Answer:
Debit to interest expense for $4, 400
Explanation:
The journal entry is shown below:
Interest expense A/c Dr $4,400
Notes payable A/c Dr $10,808
To Cash A/c $15,208
(Being the due payment is recorded)
For due payment, we debited the interest expense and the notes payable account and credited the cash account as cash is paid for the first annual payment due on the note
Answer:
c. Report $10,000 revenue and expense | Disclose in the notes
Explanation:
Not-for-profit entities must report the fair value of all the goods they receive as donations. in this case, they would have to report the $10,000 worth of food received from a local supermarket. But they are not required to report the value of volunteer work, they only have to disclose it on the footnotes of their financial statements.
Answer:
B
Explanation:
b.the amount you get paid each week to work at the library
This is because human capital involves using humans to perform series and output and managing them only option b fall in that line
Answer:
The answer is below
Explanation:
Given that Section 1231 assets are a term that is used to describe the real or depreciable trading property acquired for more than a year. For example, landed property, buildings, etc.
Hence, in this case, the correct answer or statement to the question are:
1. If Section 1231 assets are sold and the taxpayer has a realized loss, the loss is a fully deductible ordinary loss
2. If Section 1231 assets held long-term are sold for a realized gain, the taxpayer has a potential long term capital gain that may be taxed at favorable capital gains rates but this result often does not occur
Answer:
It is more profitable to raise the selling price by $2.
Explanation:
To determine whether the company should raise the selling price, we need to determine the effect on income. <u>The best option is the one with the higher sales revenue.</u>
Sales revenue= selling price * number of units
<u>Current:</u>
Sales revenue= 5.5*2,200= $12,100
<u>Proposal:</u>
Sales revenue= 7.5*1,800= $13,500
It is more profitable to raise the selling price by $2.
