Answer:
$28,317.88.
Explanation:
The annual payment, PMT can be determined using a financial calculator as follows :
PV = $300,000
N = 20
P/YR = 1
R = 7.00 %
FV = $0
PMT = ?
Using a financial calculator, the annual payment, PMT is $28,317.88.
Answer:
June 10
Debit Purchases for $9,000: Gross method
June 30
Debit Discounts lost for $180: Net method
June 30
Credit Cash for $9,000 : Both methods
Explanation:
To Illustrate the required journal entries to record and pay for this purchase under the GROSS METHOD and NET METHODS by matching the action on the left with the method on the right using a PERIODIC INVENTORY SYSTEM.
June 10
Debit Purchases for $9,000: Gross method
June 30
Debit Discounts lost for $180: Net method
(2%*$9,000)
June 30
Credit Cash for $9,000 : Both methods
Answer:
c. $10,340
Explanation:
For year 2018, the deduction for medical expense is amount of qualified medical expense that exceeds 7.5% of AGI.
Expenditure Richard can deduct as medical expense = $5300 + $7900 + $5100 + $830 + $960 - 7.5% * $130000
= $10,340
As such option c is correct and other options a, b, d and e are incorrect.
Answer: must be in writing because it benefits McGregor.
Explanation:
From the question, we are told that Country Farm Supply applies for a business loan from Farmers Credit Co-Op. We are also aware that Country Farm Supply owes McGregor money under another business deal, and that McGregor wants to help Country Farm Supply get the loan so that it will be able to stay in business to pay him back, McGregor promises Farmer's Credit Co-Op that he will repay the loan if Country Farm Supply does not.
Therefore to be enforceable, McGregor's promise must be in writing because it benefits him. The the deal is between Farmer's Credit Co-Op and McGregor, hence, the promise must be in writing because this will make it valid and also applicable for future purpose in case McGregor isn't able to repay the loan he took .
Answer:
The methods allowed by the IFRS for valuing property, plant, and equipment are: b. historic cost and fair value.
Explanation:
IAS 16 in IFRS deals with Valuation of Property, Plant, and Equipment.
The method of subsequent measurement of Property, Plant, and Equipment allowed by the standars are Historic Cost and Fair Value (Revaluation)
