Answer: A) Income Summary
Explanation:
The Income Summary account is used to compile temporary accounts before posting them to capital accounts. Revenues, Expenses and Cost of Goods are temporary accounts which will be compiled in the Income summary account.
The Income summary account has a debit and a credit side with income going on the credit side and expenses going on the debit side. If the credit side is higher than the debit side then profits have been made. The reverse is true.
The correct answer is A) Have more debt than they can pay because there are laws, generally by the state, that limit when people can file for bankruptcy. You are not allowed to file for bankruptcy unless you are unable to afford your debts. Choices B, C, and D, along with being illegal, are also unethical, especially in terms of business.
Answer: d. Entire initial investment will not be recovered.
Explanation:
The Payback period by definition is the amount of time it will take a Project to recover the initial investment into it. For example, if a project had an investment of $20 million and made $5 million every year, the Payback period would be 4 years.
Now, if the amount of time it will take to recover an investment is longer than the expected amount of time the project will run (expected useful life) then logically speaking that would mean that the Investment would not be entirely recovered because the project will be done before it can pay off the investment hence Option D is correct.
A house is generally considered an appreciating asset because it may increase in value over time. Appreciation is an increase in the value of an asset over time. The increase of the value of the house may occur for a number of reasons, including increased demand or weakening supply, or as a result of changes in inflation or interest rates. One example would be: the neighborhood became very famous, so the value of the houses there will increase, because the demand will increase.
Answer:
B. $8293.75
Step-by-step explanation:
<em>On first $9 225:</em>
Tax = $9225 × 0.10 = $ 922.50
<em>On next $28 225:
</em>
Tax = $28 225 × 0.15 = 4233.75
<em>On last $12 550</em>:
Tax = <u>$12 550</u> × 0.25 = <u> 3137.50
</u>
$50 000 $8293.75
This isn't exactly the same as on your answer key.
