Answer:
Mauricio invested $30,000 in Pizza Aroma in exchange for its stock. Pizza Aroma now has <u>$30,000 IN COMMON STOCK</u> under shareholders' equity.
Explanation:
Mauricio invested a certain amount of money in exchange for common stock of a small corporation, Pizza Aroma. Corporations are legal entities that operate separately from its owners or stockholders.
Usually a small business like Pizza Aroma would be a sole proprietorship or a partnership, at least at the beginning when it just started to operate. But the main advantage of a corporation is that it limits owners liability to the amount invested in stocks, therefore if the business fails, the most Mauricio can lose is $30,000. While sole proprietors and partners have unlimited liability, which means that they are legal liable for all the debts and obligations of the business. The main disadvantage of corporations is that they are double taxed, that means that the corporation pays corporate taxes and the owners pay income taxes also.
If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is $840.
For two employees and for two days, the adjustment made was 4 times their per day income.
Total month end adjusting entry will be 2×2×$210 = $840
What is Accounting Period?
- A set period of time, such as a calendar year or fiscal year, is referred to as an accounting period in which income balance of whole month is calculated.
- It is used for performing, aggregating, and analyzing accounting operations.
- The accounting period is helpful for investing because prospective investors can assess a company's success by looking at its financial statements, which are based on a set accounting period.
<h3>What is
Month-End Adjusting Entry?</h3>
- Month-End Adjusting Entry is a record created at the conclusion of an accounting period that allows an income or expense to be recognized in the timeframe in which it is incurred.
- Accruals, deferrals, and estimations are the three forms of Month-End Adjusting Entry that are most frequently used.
<h3>What is Fiscal Year?</h3>
- Companies and governments utilize fiscal years, which are one-year periods, for financial reporting and planning.
- The most typical accounting period utilized to create financial statements is a fiscal year.
- A company's fiscal year is based on 3 determining parameters namely financial reports, external audits, and federal tax filings.
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Answer:
B. Not likely to have jurisdiction over the case is the correct answer.
Explanation:
In the US, A state court can have jurisdiction over the case in which there is some connection to the state. The majority of civil and criminal cases are handled by the state courts. State courts apply state laws to decide cases. They are common law cases. The state's constitution and legislation's are binding on them, if the need arises they also take the federal court into account. The decisions of the lower courts can be challenged in high courts.
Answer: 1000000000000000000
Explanation: use the calculate
Answer:
option (b) 9.5%
Explanation:
Data provided in the question:
Loan Amount = $2,000,000
Annual interest rate = 9%
Required compensating balance = $100,000
Now,
Effective interest rate(EIR)
= (loan × Annual interest on loan) ÷ (Loan - Required compensating balance)
= ($2,000,000 × 9% ) ÷ ( $2,000,000 - $100,000 )
= ($2,000,000 × 0.09 ) ÷ ( $1,900,000 )
= 0.0947 ≈ 0.095
or
= 0.095 × 100%
= 9.5%
Hence,
the answer is option (b) 9.5%
