Ask question

Ask question

All categories

3 years ago

7

He wishes to invest $21,000 in an annuity that will make a level payment at the end of each year until his death. if the interes

t rate is 8.5%, what income can mr. basset expect to receive each year?

1 answer:

notsponge [240]3 years ago

8 0

#justiceforbarb #StrangerThings #timesup #callmemills

You might be interested in

Carla Corporation owns machinery that cost $24,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $

liberstina [14]

Answer:

a. Journal entries to update depreciation for 2021:

Debit Depreciation expense $1,984

Credit Accumulated depreciation account $1,984

b. Journal entries to record the sale:

Debit Cash $13,020

Debit Accumulated depreciation account $12,400

Credit Gain on asset disposal $620

Credit Machinery asset $24,800

Explanation:

a. Depreciation of the machinery has been recorded at a rate of $2,976 per year.

Depreciation per month = $2,976/12 = $248. In 2021, the machinery is used from Jan 1 to August 31 (8 months).

Depreciation expense for 2021 = $248 x 8 = $1,984

Journal entries to update depreciation for 2021:

Debit Depreciation expense $1,984

Credit Accumulated depreciation account $1,984

b.

Accumulated depreciation account at December 31, 2020 has credit balance of $12,400 ($10,416 + $1,984 = $12,400)

The carrying amount of the machinery = Cost of the machinery - Accumulated depreciation = $24,800 - $12,400 = $12,400

Sales price - Carrying amount of the machinery = $13,020 - $12,400 = $620>0

The company recognizes gain on the sale. Journal entries to record the sale:

Debit Cash $13,020

Debit Accumulated depreciation account $12,400

Credit Gain on asset disposal $620

Credit Machinery asset $24,800

8 0

3 years ago

What is marketing<br>please answer if u know,i will mark brainiest

adoni [48]

Answer:

Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company.

hope it helps!

6 0

3 years ago

Determine what the net income or loss Use the business transactions below to: 1. Stockholders invest $40,000 in cash in starting

Angelina_Jolie [31]

Answer:

the question is incomplete, so I looked for a similar one:

Real estate commissions billed to clients amount to $4,000. Paid $700 in cash for the current month's rent. Paid $250 cash on account for office supplies purchased in transaction 2. Received a bill for $800 for advertising for the current month. Paid $2,500 cash for office salaries. Paid $1,200 cash dividends to stockholders. Received a check for $2,000 from a client in payment on account for commissions billed

<u>Income statement</u>

Service revenue $4,000

Operating expenses:

Rent $700
Advertising $800
Office salaries $2,500 <u>($4,000)</u>

Net income $0

Accrual accounting recognizes both expenses and revenues when they occur, not when a cash flow is associated to them. E.g. even though only $2,000 were paid by clients, the whole $4,000 must be considered revenue.

7 0

3 years ago

true or false? if a currency is experiencing relatively high inflation, then its buying power is decreasing and international in

sdas [7]

True, When a currency is experiencing high inflation, then it’s buying power is decreasing, and investors like me will not want to hold it.

7 0

1 year ago

Suppose you are an astronaut making a space walk outside your space station and your jet pack runs out of fuel. How can you use

Komok [63]

<span> Take it off and throw it in a direction directly away from the station
</span>

8 0

3 years ago