Answer: A) Federal National Mortgage Association pass-throughs.
Explanation:
From the question, we are informed that a resident of Minnesota is in the 28% federal tax bracket and the 4% state tax bracket. This person must pay both federal and state taxes on Federal National Mortgage Association pass-throughs.
It should be noted that the securities of most government agencies in the United States are typically exempted from paying the local and state taxes but they have to pay federal taxes.
The advantages of primarily cash pay are the following:
1. It motivates the owner to expand the business.
2. The desirable increase in the level of services.
The disadvantages are the following:
1. There was a little incentive to the owner.
2. There was potential to lose sight to the customers.
<span>A detailed report is a report
that usually lists only transactions. From the name itself, detailed report
gives you very detailed information regarding the value of time spent by every
member in a certain tasks within a given projects. It also displays table with data categorizes
by users, tasks, and projects, billable time and amount.</span>
Answer:
Debit Interest Expense and credit Interest Payable for $6,000.
Explanation:
$100,000 × 8% × 9/12 = $6,000.
