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kicyunya [14]
3 years ago
6

A city borrows $800,000 in January because it does not receive property taxes until May. It borrows on a tax anticipation note,

which it will repay in May when taxes are collected. How would the city classify the proceeds from the note if it were to prepare governmental-type fund financial statements on March 31?
Business
1 answer:
Oduvanchick [21]3 years ago
4 0

Answer:

Liability

Explanation:

The city classify the proceeds from the note as a Liability if it were to prepare governmental-type fund financial statements on March 31.

Liabilities:

These are the debts which company has to pay. If company has liabilities it means company has to pay to some other entity/supplier or someone for its debts. It includes loans,account payable and many other accounts in financial statement.

In our case company has borrowed $800,000 in January and will repay in May after taxes are collected. If city has to prepare the financial statement before May then this $800,000 will be the liability in the statement.

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Clarence is a sole proprietor who started his business on July 29, 2017. He has not elected any particular tax year. Generally,
astra-53 [7]

Answer:

Clarence must file his tax returns on schedule C which is April 15, 2020 (for 2019 taxes).

Explanation:

As a sole proprietor of a small business Clarence must include his personal tax return when he files the sole proprietorship's tax returns. Tax returns must be filed on different dates depending on what type of business is filing:

  • Sole proprietorship and single-member LLC by April 15, 2020.
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  • S corporation by March 15, 2020.
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6 0
3 years ago
The market interest rate related to a bond is also called the
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Answer:

effective interest rate

Explanation:

The effective interest rate is the rate that an investor actually earns from investing in a bond. The effective interest rate is usually different than the interest rate stated on a bond (e.g. coupon rate).

It is also called market interest rate because bonds are sold in secondary markets at a different price than face value (usually bonds are sold at a premium or at a discount). That price at which the bonds are sold determine if the effective interest rate will be higher or lower than the stated interest rate of the bond.

5 0
3 years ago
The quantity supplied is the: Group of answer choices amount of inputs that a firm earns profit on. change in the sellers' outpu
Illusion [34]

Answer:

Explanation:

The correct answer is the amount of a good that firms are willing and able to sell at a particular price during a given period of time.

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8 0
2 years ago
Ryan's dad needs to drive bigger company vehicles in order to get promoted. What does he need?
VMariaS [17]

Answer:

A Commercial Driver License

Explanation:

When a person or an individual, who needs to drive the bigger vehicles of the company, that person or an individual needs or require to have a commercial driver license, which make the person authorize to drive the car. As the law, states, that the person should have a commercial license.

Therefore, Ryan's dad, who wanted to be get promoted, he needs to drive the bigger vehicles of the company, for that he needs or require the driver license and it is to be commercial one.

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4 years ago
The income effect causes quantity demanded to​ ________ when the price of a normal good​ decreases, and causes quantity demanded
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c. ​increase; decrease

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