It is recommended that an entrepreneur avoid using the internet as a resource for finding information to write a business plan because the information found there is often incorrect and unreliable. FALSE
An entrepreneur is a person who has an concept and who works to create a product or service that humans will buy, in addition to an business enterprise to assist that effort. An entrepreneur takes on most of the hazard and initiative for his or her new business, and is regularly visible as a visionary or innovator.
The entrepreneur is defined as a person who has the ability and choice to establish, administer and succeed in a startup task along side chance entitled to it, to make profits. The pleasant instance of entrepreneurship is the starting of a new business venture.
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in march, before most consumers begin shopping for summer products, a shoe factory offers retailers a seasonal discount on sandals. what are the purposes of this pricing tactic? (choose every correct answer.)
This pricing strategy is intended to make it easier to plan the factory's production schedule and to move inventory out of the factory as soon as possible.
Price is a major factor influencing consumer purchases. As a result, businesses use a variety of pricing tactics, also known as pricing strategies, to increase sales, profits, and market share. When a company creates a unique product, it is priced accordingly.
Pricing is one of the more strategic decisions a business can make, but it is frequently treated as a tactic. Consider how frequently pricing is used to entice buyers.
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Members of which major political party are more likely to support increasing taxes on the wealthy to reduce budget deficits?.
Members of major political party which more likely to support increasing taxes on the wealthy to reduce budget deficits are the Democrats, members of the Democratic Party.
What are the beliefs of the Democratic Party?In general, the Democratic Party (whose logo is a donkey) represents left-leaning, liberal and progressive ideological values, so advocating for a strong government to control business and support for the citizens of the United States. Hence, one of the key values focused by Democrats is social responsibility.
Democrats follow an economic agenda which helps American businesses generate good-paying jobs and ensure that workers have the tools not only to get by but also to get ahead in our global economy.
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on july 1, shady creek resort borrowed $450,000 cash by signing a 10-year, 9% installment note requiring equal payments each june 30 of $70,119. what is the journal entry to record the first annual payment?
The journal entry to record the first annual payment on the amount borrowed by Shady Creek Resort, would be A. Debit Interest Expense $ 40, 500; debit Notes Payable $ 29, 619 ; credit Cash $ 70, 119.
How to record bond payment?When a bond payment is made, this payment would come from the cash account. This means that the cash account will be credited because cash is an asset and assets are credited when they reduce.
The amount to be credited is the equal payments of $ 70, 119.
The amount to be debited would be the interest amount for the period which would be :
= Interest rate x Amount borrowed
= 9 % x 450, 000
= $ 40, 500
The amount that would go Notes Payable would be:
= Equal payments - Interest
= 70, 119 - 40, 500
= $ 29, 619
Options for this question are:
Debit Interest Expense $ 40, 500; debit Notes Payable $ 29, 619 ; credit Cash $ 70, 119.Debit Interest Expense $37,800; debit Interest Payable $27,644; credit Cash $65,444.Debit Interest Expense $65,444; credit Cash $65,444.Debit Cash $420,000; debit Interest Expense $65,444; credit Notes Payable $485,444.Debit Interest Expense $37,800; credit Cash $37,800.Find out more on journal entry at https://brainly.com/question/29106793
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Maria Manow is planning to sell handmade quilts over the Internet. As she decides what to charge for a full-sized quilt, Manow will calculate her fixed and variable costs. At this point, Manow will be developing her _____ strategy.
Manow will now be formulating her pricing approach.
What are the two strategies a business may use to increase the value of its goods?There are three ways to increase value: by keeping the purchase price constant while delivering more with each purchase; by lowering the purchase price while delivering the same amount of value; or by combining the first two methods.
How can I sell quilts made by hand online?Etsy is the ideal location to sell any kind of handmade item if you want to earn money doing what you love. Etsy is a homemade haven and a terrific location for various types of creative business owners to profit from selling their expertly crafted quilts.
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when vince was interviewed for a new position, the interviewer described the company as fostering an involvement culture. which characteristic can vince expect to see at the company if he is hired?
When Vince was interviewed for a new position, the interviewer described the company as fostering an involvement culture. The characteristic is cooperation.
Cooperationa scenario in which individuals collaborate to accomplish something: the activities of someone who is helpful by accomplishing what is desired or requested The entire meaning of collaboration may be found in the English Language Learners Dictionary.
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adams inc. began the year with $495,000 in the equipment account. during the year they sold equipment that had originally cost $50,000 for $20,000. the ending balance in the equipment account was $650,000. which of the following statements are true?
Adams Inc. began the year with $495,000 in the equipment account. During the ear they sold equipment that had originally cost $50,000 for $20,000. The ending balance in the Equipment accounts was $650,000. Which of the following statements are true? B. Adams will report a cash inflow from investing activities of $20,000
a. Adams will reports a cash inflow from investment activities of $50,000
b. Adams will report a cash inflow from investing activities of $20,000
c. Adams cash outflow for the purchase of equipment is $205,000
d. Adams cash outflow for the purchase of equipment is $155,000
The ending balance is the net residual balance in an account. additionally it is measured on the cease of a reporting period, as part of the final procedure. An finishing stability is derived by including up the transaction totals in an account and then including this total to the start stability.
An investment entails placing capital to apply these days for you to boom its price over time. An investment requires setting capital to paintings, inside the form of time, money, effort, and so on., in hopes of a extra payoff within the future than what turned into at the start put in
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Adams will file a coins influx from making investment activities of $20,000.
Balanced dwelling approaches consider all elements of our existing relationships, work, health and health, and emotional well-being. We all get slowed down with paintings and circle of relatives duties once in a while, but making time for ourselves is important so that we will hold up with all our duties.
An investment entails setting capital to use these days as a way to boom its price over the years. Funding requires placing capital into paintings, in the form of time, money, attempt, and many others in hopes of a more payoff in the future than what was originally installed.
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Generally accepted accounting principles do not allow variable costing to be used in external financial statements because absorption costing makes it easie financial statement users to interpret year-to-year changes in reported net income.
True or False
Generally Accepted Accounting Principles forbid the use of variable costing in external financial statements because absorption costing makes it simple for users of financial statements to assess variations in reported net income from year to year.
Net income, also known as total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales, in the context of business and accounting refers to an entity's income less cost of goods sold, expenses, depreciation and amortization, interest, and taxes for a given accounting period. It has also been described as the net growth in shareholders' equity that arises from a company's operations. It is calculated as the residual of all revenues and gains less all expenses and losses for the period. Contrary to gross income, which merely deducts the cost of products sold from revenue, this is not the same thing. Net income for families and individuals is defined as (gross) income less any applicable taxes and other deductions.
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in order to succeed in being creative and agile, innovative firm teams must have a hands-off manager. t/f
In order to succeed in being creative and agile, innovative firm teams must have a hands-off manager. TRUE
A manager is a expert who takes a management position in an business enterprise and manages a team of personnel. regularly, managers are liable for managing a particular department of their agency. there are numerous forms of managers, however they usually have responsibilities like conducting performance evaluations and making selections.
The role of managers is setting up and overseeing a particular organization, assignment or area inside a commercial enterprise. The quantity and scope of a supervisor's responsibilities can vary relying on their function in the business enterprise. The job identify of supervisor can suggest that any individual is handling a group or handling a sure feature.
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you bought 5 call option contracts on a stock when it is trading at $44.00. the exercise price of the call is $50 and the call was priced at $3.50. what is your profit or loss on this trade if the stock is trading at $52.00 at expiration date of the calls?
The solution:
What is your gain or loss on this transaction if the stock is trading at $52.00 on the call expiry date:
=(5*100*(52-50))-(5*100*3.50)
=-750
What is a stock?
All the shares by which ownership of a corporation or firm is split constitute stock (also known as capital stock) in the world of finance. (Stocks is another synonym for shares, especially in American English.) A single share of stock represents a percentage of the corporation's ownership in relation to the total number of shares. This typically confers the shareholder (stockholder) with the right to a certain percentage of the company's earnings, proceeds from the sale of company assets (after all senior claims, such as secured and unsecured debt, have been satisfied), or voting rights, with these rights frequently being distributed in accordance with the amount of money that each stockholder has invested. Not all stock is created equal. For instance, some classes of stock may be issued with improved voting rights, without voting rights, or with a specific priority to collect profits or proceeds from liquidation sooner or after other classes of shareholders.
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you bought 5 call option contracts on a stock when it is trading at $44.00. the exercise price of the call is $50 and the call was priced at $3.50. what is your profit or loss on this trade if the stock is trading at $52.00 at expiration date of the calls?
Ellis company issues 6. 5%, five-year bonds dated january 1, 2021, with a $250,000 par value. The bonds pay interest on june 30 and december 31 and are issued at a price of $255,333. The annual market rate is 6% on the issue date.
The total bond interest expense over bonds’ life is $77,500.
What is interest expense?The expense of paying interest is a cost associated with borrowing money. In exchange for using its cash, a lender charges a borrower a fee. The cost of borrowing funds from banks like banks and bond investors can be displayed on the income statement as interest expense. Because it pertains to the capital structure of a firm and is typically tax deductible, interest expense differs from operational expense and CAPEX. Interest revenue and interest expense are often combined under the heading "interest income - net," but are usually shown separately on the income statement. After it has been determined how much interest will be paid, the borrower would typically record the amount as accrued liabilities. Credit would be given to accrued liabilities and debit would be given to interest expense.
Interest expense=250000*0.31=77500.
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a set of priority planning techniques for planning component items below the end item level is called:
The set of priority planning techniques for planning component items below the end item level is called as material requirements planning (MRP).
MRP is the system which establishes a schedule plan that illustrates the quantity of components required at each level of assembly and, based on lead times, calculates the time when these components will be needed. It helps to avoid the missing errors. This system also helps to evaluate the time needed for shipping the whole set of items. However it faces some limitations related to inventory management, quality control, supply demand etc. The other three inputs of an MRP system are given below:
Master Production Schedule (MPS)Inventory Status File (ISF)Bill of Materials (BOM)Learn more about MRP at:
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To refer to complete question, see below:
A set of priority planning techniques for planning component items below the end item level is called:
A) master scheduling
B) material requirements planning
C) capacity planning
D) production control
E) none of the above
How is the marketing department involved in the technical and marketing development stage of the product development process?.
They evaluate product prototypes with their intended audience to determine the best marketing strategy for the new product.
How about an example of a new product?Even though it might have been produced in the same form by others, a new product is one that is new to the company that introduces it. For instance, each company has launched a separate brand of toilet soap, which is fresh to the company and therefore new to the market.
What is a novel product?Products that have not yet been produced or sold by your company but have been introduced to the market by others can be considered "new products." creation of novel products and their introduction to the market. They could be wholly original creations or enhanced and updated versions of already existing products.
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Which of the following are contract rights may be assigned? The right to receive future worker's compensation benefits The right to receive house cleaning services The right to insure a property Payment of$500
The right to receive house cleaning services are contract rights that can be assigned.
A legally binding agreement between two or more parties is called a contract that establishes, clarifies and stipulates the respective rights and obligations of the parties. The subsequent delivery of goods, services, money, or the promise to deliver any of these are common elements of a contract.
The aggrieved party may seek legal remedies such as damages or contract termination for breach of contract. Agreements must be respected, which is the foundation of contract law, a branch of contract law that deals with contracts. Like other aspects of private law, contract law varies from country to country.
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What kind of claim is used for billing provider fee-for-service claims to commercial health insurance companies?.
Provider fee-for-service claims are billed to commercial health insurance companies using the CMS-1500 type of claim.
Which claims are submitted using a CMS 1500?Use the CMS-1500 claim form to submit non-institutional claims to Medicare for healthcare services provided by healthcare professionals such as physicians, other providers, and suppliers. Additionally, it is used to submit claims to numerous Medicaid programs, private payers, and additional public health insurance programs.
Is CMS 1500 a universal claim form?All licensed healthcare providers are required to submit claims to all medical insurance providers, including Medicare, Medicaid, and Blue Cross, using the CMS-1500 (Health Insurance Claim Form). The HCFA 1500 form was formerly known as the universal claim form, also known as Form CMS 1500.
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use the equation for the line of best fit to predict the salary for an employee with 6 years of experience? (round your answer to the nearest dollar.) $61,150 $58,587 $59,672 $57,990
The wage for a worker with six years of experience is predicted by the equation for the line of best fit, which is $58,587.
What does slope refer to?Although it was originally used in English by O'Brien in 1844 when he expressed the equation for a straight line as "y = mx + b," and by Todhunter in 1888 when he wrote it as "y = mx + c," it is unknown why the letter m is usually used to denote slope.
The slope can be calculated by comparing the "vertical change" to "horizontal change" between any two distinct points on a line. The outcome is the same for each ratio when expressed as a quotient ("rise over run").
Any two spots in the specified grid must be taken.
Let the two points are (0, 52000), (1, 53,150)
m=(53150-52000)/(1-0)
m=1150
Therefore, slope=1150
Now, the equation of the line is y=mx+b
52000=1150(0)+c
c=52000
Therefore, y=1150x+52000
For 6 years experience,
Take x=6 then,
y=1150(6)+52000
y=6900+5200
y=58,900
y=$58,900≈58,587
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suppose the delta of a call is 0.75. approximately, how much will the price of the call change if the underlying stock increases in value by $1.00?
The term "delta" describes how much the price of an option will fluctuate for every $1 that the underlying stock's price changes. The call option will grow by 0.75$ if the underlying stock increases by $1. Option 5
What is the stock's price?
Generally, The cost of purchasing one individual share out of a company's total number of equity shares that are available for sale is referred to as the share price.
In terms that are more understandable to the average person, the price of a share of stock is the most money that someone is prepared to pay for that share or the least money that it can be acquired for.
The value of the delta indicates how much the price of an option will vary for every $1 change in the price of the stock that it is based on. If the underlying stock goes up by one dollar, the Call option price will go up by 0.75 dollars.
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CQ
Suppose the delta of a call is 0.75. Approximately, how much will the price of the call change if the underlying stock increases in value by $1.00?
1. $1.33
2. More Information Needed
3. $1.00
4. $1.75
5. $0.75
interest rates in the economy have fallen. how will this affect aggregate demand and equilibrium in the short run? group of answer choices aggregate demand will rise, the equilibrium price level will rise, and the equilibrium level of gdp will rise. aggregate demand will fall, the equilibrium price level will fall, and the equilibrium level of gdp will fall. aggregate demand will fall, the equilibrium price level will rise, and the equilibrium level of gdp will fall. aggregate demand will rise, the equilibrium price level will fall, and the equilibrium level of gdp will rise.
If interest rates in the economy have fallen this will result in aggregate demand will rise, the equilibrium price level will rise, the equilibrium level of GDP will rise.
Gross domestic product is a monetary measure of the market value of all final goods and services produced and sold by countries during a given period. Due to its complex and subjective nature, this measure is often modified before it is considered a reliable indicator.
However, GDP per capita does not reflect differences in cost of living and inflation rates across countries; therefore, using a purchasing power parity (PPP) GDP per capita basis may be more useful for comparing living standards across countries, while nominal GDP is more useful for comparing economies country in the international market.
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This term is used for distributions that investor receives by getting an additional stock of the company as a supplement or instead of cash dividends on the existing stock
The company as a supplement or instead of cash dividends on the existing stock. A stock dividend is when a corporation distributes a portion of its earnings to its shareholders in the form of additional company shares, either in addition to or in exchange of cash dividends.
The term "stock dividend" refers to the distribution of dividend payments to shareholders in the form of additional firm shares or stocks as opposed to cash. In order to preserve and maintain its cash reserve or because the firm may be experiencing a scarcity of liquid cash reserves, a corporation may prefer to distribute a stock dividend instead of a cash dividend. A stock dividend payment could also be made because of the company's efforts to expand.Investor learns that a business will be distributing a cash dividend to stockholders and that today marks the record date for stock ownership necessary to receive the distribution.You must own a stock before the ex-dividend date in order to qualify as an investor for the next dividend payment. If you buy a stock on or after the ex-dividend date, you are not entitled for the next paid dividend.
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which of the following statements is correct? group of answer choices monopolies are guaranteed to earn an economic profit. monopolies have perfectly inelastic demand for the product sold. because a monopoly is the only firm in the market, its marginal revenue curve must be the same as the market demand curve. the market demand and the firm's demand are the same for a monopoly. because a monopoly is the only firm in the market, its supply curve is the same as the market demand curve.
A monopolistic corporation must face the market demand curve because it controls the whole market. - monopolies have perfectly inelastic demand for the product sold.
A monopoly and a perfectly competitive firm's demand conditions are compared Perfect Competition Versus Monopoly." In Panel (a), the intersection of the demand and supply curves yields the equilibrium price for a firm operating in a completely competitive market. Simply adding the supply curves of various enterprises yields the market supply curve.
The portions of those marginal cost curves that are higher than the average variable cost curves make up those, in turn. A single firm's marginal cost curve, abbreviated MC, is shown. Take note of the horizontal axis' break, which shows that the amount produced by a single firm represents a trivially small fraction of the total.
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assume a simplified banking system subject to a 10 percent required reserve ratio. if there is an initial increase in excess reserves of $90,000 and all possible loans are made, the money supply:
Assume a simplified banking system subject to a 10 percent required reserve ratio. if there is an initial increase in excess reserves of $90,000 and all possible loans are made, the money supply increased 900000.
In macroeconomics, the term "money supply" refers to the total amount of currency that the general population owned at a particular period. Although there are numerous ways to define "money," the money in circulation and demand deposits are frequently used as conventional metrics. A country's central bank is permitted to define what counts as legal tender on its own terms. Data on the nation's money supply are normally gathered and released by a government agency or the central bank. Both governmental and private sector specialists monitor changes in the money supply because they think that changes in the money supply have an effect on exchange rates, the business cycle, inflation, and security prices.
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the unemployment rate is currently 6% higher than the natural rate of unemployment. the current quantity of output is greater than potential output. the natural level of output is $3 trillion.
unemployment rate is currently=[tex]-30303030296.969[/tex]
If unemployment rate =x
then unemployment rate is currently=x+6
output = $3 trillion
The unemployment rate is calculated = (Unemployed ÷ output ) x 100.
x+6=x/3 trillion *100
x-100x=[tex]3 000,000,000,000 -6[/tex]
x=[tex]-30303030302.969[/tex]
unemployment rate is currently=x+6
[tex]=-30303030302.969+6=-30303030296.969[/tex]
There are several factors that affect both the supply side, or the workers, and the demand side, or the employers, that contribute to unemployment. High interest rates, a global economy that is in a recession, and the financial crisis can all have an impact on demand. Frictional unemployment and structural employment are two significant supply-side contributions.
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Oil prices are denominated in terms of _____ in international commodities markets.
Oil prices are denominated in terms of greenbacks in global commodities markets.
What are the major commodity markets?The fundamental U.S. commodity exchanges are ICE Futures U.S. and the CME Group, which holds four principal exchanges: the Chicago Board of Trade, the Chicago Mercantile Exchange, the New York Mercantile Exchange, and the Commodity Exchange.
What are 5 examples of commodities?Some common examples of commodities consist of grains, gold, beef, oil, and herbal gas. More recently, the definition has elevated to consist of financial products, such as overseas currencies and indexes. Technological advances have additionally led to new kinds of commodities being exchanged in the marketplace.
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https://brainly.com/question/29577608#SPJ4a marketer is scheduling creatives for their upcoming campaign in campaign manager 360. what is one thing they need to do to ensure an ad will run every time?
One thing they need to do to make sure an ad runs every time is for your account to exclusively serve across mobile devices.
Account - What Does That Mean?A record in such an accounting system known as an account keeps track of the financial transactions involving a particular asset, liability, capital, revenue, or expense As the company events take place throughout the course of the accounting period, these records grow and shrink.
Why are accounts crucial?Accounting is crucial to running a business because it makes it simpler to keep track pf income and expenses, guarantees legal compliance, and provides access to terms of quantitative data that can be utilized by investors, management, and indeed the government to make choices.
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If the required reserve ratio is 10% and the fed conducts an open market purchase of $100, what is the maximum possible change in the money supply?.
This instance indicates that if the reserve requirement is 10 percent, the Fed could enlarge the cash grant by way of $1,000 by using purchasing a $100 Treasury consignment (T-bill) in the open market.
However, if the reserve requirement have been 5 percent, a $100 T-bill purchase would lead to a $2,000 enlarge in the money supply.
What does a reserve ratio of 10% mean?If the required reserve ratio is 10 percent this capacity that banks have to hold 10 percent of their deposits as required reserves. If deposits are $20 million, then $2 million ($20 million x . 10) should be held as required reserves. Excess reserves are reserves over and above required reserves.
If the reserve requirement is 10%, then the cash grant reserve multiplier is 10 and the money grant be 10 instances reserves.
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https://brainly.com/question/13758092#SPJ4henry ford's business model required a much more efficient and cheaper system for building cars and the assembly line method facilitated this. however, workers became bored with the same repetitive tasks and quit, so ford had the expense of constantly hiring and training new workers. how did ford solve this problem?
Answer:
He increased worker pay.
Ford paid his workers more to make up for the monotonous work.
Explanation:
One of the most well-known businessmen in history is Henry Ford. He improved transportation while also fundamentally altering the American auto industry. His inventive manufacturing technique resulted in affordable, dependable vehicles while also keeping his employees happy and devoted.
Ford makes money by licencing the use of its brand name and badge on a variety of products, including toys, video games, and dealerships. It was broken down into four simple goals in the memo distributed to all employees: assemble the whole Ford workforce as one global team. Utilise Ford's distinctive automotive expertise and resources. Build trucks and cars that people will appreciate and want.
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deb has found it very difficult to repay her loans. because of these difficulties, the bank decided to forgive one of her most recent loans, an amount of $53,500. after the loan was discharged, deb had total assets of $260,000 and her remaining loans totaled $226,000. what amount must deb include in her gross income?
The amount of entries to be computed for Deb as a part of her gross income will be $0.
Gross income can be referred to or considered as the total revenues generated by a person during a particular financial period. The gross income includes earnings and revenues from all the sources that a person may have. It does not take liabilities and insolvency into consideration.
For the above condition, Deb was not fully solvent at the time of computation of her liabilities. However, she became solvent only after selling the part of her assets. Thus,
Solvency = Total Loans - Income before sale of assets
Solvency = 226000+535000 - 0
Solvency = $(-2795,000)
Therefore, Deb does not have gross income during the accounting period.
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seeking to end luke lea's hold on state government, what group composed of lea's enemies held public meetings throughout the state to expose his malfeasance and demand justice?
Answer: Public Emergency Comittees
Explanation:
Which of the following assets purchased in the current year are eligible to be expensed under Section 179 assuming the cost does NOT exceed the limitations? (Check all that apply.)Used equipmentLand for future building siteStorage warehouseNew office furnitureNew delivery truckApartment complex
Used equipment, new office furniture, and new van equipment purchased in the current year are subject to Section 179 costs unless the costs exceed the limit.
For an unlimited number of years, the taxpayer may carry forward the amount of the cost of eligible Section 179 assets that are to be expensed in the tax year but are not eligible due to the taxable income limit for that year. I can do it. This carryforward may instead be deducted in future tax years.
Any business that leases, finances, or purchases business equipment for less than $2 million is eligible for Section 179 deductions, but excess amounts will affect the deductible value of business expenses.
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on january 1, year 1, poultry processing company purchased a freezer and related installation equipment for $62,100. the equipment had a three-year estimated life with a $3,600 salvage value. straight-line depreciation was used. at the beginning of year 3, poultry processing revised the expected life of the asset to four years rather than three years. the salvage value was revised to $2,600.'Required Compute the depreciation expense for each of the four years, Year 1-Year 4
Depreciation Expense
Year 1
Year 2
Year 3
Year 4
Depreciation Expense
Year 1 = $21,700
Year 2 = $21,700
Year 3 = $11,350
Year 4 = $11,350
Explanation:
depreciation expense for years 1 and 2 = ($69,600 - $4,500) / 3 = $21,700
book value at the end of year 2 = $26,200
depreciation expense for years 3 and 4 = ($26,200 - $3,500) / 3 = $11,350
Depreciation: What is it?Depreciation is a term used in accounting to describe two related concepts: first, the actual decline in an asset's fair value over time, such as the value of factory equipment declining annually as it is used and wears out; and second, the allocation in accounting statements of the asset's initial cost to the periods during which the asset is used (depreciation with the matching principle).
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rodgers corporation produces and sells football equipment. on july 1, 20y1, rodgers issued $19,400,000 of 10-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $21,923,488. interest on the bonds is payable semiannually on december 31 and june 30. the fiscal year of the company is the calendar year. required: for all journal entries, if an amount box does not require an entry, leave it blank. question content area 1. journalize the entry to record the amount of cash proceeds from the issuance of the bonds on july 1, 20y1.
The required journal entry record will be to premium on bonds payable A/C is $2,523,488.
What is a journal entry?The act of logging any transaction, whether or not it is an economic one, is known as a journal entry. Recurring items that can be included in journal entries include depreciation and bond amortization. The general ledger is typically affected indirectly by the subledger for accounts payable, and journal entries are frequently entered using a distinct module of accounting software. As a result, journal entries have a direct impact on the balances of general ledger account. Examples make it easier for us to understand diary entries. To help us record transactions, events, and recurring items in a real-world firm, we use accounting examples. As an illustration, the ABC Company sold a $300 laptop for cash in a single day.
The required Journal Entry will be:
Cash A/C Dr. $21,923,488
To Bonds Payable A/C $19,400,000
To Premium on Bonds Payable A/C $2,523,488
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