment of the present value of invested amount or profits which is to be received by the investor at the maturity date. The annual profits are summed up and then annuity is calculated to identify the real worth of money expected to be received in future.
Which of the following is a correct listing of money's functions? Question 6 options: source of credit, value of transaction costs, unit of barter medium of barter, medium of exchange, medium of transactions unit of barter, unit of account, a unit of income store of value, store of exchange, measure of account store of value, medium of exchange, unit of account
Answer:
store of value, medium of exchange, unit of account
Explanation:
Money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.
Simply stated, money refers to any asset which can be used to purchase goods and services by customers.
This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.
Additionally, the rate at which an asset can be used to purchase any goods or services refers to its liquidity. Thus, liquidity is a quality or characteristics of money as a medium of exchange. Therefore, money is a generally accepted medium of exchange around the world.
In economics or financial accounting, a correct listing of money's functions are;
I. Store of value.
II. Medium of exchange.
III. Unit of account.
Which of the following is TRUE? " When a market price allocates resources, everyone who is able to pay the price gets the resource. " A command system works well when the lines of authority and responsibility are clear. " When the government decides how to allocate tax dollars among competing uses, resources are allocated by command." " When a manager offers everyone in the company the opportunity to win a prize, resources are allocated by a market price."
Answer: When a market price allocates resources, everyone who is able to pay the price gets the resource.
Explanation:
The market allocates prices to goods and services based on the scarcity of the said goods and services. This means that regardless of how scarce a good is, you can get it if you are willing to pay the price that it is being offered at.
For instance, if the price of tomatoes suddenly went up from $4 to $12 per pack, it means that tomatoes are now more scarce and not many people can afford it. If you can afford that $12 however, you will be able to get the tomatoes despite how scarce it is.