A company has a $430,000,000 pension liabilities that it must pay up over the course of 28 years. How much must it cost if it can provide 3.8 percent interest each year?
Whats does company mean?
plural nouns com·pa·nies. a collection of persons who are gathered together or who are affiliated. some visitors: Our supper guests will be visiting. a gathering of people with social objectives. friendship, affiliation, and fellowship I always study etymology. The term compagnie, which means a "society, friendship, intimacy; body of troops" and was first used in Old French in 1150, is where the English word "company" originates. Companio is a derivative of the Late Latin word companio, which means "to enjoy one's company."
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communist countries worked on the premise that government officials were in the best position to allocate the economy’s scarce resources. True/False ?
It is true that communist countries worked on the premise that government officials were in the best position to allocate the economy's scarce resources
What is economy's scarce resources?When there is a disconnect between the demand for a specific resource and its restricted supply, economic scarcity, also known as paucity, takes place. There will always be some degree of scarcity despite the fact that, in theory, human demands are limitless and there is a finite supply of material resources. When a natural resource is under scarcity, the stock of that resource is declining because there is a greater demand for it than there is room to meet that need. As prices rise and the resource becomes less cheap for those who are least well-off, this can result in unsustainable growth and a rise in inequality.Water, biodiversity and air, rare earth and metals, agriculture, waste management, processing power, youth, health and wellbeing, skills and education, and time are the resources that the research predicts will be most in short supply in the future.To learn more about economy's scarce resources refer to:
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this territory was purchase for $20 million and annexed by the u.s. instead of being granted independence
Louisiana Purchase, the western half of Mississippi River basin was purchased by the U.s of France in 1803; as less as 3 cents per acre over an area of 828,000 sq mi (2,144,520 km²), it was the biggest sale in American.
possess bought Meaning?purchased; getting. transitive verb: to receive by the payment of money and its equivalent purchasing real estate through methods other than ancestry, such as through labor, risk, or sacrifice.
Where was the purchase made, exactly?Place of purchase, as defined by European Regulation (EEC) No 2454/93, refers to the nation and name of the production plant where the fuel of energy underwent its most recent significant alteration.
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the management function of planning is blank . multiple choice question. motivating and inspiring high performance by employees monitoring performance and making needed changes assembling and coordinating the human, financial, physical, information, and other resources needed to achieve goals systematically making decisions about the goals and activities that an individual, a group, a work unit, or the organization will pursue
The management task of planning include deciding on a course of action for achieving goals and creating objectives.
What is meant by management function?Planning, organising, staffing, leading, and managing are the five general management tasks. The fundamental components of management as a discipline are these five main tasks.The five duties listed above are part of a larger framework of principles and management-related convictions.The four management functions include, for instance, scheduling checkpoints into a project schedule to assist your team in meeting the final deadline, giving team members tasks that match their skill sets, setting an excellent example by taking on tasks yourself, and adjusting the workload as necessary. The five general management functions include planning, organizing, staffing, leading, and controlling. These five general functions make up the core of management as a discipline.To learn more about management function, refer to:
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if the price of a good rises, then: a. existing sellers will expand but more sellers will not enter a market. b. more sellers will enter a market and existing sellers will expand. c. more sellers will enter a market but existing sellers will not expand. d. more sellers and more buyers will enter a market.
Every product is sold at the optimal price because buyers and sellers come together.
The equilibrium price of an item or service in a market is the result of negotiations between a seller and a buyer. Technology and the social context in which individuals act both influence supply and demand.
At one end of the spectrum, the market may be flooded with nearly identical sellers and customers (for example, the market for ballpoint pens). On the opposite end of the spectrum, there may be only one buyer and one seller (as would be the case if I want to barter my table for your quilt).
Economists have formulated models to explain various types of markets. The most fundamental is perfect competition, in which there are large numbers of identical suppliers and demanders of the same product, buyers and sellers can find one another at no cost, and no barriers prevent new suppliers from entering the market. In perfect competition, no one has the ability to affect prices.
Both sides take the market price as a given, and the market-clearing price is the one at which there is neither excess supply nor excess demand. Suppliers will keep producing as long as they can sell the good for a price that exceeds their cost of making one more (the marginal cost of production).
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The right way of asking the question is:
If the price of goods rises, then:
A.) more sellers will enter a market but existing sellers will not expand.
B.) more sellers and more buyers will enter a market.
C.) more sellers will enter a market and existing sellers will expand.
D.) existing sellers will expand but more sellers will not enter the market.
did you take a tax free distributions from a 529 plan for payments toward a qualified education loan?
Yes, you can take a tax-free distribution from a 529 plan for qualified education loan payments. This is permitted under Section 529 of the Internal Revenue Code.
A qualified education loan is defined as any loan that has been made to pay for qualified education expenses. This includes tuition, fees, books, supplies, and equipment needed to enroll in or attend an eligible educational institution. The loan must be in the name of the student or parent, or in the name of both the student and the parent. In addition, the loan must be used to pay qualified education expenses that were incurred in the same tax year as the loan was taken out. A 529 plan distribution must be used to pay off the loan within 60 days of the distribution date. If the funds are not used within this period, the withdrawal will be taxed as a nonqualified distribution.
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the manufacturer of which classic american muscle car claims their new hybrid is its fastest model ever?
The manufacturer of 2018 Dodge Challenger SRT Demon American muscle car claims their new hybrid is its fastest model ever.
What American-built muscle car is the fastest?The 2018 Dodge Challenger SRT Demon, with a 0-60 time of 2.3 seconds and a top speed of 211 mph, is the fastest muscle car ever produced. With a 9.65 second quarter-mile time, it is also the fastest Dodge Challenger ever produced and among the quickest cars ever constructed. Some claim that General Motors introduced the first "intentional" muscle car in 1949 when it swapped the 303-cubic-inch (5 L) Rocket V8 from its full-sized luxury car 98 model into the significantly smaller and lighter Oldsmobile 88, even though the term wouldn't become popular for another fifteen years or so.
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if real property is removed from service early, how do we account for that in our depreciation calculations?
If a real property is removed from service early, the depreciation should be calculated using the remaining useful life of the property. Generally, the depreciation will be accelerated to recognize the early removal from service.
When a property is removed from service early, the depreciation calculation must be adjusted to reflect the actual period of service. Instead of calculating the depreciation for the entire life of the asset, the depreciation should be calculated for the period the asset was in service. This is known as accelerated depreciation.
The most common method of accelerated depreciation is the sum-of-the-years-digits (SYD) method. Under the SYD method, the depreciation expense is calculated by multiplying the asset's cost basis by a fraction. The numerator is the remaining life of the asset, while the denominator is the asset's class life.
For example, if a property is expected to be in service for 5 years, but is removed from service after 3 years, the depreciation expense under the SYD method would be calculated as follows:
Depreciation Expense = Asset Cost Basis x (5 - 3) / 5
In this example, the numerator is 2 (5 - 3), since the asset was only in service for two years. The denominator is 5, since the asset's class life was 5 years.
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which type of skills refers to the abilities of managers to visualize the most appropriate response to a situation?
Diagnostic skills refers to the abilities of managers to visualize the most appropriate response to a situation .
The capacity of an individual to recognise and define a specific issue is referred to as diagnostic skills. Through formal instruction, practise, and experimenting, these abilities are developed. These abilities aid in forming and enhancing the patient-health care provider relationship, which is positively connected with greater patient satisfaction and better health outcomes. The individual clinician can pursue feedback, deliberate practise, and metacognition as at least three separate strategies to enhance diagnostic performance. Detail-orientedness, self-awareness, respect for others' viewpoints, and a tendency to base decisions more on facts are a few examples of diagnostic abilities. The improvement of diagnostic abilities is a crucial and historically important driving force in medical education. What has been at the centre of medical education is teaching future doctors how to think critically and make an accurate diagnosis, in addition to teaching them procedural skills.
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which of the following is true of contingency factors? a. they provide labels to describe the internal characteristics of an organization. b. they create a basis for measuring and comparing organizations. c. they describe who reports to whom and the span of control for each manager. d. they describe the organizational setting that influences and shapes the structural dimensions.
They offer names for the traits that make up an organisation internally. d. They outline who reports to whom and each manager's area of authority.
What is does organisation mean?
the World Health Organization, a group of people who collaborate in an organised manner for a common goal. The topic of the piece was international aid agencies. extra instances Functional, departmental, and matrix are three types of organisations that characterise the organisational structures utilised by the majority of businesses today. Before selecting one of them to use for their firm, owners must weigh the benefits and drawbacks of each of these forms.
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the world trade organization, the international monetary fund and its sister institution the world bank, and the united nations were all created by voluntary agreement between individual nation-states. group of answer choices true false
The world trade organization, the international monetary fund and its sister institution the world bank, and the united nations were all created by voluntary agreement between individual nation-states is true.
The World Trade Organization, the International Monetary Fund, the World Bank, and the United Nations were all established via voluntary agreements between separate nation-states. These sister organizations were all created via voluntary agreement between several nations. They all serve distinct purposes for the member nations, but they are all concerned with the welfare and security of every member state within their particular authority. The World Bank Group works with developing nations to eliminate poverty and create shared prosperity, whereas the International Monetary Fund helps to stabilize the international monetary system and operates as a currency watchdog. The World Bank Group offers governments with money, policy advice, and technical help, as well as working to enhance the private sector in developing nations. The IMF monitors the global and national economies, loans to nations experiencing balance-of-payments challenges, and provides practical assistance to members.
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select the four factors required for marketing to occur.
The four essential elements of public communication and advertising a product or service are known as the "4ps." The four Ps are product, price, place, and promotion.
What is a product defined as?Any product something which is only ever produced to a certain customer's specifications. Cyber forms may take both physical and virtual forms. Each product carries a price with it. The price that might be charged will depend on the economy and the quality.
What sort of products are typical?Common Products, including but not limited to bleaching chemicals, insecticides, and pharmaceuticals, are hazardous substances that are frequently used and in the quantities necessary for the matters of fact of the Workplaces and certain other sites of a similar character.
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In order to remain competitive in the contemporary business environment, several firms have started training their employees to stop viewing problems as strictly functional - that is, as only a marketing problem, or an accounting problem, for example. What does this trend illustrate about strategic management
This trend illustrate that the need of integrative thinking and cross-functional problem solving has been reemphasized.
What is Integrative Thinking ?Utilizing the conflict between paradigms to produce something new is the goal of integrative thinking. The next stage is to examine the models together while expressly keeping them in tension once the opposing models have been articulated individually.
Graham Douglas created the area of integrative thinking in 1986. In order to create a comprehensive continuum of strategy, tactics, action, review, and assessment, he defines integrative thinking as the process of combining intuition, reason, and imagination in a human mind.
Working cross-functionally, sometimes referred to as working with teams other than your own, will inevitably occur at some point in your career. And doing it successfully may inspire innovative ideas, enhance your ability to interact with others, and improve your workplace's culture, productivity, and happiness.
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name and describe the six basic emergency management audiences and explain whether they would be internal or external customers.
The following are the six primary emergency management audiences:
Disaster Victims:General Public:Business Community: Media:Community Officials:First Responders:What do they mean by media?The media are the communication channels or technologies that are used to store and transmit information or data. Print media, publishing, news media, photography, film, broadcasting, digital media, and advertising are all examples of mass media communications business components. Marshall McLuhan, a Canadian communications theorist, originally introduced the term media in its current sense pertaining to communication channels, as described in Counterblast. The term medium is described as "one of the broad communication, information, or entertainment outlets in society, such as newspapers, radio, or television."
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how much did the printer that came with the first univac system cost?
The UNIVAC I was originally priced at US$159,000 but later increased in price to between $1,250,000 and $1,500,000. In the end, 46 systems were built and delivered.
Was UNIVAC a success?
It weighed 16,000 pounds, contained 5,000 vacuum tubes, and was capable of performing 1,000 calculations per second. On November 4, 1952, the UNIVAC gained national attention when it correctly predicted Dwight D. Eisenhower's death. The UNIVAC I was the first American computer designed from the beginning for business and administrative use, with fast execution of relatively simple arithmetic and data transport operations, rather than the complex numerical calculations required of scientific computers. As such, the UNIVAC competed directly with punch-card machines, despite the fact that the UNIVAC could neither read nor punch cards at first. This limitation hampered sales to businesses concerned about the high cost of manually converting large amounts of existing data stored on cards. This was remedied by the addition of offline card processing equipment, such as the UNIVAC Tape to Card converter, which transferred data between cards and UNIVAC magnetic tapes. However, the UNIVAC I's early market share was lower than the Remington Rand Company had hoped. [Citation required]
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(e) a farmer wanting to decrease the ecological footprint of the operation decides to shift from growing soybeans with traditional tillage to no-till methods. explain how this change in business practice will affect the ecological footprint of the farm.
Polyculture crops will work together to balance the soil's nutrients. Some crops add nitrogen to the soil while others remove nitrogen from the soil. This means the farmer won't need to use as much fertiliser on the land, lowering the environmental impact.
Polyculture is a farming system that involves growing multiple crops in the same field, rather than a single crop. This method of farming can have a number of benefits, including:
BiodiversityIncreased yieldsReduced inputsResilienceEconomic benefitsYou can learn more about Polyculture crops at
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Investor presentations of ________ provide an opportunity for discussions to take place regarding the continuing corporate performance on ________ value creation story and a ________ value creation plan.
Investor presentations of long-term plans provide an opportunity for discussions to take place regarding the continuing corporate performance on a long term value creation story and a long term value creation plan.
how to create a presentation that will attract investment?
Describe your team and yourself,
Put good design first,
Describe the differentiator for your business,
Describe your sales and advertising plan in brief,
Give a high-level summary of the finances.
Which four persuasive elements are there?
Slides and content. Words said by the presenter and their body language make up the presentation's content. One of the main instruments we utilize for presentations and communication in general is our bodies. Voice, authenticity, etc.
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which of the following statements are true about the assets of a firm? multiple select question. accounts receivable are not assets because the cash has not yet been received by a firm. assets must be tangible to be recorded on the balance sheet of a firm. assets represent the amount of resources controlled by the firm. assets result from past transactions or events of the firm. assets are probable future economic benefits to the firm. the economic benefits associated with assets must be obtained or controlled by the firm.
The following statements are true about the assets of a firm
- the economic benefits associated with assets must be obtained or controlled by the firm- assets are probable future economic benefits to the firm- assets represent the amount of resources controlled by the firm- assets result from past transactions or events of the firmWhat is an asset?A company's balance sheet contains a list of its assets. They are divided into four categories: present, fixed, financial, and tangible.
They are acquired or produced in an effort to raise a company's value or improve its operations.
Assets that a company plans to use to generate revenue and believes will be useful for more than a year are capital assets, which are tangible and frequently illiquid assets.
An asset is a thing from which the economic owner has benefited in the past and is still benefiting in the present, or from which the economic owner can benefit in the future accounting periods by holding or using the thing over time.
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according to the theory of comparative advantage, a good should be produced where according to the theory of comparative advantage, a good should be produced where its opportunity costs are least. the cost of real resources used is least. production can occur with the greatest increase in employment. its explicit costs are least.
The capacity of an economy to produce a certain item or service at a lower opportunity cost than its trade counterparts is known as comparative advantage.
Comparative advantage, as it relates to international commerce, refers to the goods that a nation can manufacture more readily or at a lower cost than other nations. Even while this often shows the advantages of trade, some modern economists now recognise that relying solely on comparative advantages can lead to resource exploitation and depletion in a nation. Although it's more probable that James Mill, David Ricardo's mentor, developed the theory first, the law of comparative advantage is most often associated with English political economist David Ricardo and his book On the Principles of Political Economy and Taxation, published in 1817.
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in the appraisal process, the capitalization rate is used by an appraiser to determine which type of value?
Present value of an income-producing property.
What kind of value?The present worth of an income-generating property. The capitalization formula calculates the present value of an income-producing property using current net operating income (NOI). The income approach is a real estate valuation method that estimates fair value based on the revenue generated by the property. It is determined by dividing net operating income by capitalization rate.
The income approach encompasses any means of transforming a revenue stream into a market value indication. The income technique is also known as the capitalization approach since capitalization is the act of transforming predicted income into a market value indication.
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Which is the largest component of GDP?
a. consumption
b. investment
c. government purchases
d. exports
The answer is (A), GDP's largest component is consumption. Approximately 70–75 % of the total gross domestic product in any economy comes from consumption.
what is consumption?Institutional entities use up products or services through the activity of consuming, which can be either final or intermediate. It is the utilization of products and services to fulfill personal or societal needs and desires.
What effect does consuming have?Consumption results in the direct production of environmental factors from the use of goods and services, such as driving a car or using fossil fuels to heat a home.
The precise set of customers who are the target of a business's ads is referred to as the target consumer.
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a company that uses job order costing purchases $68,000 in raw materials for cash. it then uses $25,000 of raw materials as indirect materials and uses $32,800 of raw materials as direct materials.prepare journal entries to record the (a) purchase of raw materials, (b) use of indirect materials, and (c) use of direct materials.
Indirect material usage is $12,000, direct material use is 32,000, and raw material purchase is $50,000. The inventory or input commodities that a business requires to make its products are known as raw materials.
Materials or substances used in the first stages of producing or manufacturing items are known as raw materials. On commodity markets across the world, raw materials are commodities that are purchased and sold. Because raw materials are production factors, businesses trade them on the factor market. Various sorts of raw materials can be employed in a wide range of goods. The inventory or input commodities that a business requires to make its products are known as raw materials. For instance, a car manufacturer would employ steel used in the construction of automobiles as a raw material. Raw materials inventory for manufacturing enterprises need thorough budgeting and a unique structure for accounting on the balance sheet and income statement.
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which country has the greatest number of banks among the list of top 10 global banks by size? multiple choice question.
China is the nation with the most banks among the top 10 largest banks in the world, and China Banking Corporation (China Bank), the largest private bank in the Philippines, has a history and experience in banking spanning more than a century.
Dee C. Chuan, a notable businessman and philanthropist, Don Albinosiship, a former dean of the Bank of the Philippines, and ten other well-known business people created China Bank. On August 16, 1920, he launched a bank on Rosario Street (now Quintin Paredes Street in Binondo, Manila).
Utilizing a contemporary Chinese organizational structure, being well-knowledgeable about the commercial practices of Chinese merchants, and operating under the guiding principles of trustworthiness and dependability.
China Bank has succeeded and grown consistently. When it was reopened on July 23, 1945, it significantly contributed to the post-World War II rebuilding and economic recovery by giving a lot of credit to businesses and entrepreneurs in significant industries.
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The complete question is:
Which country has the greatest number of banks among the list of top 10 global banks by size?
1. China
2. United States
3. United Kingdom
4. Japan
why did physicians remain independent of corporate settings even after the medical profession became well recognized
Physicians often remain independent of the corporate environment because of the autonomy and freedom it affords them. Without an enterprise system, doctors are able to make decisions about their own practices without having to follow the protocols and regulations of a larger organization.
Independent practice gives doctors the freedom to decide how to practice medicine and the ability to practice as one sees fit. In addition, some physicians may feel that corporate systems may limit their ability to provide quality care because the corporate structure may not allow for the same level of care that many independent physicians strive to provide.
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if output grows by 42.6% over 4 years, what is the annualized (or annual) growth rate? write the answer in percent terms with up to two decimals
The annualized growth rate is 10.65%.The annualized growth rate is a way to measure the average rate of growth over a specific period of time, usually in terms of years.
It helps to compare the growth rate of different investments or financial products. To calculate the annualized growth rate, you first need to determine the total growth of an investment or product over a specific period of time, and then divide that number by the number of years.
Finally, you multiply the result by 100 to express it as a percentage. In this case, the output grew by 42.6% over 4 years, so to find the annualized growth rate, we divided 42.6 by 4, which equals 10.65%.
Therefore, the annualized growth rate is 10.65%.
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Fishing versus Boat Building. Half the members of a fishing tribe catch 2 fish per day and half catch 8 fish per day. A group of 10 members could build a boat for another tribe in 1 day and receive a payment of 45 fish for the boat. A. Suppose the boat builders are drawn at random from the tribe. From the tribe's perspective, what is the expected cost of building the boat? nothing fish. (Enter your response as an integer. ) b. Now supposing that members are selected based on opportunity cost, the minimum cost that the boat could be built for is nothing fish. (Enter your response as an integer. )
The answer is 55,30 in integer form.
What are the integers' rules?Rule 1: A positive integer as well as a negative integer cannot be added together. RULE 2: A positive number is the result of two positive integers. Rule three states that the total of two integer arithmetic is positive. Rule 1: A using and a negatives integer cannot be multiplied together.
How are integers divided?Remember that you may read "divided by" in the fraction bar. So 8/2 can be understood as "8 split by 2." Division of Two Integers Rule: Split the relative values of both numbers in order to divide them with the same sign. The ratio is favourable.
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blankenship company has $88,000 in total assets, $32,000 in total liabilities, and a $16,800 credit balance in retained earnings. what is the balance in the contributed capital accounts?
The contributed capital account has a balance of 37400 The balance sheet is a company's financial report that details the assets, liabilities, and owner's equity for a specific accounting period.
The formula for the accounting equation is used to create the balance sheet. Equity and liabilities provide funding for assets. Equity is the financing attributable to the business's owners, while liabilities represent debts owed to other entities. The profit made during a particular accounting period is referred to as retained earnings, and they are reported in the equity section. These earnings can be used to pay dividends or invest in other projects.
37,400 The sum of all assets and liabilities is $86,000, and the balance of the retained earnings credit is $15,600.
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ou invest $1,000 in a fund. you check your statement at the end of april and you have lost 13%. when the statement for may comes, you see you have gained 13% in may. what is the value of your account? round to the nearest dollar. a) $850 b) $917 c) $983 d) $1,057
The correct answer is B) $917. At the end of April, your account was worth $870 after a 13% loss. After earning 13% in May, your account value will increase to $917. This means your account value has increased from $870 to $917, an increase of $47. So your account value at the end of May is $917.
To calculate this, you need to use the formula: new value = initial value * (1 + rate of return). In this case, the initial value is $870 and the rate of return is 13%. So your new account value is $870 * (1 + 0.13) = $917. Therefore, your account value at the end of May is $917.
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a firm has common stock of $6,200, capital surplus of $9,100, total liabilities of $8,400, current assets of $5,900, and net fixed assets of $21,200. what is the amount of the total equity?
Current liabilities are subtracted from current assets to determine a company's shareholders' equity. It alludes to the amount that has been given.
What different kinds of liabilities exist?
Liabilities are any money owing by your company to other people, including bank loans, mortgages, unpaid payments, IOUs, and other sums of money. When you owe someone money while promising to pay them later, this is known as a liability.
Liability can also mean that you owe someone money or services. Typically, liability means that you are responsible for anything. The amount of property taxes owed to the city or the amount of income taxes owed to the federal government, for example, may be included in a homeowner's tax obligation.
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henry has established a revocable living trust, which he has only partially funded. which of the following statements regarding this trust is correct? any assets that have been transferred to the trust before henry's death will be subject to probate. any income from the trust assets is taxable to the trust at trust income tax rates. any assets that are not transferred to the trust before henry's death will be subject to probate. a) ii only b) iii only c) i only d) ii and iii
A revocable trust ensures the continued management and preservation of your assets in the event that you die or become incapacitated, and it allows you to avoid a probate court proceeding after your death.
What is revocable trust?A revocable trust is a will substitute in that the title to the assets in the trust is transferred during the donor's lifetime even though the benefits of the assets are not enjoyed by the beneficiary until after the donor's death.A revocable trust ensures the continued management and preservation of your assets in the event that you die or become incapacitated, and it allows you to avoid a probate court proceeding after your death.Transferring assets to a revocable trust will not save you income or estate taxes. There is no asset protection. Although assets held in an irrevocable trust are generally beyond the reach of creditors, the same cannot be said for assets held in a revocable trust.To learn more about revocable trust refer to :
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Henry has established a revocable living trust, which he has only partially funded. Any assets that have been transferred to the trust before henry's death will be subject to probate. Hence, option (c) is correct.
Give a brief account on revocable trust.According to the preferences of the grantor or the person who created the trust, a revocable trust is one in which provisions may be changed or revoked. Income earned during the term of the trust is paid to the grantor, and property transfers to the trust's beneficiaries only after the grantor dies. Since it gives the living grantor flexibility and income, a revocable trust is beneficial (also called the trustor). When the trustor passes away, the estate will be distributed to the beneficiaries according to the trust's terms, which are subject to change. A revocable trust is a component of estate planning that controls the grantor's assets as the grantor aged. The property held by the trust is subject to estate taxes, and the grantor has the right to change or revoke it as they see fit. To manage the assets or property contained in the trust, a trustee may be appointed in accordance with the terms of the trust. The trustee is also responsible for allocating the resources to the beneficiaries. After the grantor's passing, the trust is still private but becomes irrevocable.
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d owes c a debt the amount of which is subject to a good faith dispute. the parties agree to settle the debt, with d promising to pay c $15,000 and c promising to release d on the $25,000 debt. the settlement agreement:
B owes C money, the amount of which is being disputed in good faith. The debt is settled, with D offering to pay C $15,000 and C committing to free D from the $25,000 obligation. Even though there is no consideration, the settlement agreement is legally enforceable under UCC section 2-209.
What exactly does UCC stand for?The Uniform Commercial Code (UCC), first published in 1952, is one of several Uniform Acts that have become law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States. While mainly successful in meeting this ambitious aim, certain US jurisdictions have not embraced all of the UCC's articles, while others have not adopted any of the UCC's articles.
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