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2 years ago

Under the double-entry system of accounting, a debit is always a negative entry.

Business

1 answer:

mrs_skeptik [129]2 years ago

8 0

It is a false statement that a debit is always a negative entry under the double-entry system of accounting,

<h3>What is the double-entry system?</h3>

In accounting, this refers to the system for recording transactions based on recording increases and decreases in accounts so that debits equal credits.

Hence, the double-entry system requires that each transaction must be recorded in at least two different accounts.

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Mr. and Mrs. Kim, married filing jointly, own a principal residence and a vacation home. Each residence is subject to a mortgage

Evgen [1.6K]

Answer:

$53,577

Explanation:

Computation for Mr. and Mrs. Kim's qualified residence interest

Using this formula

Qualified residence interest=(Acquisition debt ÷ Total debt) ×Total interest

Where,

Total Acquisition=$ 969,800+ 361,000

Total Acquisition=$1,330,800

Total debt =$ 45,000 +26,300

Total debt=$71,300

Let plug in the formula

Qualified residence interest=(1,000,000÷$1,330,800)×$71,300

Qualified residence interest=$53,577

Therefore the Qualified residence interest is $53,577

3 0

3 years ago

What is the interest rate for initial investment of $100,000 to grow $300,000 in 10 years

dybincka [34]

Answer:

r=20% or 0.2 %

Calculation:

Solving equation:

r = (1/10)((300000/100000) - 1) = 0.2

r = 0.2

Converting r decimal to R a percentage

R = 0.2 * 100 = 20%/year

The interest rate required to get a total amount, principal plus interest, of $300,000.00 from simple interest on a principal of $100,000.00 over 10 years is 20% per year.

6 0

3 years ago

Read 2 more answers

Marsha Mellow’s weekly gross earnings for the week ended May 23 were $1,250, and her federal income tax withholding was $201.65.

Nataliya [291]

Answer:

$954.60

Explanation:

Gross Pay: Gross income for an individual, also known as gross pay, is the individual's total pay from his employer before taxes or other deductions.

Net Pay: Gross income for an individual, also known as gross pay, is the individual's total pay from his employer after taxes or other deductions.

Particulars Amount Amount

Gross Pay $1,250

Withholding deduction:

Income tax <em>($201.65)</em>

Social Security <em>(1,250*0.06 = $75)</em>

Medicare tax <em>(1,250*0.015 = $18.75)</em>

Net pay $954.60

8 0

4 years ago

You purchased GARP stock one year ago at a price of $67.67 per share. Today, you sold your stock and earned a total return of 18

Svetlanka [38]

Answer:

14.48%

Explanation:

The capital gains yield on the investment is increase in share price divided by the initial price paid to acquire the share a year ago.

The total return formula can be used to figure the price the stock was when sold as below:

total return =P1-Po+D/Po

P1 is the current price which is unknown

Po is the initial price of $67.67

total return is 18.79%

D is the dividend of $2.92

0.1879=P1-67.67+2.92/67.67

0.1879*67.67=P1-64.75

12.72=P1-64.75

P1=12.72+64.75

P1=77.47

Capital gains yield=(77.47 -67.67)/67.67=14.48%

7 0

3 years ago

Before the 1930s, most government involvement in day-to-day 4 was aimed at __________.

Sliva [168]

Before the 1930's most government involvement in day-to-day 4 was aimed at the free market system. Hope this helps.

7 0

3 years ago