Answer:
The answer is:
Dr Cash $5,025
Cr: Receivable $5,000
Cr: Interest Revenue $25
Explanation:
The year is 360 days.
Annual rate is 6%
Therefore, interest rare for the 30-day is 1.5%[(90/360) x 6%]
So, the interest on the rate is:
0.5% x $5,000
$25.
The total amount collected from Bria will be principal + interest
$5,000 + $25 = $5,025
According to the accounting rule, debit increases asset and expenses and vice-versa while credit decreases liability, equity, income and vice versa.
So we have:
Dr Cash $5,025
Cr: Receivable $5,000
Cr: Interest Revenue $25
Answer:
A) $0
Explanation:
Provided information
Adjusted gross unearned income = $1,000
Marginal tax rate = 28%
By considering the above information, we can find out the child's tax liability
In the 2017 year, the credit for per child is up to $1,000 so there is no tax levied in the year 2017 as it is within the prescribed limit
Hence, child tax liability would be zero.
Answer:
First law of business.
Explanation:
According to the first law of business, taking care of customers is essential to obtaining a competitive advantage in order to keep them considering the fact that these customers are the king of the market.
Answer:
net loss of $62,500
Explanation:
Today Jasper converted $1,000,000 into 750,000€ ($1 = €0.75)
In three months from now, Jasper turned the 750,000€ into $937,500 ($1 = €0.80). ⇒ 750,000 / 0.80 = 937,500
The result of these transactions is a net loss = $937,500 - $1,000,000 = -$62,500.
The net loss happened because the euro depreciated against the US dollar, i.e. it lost value.
Answer:
(B) $10,000.
Explanation:
As in the given transaction, the customer already told the company that he wants the product by Tuesday or the company has to return the amount.
Afterward, the company is unable to ship the part on time.
So, the Cowtown can recover the amount of $10,000 instead of $13,000 as both parties are under the contract So, no one can escape from their responsibilities
