The depreciation for the building in 2021 calculated using the straight-line method is $586,470.
How do you determine the depreciation of the building?The first step is to calculate the annual depreciation amount using the original estimates of useful life and residual value:
Annual depreciation = (Cost of asset - Residual value) / Useful life
= ($10.9 million - $2.9 million) / 25 years
= $320,000 per year
Remaining useful life = 20 years - (2019 + 2020)
= 20 years - 3 years
= 17 years
Finally, you can use the revised estimates of useful life and residual value to recalculate the annual depreciation amount:
Annual depreciation = ($10.9 million - $690,000) / 17 years
= $586,470 per year
To find the depreciation for 2021, you can multiply the annual depreciation amount by the number of years the asset has been depreciated:
Depreciation for 2021 = $586,470/year * 1 year
= $586,470
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A
person who
owns stock in a
corporation.
Marcella, a shopper at Northlake Mall, slipped and fell on a wet spot in a hallway, suffering
injuries. She has sued Northlake Mall for negligence. Marcella's butler testified that Maricella
was bedridden and unable to work for a month because of the sprained back she suffered
when she fell. The butler also testified that about one week after Marcella returned home
from the hospital, Marcella said "My back is really killing me. The pain is excruciating; I can't
imagine standing up again." Northlake's counsel moved to strike the butler's statement. The
court should
a) Grant the motion because the butler's testimony is hearsay not within any exception
b) Deny the motion because any objection was waived when it was not presented before
the butler's statement on the stand
c Grant the motion because the butler's testimony is biased
d) Deny the motion because Marcella's statement fits within a hearsay exception
The court should deny the motion to strike the butler's statement because Marcella's statement about her back pain fits within a hearsay exception.
In this case, Marcella's butler testified about a statement Marcella made regarding her back pain after returning home from the hospital. Northlake Mall's counsel moved to strike the butler's statement, claiming it is hearsay. Hearsay refers to an out-of-court statement offered for the truth of the matter asserted.
However, an exception to the hearsay rule is when a statement is made regarding the declarant's then-existing state of mind, such as their physical condition or feelings. Marcella's statement about her back pain falls within this exception since it reflects her current state of pain and discomfort after the accident.
By expressing the severity of her pain and the inability to stand up again, Marcella's statement provides relevant information about the impact of the injury and supports her claim of suffering. Therefore, the court should deny the motion to strike the butler's statement as it fits within a hearsay exception.
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Which of these is an educational institution where you can complete an undergraduate
study program in order to get a bachelor's degree?
A 2 year ollege
B Technical School
C Certificate program
D 4 year College
Social workers help to improve the quality of life for their clients.
A-True
B-False
Hurry
Answer:
A
Explanation:
Answer:
I think True
Explanation:
The Outpost, a sole proprietorship currently sells short leather jackets for $369 each. The firm is considering selling long coats also. The long coats would sell for $719 each and the company expects to sell 820 a year. If the company decides to carry the long coat, management feels that the annual sales of the short jacket will decline from 1,120 to 1,040 units. Variable costs on the jacket are $228 and $435 on the long coat. The fixed costs for this project are $23,100, depreciation is $10,400 a year, and the tax rate is 34 percent. What is the projected operating cash flow for this project
Answer:
$134,546
Explanation:
Calculation to determine the projected operating cash flow for this project
Projected operating cash flow=
{[820 × ($719 − 435)] + [(1,040 − 1,120) × ($369 − 228)] − $23,100} × {1 − .34} + {$10,400 × .34}
Projected operating cash flow={[820 × $284)] + [$80 × $141] − $23,100} × {.66} + {$3,436}
Projected operating cash flow= $134,546
Therefore the projected operating cash flow for this project is $134,546
An internal request for supplies is called
Answer:
it's called a suquisition :)
True or False When evaluating the choice you made you should never second guess your decision? Pls help
Answer:
False. When you want to make a decision, you have to think about the consequences. Good or bad? Will it affect someone mentally? Will it help you in the future? It's about the consequences.
Explanation:
Which of the following provides a framework to monitor progress toward achieving goals? Management by objectives Direct supervision Clan control Output control
The framework that provides a means to monitor progress toward achieving goals is Management by Objectives (MBO). MBO is a goal-setting process that involves the collaboration between managers and employees to establish specific, measurable, attainable, relevant, and time-bound (SMART) objectives.
It provides a clear structure for setting goals, defining key performance indicators, and monitoring progress.
Here is a step-by-step explanation of how MBO works:
1. Goal Setting: Managers and employees work together to establish specific goals that align with the overall organizational objectives. These goals should be measurable and achievable within a specified timeframe.
2. Key Performance Indicators (KPIs): For each goal, specific KPIs are identified to measure progress and success. These KPIs help in monitoring the performance and identifying areas that require improvement.
3. Monitoring Progress: Regular check-ins and feedback sessions are conducted to review the progress towards the defined objectives. Managers and employees discuss any challenges, provide support, and make necessary adjustments to ensure the goals are on track.
4. Performance Evaluation: At the end of the specified timeframe, a comprehensive evaluation of individual and organizational performance is conducted based on the achievement of the set objectives. This evaluation helps in identifying areas of success, areas for improvement, and providing constructive feedback.
MBO provides a systematic approach to monitor progress, aligns individual goals with organizational objectives, and enhances performance accountability. By using this framework, organizations can ensure that their efforts are directed towards achieving desired outcomes.
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the interface between the firm and its suppliers is:
The interface between the firm and its suppliers is the supply chain.
The supply chain is an essential component of any business. It is the sequence of events that take place between the purchase of raw materials and the delivery of finished products. The supply chain management of an organization is crucial to its success. Efficient supply chain management helps a firm reduce inventory costs and increase efficiency.
Suppliers play an essential role in the supply chain. They provide the raw materials that a firm needs to produce its products. Without suppliers, it would be impossible for a firm to manufacture its products. Suppliers can also help a firm reduce its costs by providing raw materials at lower prices.
Effective communication between the firm and its suppliers is vital for a successful supply chain. Communication between the two parties can be done in different ways. One of the most common forms of communication is through purchase orders. A purchase order is a document that a firm sends to its supplier, specifying the type and quantity of raw materials needed. A supplier can use a purchase order to plan its production schedule and ensure that it has enough raw materials on hand to meet the firm's needs. The supplier can also use the purchase order to provide the firm with a price quote for the raw materials. Another form of communication between the firm and its suppliers is through contracts. Contracts can help to establish clear expectations between the two parties. Contracts can cover topics such as pricing, delivery schedules, and quality requirements. The firm and the supplier can negotiate the terms of the contract to ensure that both parties are satisfied with the agreement
The interface between the firm and its suppliers is the supply chain. A successful supply chain requires effective communication between the two parties. Purchase orders and contracts are two ways that the firm can communicate with its suppliers. A well-managed supply chain can help a firm reduce costs and increase efficiency.
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Radovilsky Manufacturing Company, in Hayward, California, makes flashing lights for toys. The company operates its production facility 300 days per year. It has orders for about 12,000 flashing lights per year and has the capability of producing 100 per day. Setting up the light production costs $50. The cost of each light is $1. The holding cost is $0.10 per light per year.
Answer:
The right solution is:
(a) 4,272 units
(b) $134.16
(c) $134.17
(d) $12,268.33
Explanation:
Seems that the given question is incomplete. The attachment of the complete question is provided below.
According to the question, the values are:
Annual demand,
D = 12,000
Number of days,
= 300
Daily demand,
d = \(\frac{12000}{300}\)
= 40
Production rate,
P = 100
Ordering cost,
S = $50
Holding cost,
H = $0.10
(a)
The production run's optimal size will be:
Q = \(\sqrt{\frac{2DS}{H(1-\frac{d}{P} )} }\)
By putting the values, we get
= \(\sqrt{\frac{2\times 12000\times 50}{0.10\times (1-\frac{40}{100} )} }\)
= \(\sqrt{20,000,000}\)
= \(4,471.14\)
or,
= \(4,472 \ units\)
(b)
The average holding cost will be:
= \(\frac{Q}{2}\times H\times [1-\frac{d}{P} ]\)
= \(\frac{4472}{2}\times 0.10\times [1-\frac{40}{100} ]\)
= \(134.16\) ($)
(c)
The average setup cost will be:
= \(\frac{D}{Q}\times S\)
= \(\frac{12000}{4472}\times 50\)
= \(134.17\) ($)
(d)
The total cost per year will be:
= \(Avg. \ holding \ cost+ Avg. \ setup \ cost+Cost \ of \ purchase\)
= \(134.16+134.17+(1\times 12000)\)
= \(12,268.33\) ($)
1. Despite the expense, why might a business choose to mail a catalog?
Answer:
Catalogs can promote a business's brand by displaying them in high-traffic areas and distributing them in stores. Customers often have an idea of what they want to buy after looking through a catalog. But, they'll likely find other items they want to buy when they go online or to a brick-and-mortar store to order.
Leader Enterprises Ltd. follows IFRS and has provided the following information:
1. In 2019, Leader was sued in a patent infringement suit, and in 2020, Leader lost the court case. Leader must now pay a competitor $50,000 to settle the suit. No previous entries had been recorded in the books relative to this case because Leader’s management felt the company would win.
2. A review of the company’s provision for uncollectible accounts during 2020 resulted in a determination that 1.5% of sales is the appropriate amount of bad debt expense to be charged to operations, rather than the 2% used for the preceding two years. Bad debt expense recognized in 2019 and 2018 was $33,200 and $15,000, respectively. The company would have recorded $18,000 of bad debt expense under the old rate for 2020. No entry has yet been made in 2020 for bad debt expense.
3. Leader acquired land on January 1, 2017, at a cost of $70,000. The land was charged to the equipment account in error and has been depreciated since then on the basis of a five-year life with no residual value, using the straight-line method. Leader has already recorded the related 2020 depreciation expense using the straight-line method.
4. During 2020, the company changed from the double-declining-balance method of depreciation for its building to the straight-line method because of a change in the pattern of benefits received. The building cost $1,400,000 to build in early 2018, and no residual value is expected after its 40-year life. Total depreciation under both methods for the past three years is as follows. Double-declining-balance depreciation has been recorded for 2020.
Straight-Line Double-Declining-Balance
2018 $35,000 $70,000 2019 35,000 66,500 2020 35,000 63,175 5. Late in 2020, Leader determined that a piece of specialized equipment purchased in January 2017 at a cost of $80,000 with an estimated useful life of five years and residual value of $6,400 is now expected to continue in use until the end of 2024 and have a residual value of $4,000 at that time. The company has been using straight-line depreciation for this equipment, and depreciation for 2020 has already been recognized based on the original estimates.
6. The company has determined that a $425,000 note payable that it issued in 2018 has been incorrectly classified on its statement of financial position. The note is payable in annual instalments of $50,000, but the full amount of the note has been shown as a long-term liability with no portion shown in current liabilities. Interest expense relating to the note has been properly recorded.
Part 1
For each of the accounting changes, errors, or transactions, present the journal entries that Leader needs to make to correct or adjust the accounts, assuming the accounts for 2020 have not yet been closed. Ignore income tax considerations. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
1.
2.
3.
4.
5.
6.
Prepare the entries required in part (a) but, where retrospective adjustments are made, adjust the entry to include taxes at 25%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
1.
2.
3.
4.
5.
6.
Part 1: 1. To record the lawsuit settlement, the following journal entry will be made: Date Account Titles and Explanation Debit Credit2020 Lawsuit settlement $50,000 Accounts payable $50,000.
2) To adjust the provision for uncollectible accounts, the following journal entry will be made:Date Account Titles and Explanation Debit Credit2020Bad debt expense $13,500 Allowance for doubtful accounts $13,500 ([$3,000,000 * 1.5%] - $18,000)
3) To correct the depreciation error, the following journal entry will be made:Date Account Titles and Explanation Debit Credit2020 Depreciation expense $14,000 Accumulated depreciation $14,000 ([$70,000 / 5] - $14,000)
4.) To adjust the depreciation change, the following journal entry will be made:Date Account Titles and Explanation Debit Credit2020 Depreciation expense $25,493 Accumulated depreciation $25,493 ([$1,400,000 - $0] / 40 - [$1,400,000 * 2 / 40]) - $63,175 = $25,493
Part 2:1. To record the lawsuit settlement with the tax adjustment, the following journal entry will be made: Date Account Titles and Explanation Debit Credit2020 Lawsuit settlement $62,500 Accounts payable $62,500 [($50,000 / (1 - 0.25)]. 2). To adjust the provision for uncollectible accounts with tax adjustment, the following journal entry will be made: Date Account Titles and Explanation Debit Credit2020 Bad debt expense $16,875 Allowance for doubtful accounts $16,875 [($3,000,000 * 1.5%) - $18,000] / (1 - 0.25).
3. To correct the depreciation error with tax adjustment, the following journal entry will be made: Date Account Titles and Explanation Debit Credit2020 Depreciation expense $18,667 Accumulated depreciation $18,667 ([$70,000 / 5] - $14,000) / (1 - 0.25) 4).To adjust the depreciation change with tax adjustment, the following journal entry will be made: Date Account Titles and Explanation Debit Credit2020 Depreciation expense $33,491 Accumulated depreciation $33,491 [($1,400,000 - $0) / 40 - ($1,400,000 * 2 / 40)] - $63,175) / (1 - 0.25)
5. No adjustment is needed since the depreciation has already been recognized using the straight-line method.
6. To adjust the note payable with tax adjustment, the following journal entry will be made: Date Account Titles and Explanation Debit Credit2020 Note payable $425,000 Current portion of long-term debt $50,000 Long-term debt $375,000 Income tax payable $25,000 (($425,000 - $50,000) / (1 - 0.25)) * 0.25 = $25,000.
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myra is planning to purchase a recliner that costs $1,490. the installment plan offered at the furniture store requires a 12% down payment and 20 monthly payments of $71 each. what will be the finance charge for the installment plan?
The finance charge for the installment plan is $1,311.20. The finance charge for the installment plan can be calculated by subtracting the down payment from the total cost of the recliner.
The result is negative, it means that there is no finance charge for this installment plan. To calculate the finance charge for the installment plan, we need to find the total amount of payments made over the 20-month period.
First, let's calculate the down payment: 12% of $1,490 is 0.12 * $1,490
= $178.80.
Next, let's calculate the total amount paid in monthly installments: $71 * 20 = $1,420.
To find the finance charge, subtract the total amount paid from the total cost of the recliner:
$1,490 - ($178.80 + $1,420)
= $1,490 - $1,598.80
= -$108.80.
Since the result is negative, it means that there is no finance charge for this installment plan.
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Last week Sarah Carver worked 4 overtime hours at time-and-a-half pay. Her
regular pay rate is $8.70 per hour. What was her overtime
pay for the week
Answer:
34.80
Explanation:
8.70 times 4 is 34.80
Answer:
69.60
Explanation:
8.70 x0.5 = 17.4
17.4 is time and a half rate
17.4 x 4 = 69.60
4 is the hours she worked.
$1,500 at 12% interest for two years
Your initial $1,500 investment will have increased to $1,860 after two years of investing at 12% interest.
How does simple interest work?Simple interest is interest calculated solely on the principal borrowed or deposited. The interest rate is multiplied by the principal payment, and then the time factor is added. Investments increase more slowly because simple interest does not compound over time.
$1,500 at 12% interest for two years, amount will be:
simple interest= (Principal amount X rate of interest X time) / 100
= ($ 1500 X 12 X 2) / 100
= $ 360
Amount = Principal + interest
= 1500 + 360
= $ 1860
What is the simple interest calculation formula?Simple interest is calculated using the following formula: S.I. = P R T, where P denotes the principal amount, R the yearly percentage rate of interest, and T denotes the length of time, which is commonly given as the number of years. The interest rate is expressed as a percentage, or r%, and as r/100.
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in order to avoid regulation by congress the motion picture association adopted what process for self regulation? self censorship the production code the falstead act the motion picture ratings board.
The motion picture association adopted the process of self-regulation through the creation of the motion picture ratings board to avoid regulation by congress.
in order to avoid regulation by congress, the motion picture association (mpa) adopted the process of "self-regulation" through the creation of the motion picture ratings board, which corresponds to d.
the motion picture ratings board, also known as the classification and rating administration (cara), was established in 1968 by the mpa. the purpose of this self-regulatory system was to provide voluntary movie ratings that informed audiences about the content and suitability of films.
the ratings system developed by the motion picture ratings board categorizes films into different age-based classifications, such as g (general audience), pg (parental guidance suggested), pg-13 (parents strongly cautioned for children under 13), r (restricted for viewers under 17 unless accompanied by an adult), and nc-17 (no one 17 and under admitted).
by implementing a self-regulatory ratings system, the motion picture industry aimed to demonstrate its commitment to addressing concerns about the content of films while maintaining artistic freedom and avoiding government censorship or intervention. this system allowed the industry to regulate itself and provide guidance to parents and viewers regarding the appropriateness of films for different age groups.
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What do most business people think is the primary purpose of business?
A. To fix the problems of society
B. To invest all profits back into the business
C. To protect private property
D. To generate wealth
The most business people think generating wealth is the primary purpose of business. Therefore, option D is the correct option.
What is business?Businesses are economic activities. The activity of the business is performed by the people either in order to make money or to make simply a living. The activity of the business is performed by manufacturing goods, producing services, buying, and selling.
The major purpose of business is to earn profits. However, some businesses are in social service as well, they produce goods and services for the betterment of the society and the environment. Also, corporate social responsibility, which is paid by the business to the government helps in many ways.
The majority of businesspeople believe that making wealth is the main goal of their industry. As a result, choice D is the best one.
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Michael’s personal property in his college dorm room is insured by an endorsement on his parents’ homeowners insurance. The deductible is $2,000. A flood destroys Michael’s textbooks, which cost $570.93 tablet computer, which cost $868.91 backpack, which cost $141.37 and clothing, valued at $500. How much of the loss will the insurance policy not cover?
Answer:
81.21.
Explanation:
all you would need to do is add up all the values then subtract 2000.
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Lindsey Paradise is not selected for her sorority of choice at the University of Kansas. She has used all of her time rushing to that particular sorority, which chooses some of her friends but not her. She is disappointed and angry and wants to sue the sorority. What are her prospects of the recovery in the legal system?
Lindsey Paradise is free to sue the sorority however her chances of a recovery in the legal system are quite slim.
Sororities:
Pick people based on merit. Are not allowed to discriminate based on demographic factors.Lindsey's rush to that sorority such that all her time was wasted is not a factor considered in her acceptance by that sorority so her prospects of recovery are quite low if she sues them.
If she can prove that discrimination happened however, she would have a good chance.
In conclusion, her prospects are slim.
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What does it mean when someone has limited liability?
Answer:
Limited liability is a form of legal protection for shareholders and owners that prevents individuals from being held personally responsible for their company's debts or financial losses
Giselle wants to buy a condo that has a purchase price of $163,000. giselle earns $2,986 a month and wants to spend no more than 25% of her income on her mortgage payment. she has saved up $33,000 for a down payment. giselle is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. what modification can be made to this loan to make it a viable option, given giselle’s situation? a. change to a 15 year fixed loan b. change the interest to 5.5% c. change the down payment to 18% down d. none. this is a viable option for giselle.
The modification that can be made to make it viable is to change the interest to 5.5%.
What is a mortgage payment?A mortgage payment is a payment back of a home loan. It's how you repay the home loan.
The purchase price is $163,000
Money earned per month is $2,986
Not willing to spend more than 25%
The down payment is $33,000
The down rate is 20%
If he changes the interest rate to 5.5%, the total payments made on an annual basis will cost less.
Thus, the correct option is b. change the interest to 5.5%.
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Answer:
Answers b trust me
right on edg 2022
Explanation:
Tammy is the owner of British Brushes. Due to the price of paint, she has to raise the prices of her painting classes. What curve is affected and what determinant caused this change?
a. The Supply Curve shifted to the Left because the cost of inputs increased.
b. The Demand Curve shifted to the Right because of the change in consumer income
c. The Supply Curve shifted to the Right because the cost for new technology decreased
In a condition where Tammy has to increase the prices for her painting classes, the supply curve will show a shift to the left because the input costs also saw a rise. Therefore, the option A holds true.
What is the significance of input costs?Input costs can be referred to or considered as costs that are associated with the production of goods or services for a firm in the economy. A business can not grow or sustain without incurring input costs. When input costs for a firm increase, the supply curve of an economy shifts to the left.
In the above condition, when prices of paint increase, it also leads to an increase in the input costs for Tammy, and as a result of the same, the supply curve shows a shift towards the left.
Therefore, the option A holds true and states regarding the significance of input costs of British Brushes.
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THINK
1. Some elements of the business plan require outside source
information. If your business manufactures cardboard boxes
what specific sources might you need to consult?
The sources one might need to consult are;
Existing Cardboard boxes producersCardboard paper manufacturersMajor wholesalers and retailersFeasibility studies in Business planningThe feasibility study provides and analyzes several alternatives or methods of achieving business success.
Additionally, the feasibility study helps to narrow the scope of the project to identify the best business conditions.
On this note, some outside sources of information might need to be consulted regarding some Elements of a business plan.
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Because of the large foxed cost of running pipes to everyone's home, natural gas is locally provided by a natural monopoly. Suppose demand is Q=480−2P and marginal revenue is MR=240−Q Suppose marginal cost is $60, and the fixed cost of setting up the natural gas pipelines is $12,000. If the monopolist is unregulated, it will set the price of natural gas at P= At that price, it will sell a quantity Q= and make a profit of
The monopolist will sell 180 units of natural gas and make a loss of $9,900.
Demand function; Q = 480 - 2PMarginal revenue function; MR = 240 - QMarginal cost; MC = $60Fixed cost; FC = $12,000Let's solve for the price of natural gas and the quantity it will sell:Since the monopolist is unregulated, it will maximize its profit by equating its marginal cost (MC) to marginal revenue (MR).
Therefore;240 - Q = MC240 - Q = 60Q = 180 unitsThen we substitute Q into the demand equation to get P. Therefore;Q = 480 - 2P180 = 480 - 2PP = 150/2P = $75
Therefore, the price of natural gas is $75.Using Q = 180, we can find the total revenue by;TR = P x QTR = 75 x 180TR = $13,500Since we know that;Profit = Total Revenue - Total CostAnd total cost = Fixed cost + Variable costVariable cost = Total cost - Fixed costVariable cost = 13,500 - 12,000Variable cost = $1,500Profit = 13,500 - (60 x 180 + 12,000)Profit = 13,500 - 23,400Profit = -$9,900
Therefore, the monopolist will sell 180 units of natural gas and make a loss of $9,900.
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Which one of the following choices does NOT represent an economic benefit to the taxpayer?
a. Proceeds from property sales
b. Income from investments
c. Proceeds from a loan
d. Income from services
The correct answer is c. Proceeds from a loan. When a taxpayer receives a loan, it is not considered as income or a financial gain. Rather, it represents borrowed funds that need to be repaid, usually with interest.
Proceeds from property sales (a), income from investments (b), and income from services (d) all represent economic benefits to the taxpayer.
a. Proceeds from property sales: When a taxpayer sells a property, they receive proceeds from the sale, which can be considered as a financial gain. This can include profits from the sale of real estate, stocks, or other assets.
b. Income from investments: Income from investments refers to the earnings generated by investments such as stocks, bonds, mutual funds, or rental properties. This income can come in the form of dividends, interest payments, or rental income, and it represents a positive financial return for the taxpayer.
d. Income from services: Income from services refers to the earnings obtained by providing services or performing work. This can include wages, salaries, fees, or commissions earned by individuals through their employment or self-employment activities.
However, c. Proceeds from a loan does not represent an economic benefit to the taxpayer. The loan proceeds themselves do not contribute to the taxpayer's income or economic benefit; they simply provide temporary access to funds that will need to be returned.
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How will a decrease in personal income taxes and an increase in government spending affect consumer spending and employment
Answer:
Consumer spending increasesEmployment increasesExplanation:
If there is a decrease in personal income taxes, this will mean that consumers have more disposable income. This coupled with an increase in government spending will lead to more money being available for spending in an economy.
Consumer spending will therefore increase and in response, companies will have to produce more goods and services. They will need more labor to do so which will lead to a rise in employment rates.
The ledger of cullumber company contains the following balances: owner's capital $ 30,700. owner's drawings $ 1,700, service revenue $ 49,000, salaries and wages expense $ 26,500, and supplies expense $ 6,100. prepare the closing entries at december 31. (credit account titles are automatically indented when amount is entered. do not indent manually. if no entry is required select "no entry for the account titles and enter for the amounts:) date account titles and explanation debit credit dec. 31 (to close revenue account) dec. 31 (to dose expense accounts) dec. 31 (to close net income (loss)) dec. 31
Net income that needs to be reclassed to retained earnings
Date General Journal Debit Credit
Dec 31 Income Summary 16,400
Retained Earnings 16,400
Now, According to the question:
Closing journal entries are recorded at the end of an accounting period to close out the income statement accounts for the year and move the net income to retained earnings. The income statement is a companies revenue, expenses, and net income for a year and then the balances are closed out and moved to the balance sheet. An account called income summary is used for the closing journal entries. This is a temporary account. Once the revenue and expenses are moved to the income summary account and closed out to 0 then the balance in the income summary account is moved to retained earnings on the balance sheet. Retained earnings appears in the equity section of the balance sheet . To close out service revenue we must debit revenue to decrease the balance to 0 and credit income summary.
Date General Journal Debit Credit
Dec 31 Service Revenue 49,000
Income Summary 49,000
To close out the salaries expenses account and the supplies expenses account we must credit and expense account to make the balance 0 and debit income summary.
Date General Journal Debit Credit
Dec 31 Income Summary 26,500
Salary and Wages
Expenses 26,500
The difference between revenue and expenses is the net income (loss) and will be the balance in the income summary account after the closing journal entries are made. The net income needs to be moved to the retained earnings account which appears on the balance sheet.
Date General Journal Debit Credit
Dec 31 Income Summary 6,100
Supplies Expenses 6,100
$49,000 - $26,500 - $6,100 = $16,400
Net income that needs to be reclassed to retained earnings
Date General Journal Debit Credit
Dec 31 Income Summary 16,400
Retained Earnings 16,400
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If I Want to be a Child Pycoligest, what would the steps be to become this.
Answer:
................
Explanation:
Step 1: Three-year accredited undergraduate psychology sequence.
Step 2: Fourth-year accredited psychology studies.
Step 3: Internship pathway or postgraduate study to general registration.
Disease, poor nutrition, and substandard health care in developing nations can reduce growth in an economy by a) reducing natural resources. b) reducing knowledge capital. c) reducing physical capital. d) reducing human capital.
The correct answer is D) reducing human capital.
Poor nutrition, disease, and substandard health care in developing nations can have a profound effect on an economy, reducing growth by reducing human capital. Poor nutrition can lead to malnutrition and stunted growth in children, while disease can lead to increased mortality and decreased life expectancy. Substandard health care can lead to inadequate prevention and treatment of diseases, reducing the overall health of the population. All of these factors lead to a decrease in the quality and quantity of the human capital available in a given population, leading to a reduced economic growth rate.
In terms of natural resources, poverty and poor health can lead to over-exploitation of resources and a decline in their quality, but the lack of resources is not a direct consequence of poor health and nutrition. In terms of knowledge capital, a lack of education in developing nations can have a negative impact on the economy, but this is more related to inadequate access to education and educational resources than it is to health and nutrition. Lastly, poor physical capital can reduce the ability of an economy to grow, but again, this is more related to a lack of infrastructure than to health and nutrition.
In conclusion, poor nutrition, disease, and substandard health care in developing nations can reduce growth in an economy by reducing human capital, due to increased mortality, stunted growth, and inadequate health care.
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a fee charged to defray the costs of advertising and marketing a mutual fund is called a ____ fee.
A fee charged to defray the costs of advertising and marketing a mutual fund is called a marketing fee.
A mutual fund's asset allocation that goes toward covering marketing and distribution costs. The prospectus for the fund specifies the fee's amount. Neither a sales fee nor a 12b-1 fee are present in a genuine no-load fund.
A mutual fund's yearly marketing or distribution fee is known as a 12b-1 fee. The expense ratio of a fund includes the 12b-1 charge because it is regarded as an operating expense. It typically ranges from 0.25% to 0.75% (the permitted limit) of a fund's net assets.
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