Definition:
Tax imposed by the government on the things which are harmful for the human health is termed as Sin Tax. For example, Tobacco products, drugs, cola drinks, gambling, fast food items etc.
Why it is mainly imposed:
It is imposed to increase the prices of the above given harmful products which consequently, might can be helpful in decreasing their consumption.
Answer:
Partners Dennis and Lilly have decided to liquidate their business. The following information is available:
Cash $100,000 Accounts Payable $100,000
Inventory $200,000 Dennis, Capital $120,000
Lilly, Capital $80,000
$300,000 $300,000
Dennis and Lilly share profits and losses in a 3:2 ratio. During the first month of liquidation, half the inventory is sold for $60,000, and $60,000 of the accounts payable is paid. During the second month, the rest of the inventory is sold for $45,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month.
1. Using a safe payments schedule, how much cash will be distributed to Dennis at the end of the first month?
a. $36,000
b. $64,000
c. $60,000
d. $24,000
2. Using a safe payments schedule, how much cash will be distributed to Lilly at the end of the first month?
a. $40,000
b. $24,000
c. $64,000
d. $16,000
A recession is when the inflation rate is low.. prices are falling dramatically in the market
Every day, Scientists work hard to come up with cures for auto immune disease; like rheumatoid arthritis.
Answer: The supervisor should compare the register transactions with the cash receipts report to make sure that both are correct.
Explanation:
The cash register shows the actual amount of money that is collected by the business during the day and the cash receipts journal records the cash collected.
There is therefore a need to ensure that these two tally up as a control method. The supervisors should therefore check for this and if they find that these two are not the same, it means that there is an error somewhere that needs to be rectified.
