The eu became an economic union when the ___

A revenue account is increased by debits. is decreased by credits. has a normal balance of a debit. is increased by credits.

Elenna [48]

Answer: is increased by credits

Explanation:

Revenue accounts are increased by credits because they are an equity account and equity accounts increase by credit. This is because the corresponding entry would be an asset such as cash and as the asset has to increase by being debited, revenue must be increased by credit.

Other accounts that are increased by credit include liabilities. Accounts that increase by debits apart from assets include purchases and expenses.

5 0

3 years ago

Bhat and Cho do business as Data Security, a partnership. In most states, for the purposes of collecting judgments and having ac

AnnZ [28]

The fact that the business that Bhat and Cho do as Data Security, means that for the purpose of collecting judgements and having accounting performed, most states would treat the firm as an <u>independent entity.</u>

<h3>What is an independent entity?</h3><h3 />

An independent entity is one that does not get counted along with the assets of its owners or partners. In other words, it is independent of the affairs of its owners and is treated as having its own identity.

In this case, the Data Security partnership that Bhat and Cho have will be treated as a separate entity from them which makes it an independent entity.

This is purely for the purpose of collecting judgement and having proper accounting records kept. And even at that, not all states in the United States will require this.

In conclusion, this is an independent entity.

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4 0

2 years ago

Two groups have different uses for a local field. A bird watching society enjoys studying the ground-nesting swallows that visit

Morgarella [4.7K]

The optimal use of the field during summer season is to provide the field to the bird watching society.

The optimal use of the field during summer season is to avoid the mountain bike camp and allow the bird watching society to enjoys studying the ground nesting swallows that visit each summer because bike camp can be planned at any other location.

But the birds can't nested except this place so the field should allow the bird watching society to enjoys studying the ground nesting swallows on the field so we can conclude that the optimal use of the field during summer season is to provide the field to the bird watching society.

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4 0

3 years ago

You are planning to save for retirement over the next 25 years. To do this, you will invest $760 a month in a stock account and

Kisachek [45]

Answer:

The amount that you can withdraw each month from your account assuming a 20-year withdrawal period is:

= $8,860.36.

Explanation:

a) The future value of $760 invested monthly at 9.6% per annum for 25 years is:

= $949,787.51

b) The future value of $360 invested monthly at 5.6% per annum for 25 years is:

= $235,764.89

c) Total future value of savings = $1,185,552.40 ($949,787.51 + $235,764.89)

d) The amount that can be withdrawn monthly = $8,860.36

See calculations below:

N (# of periods) 300

I/Y (Interest per year) 9.6

PV (Present Value) 0

PMT (Periodic Payment) 760

Results

FV = $949,787.51

Sum of all periodic payments $228,000.00

Total Interest $721,787.51

N (# of periods) 300

I/Y (Interest per year) 5.6

PV (Present Value) 0

PMT (Periodic Payment) 360

Results

FV = $235,764.89

Sum of all periodic payments $108,000.00

Total Interest $127,764.89

N (# of periods) 240

I/Y (Interest per year) 6.6

PV (Present Value) 1185552.40

FV (Future Value) 0

Results

PMT = $8,860.36

Sum of all periodic payments $2,126,487.18

Total Interest $940,934.78

8 0

3 years ago

Tom Tom LLC purchased a rental house and land during the current year for $150,000. The purchase price was allocated as follows:

Anika [276]

Answer:

correct option is B.$2,273

Explanation:

given data

purchased = $150,000

building = $100,000

land = $50,000

to find out

Tom's maximum depreciation for this first year

solution

we will apply here The mid month convention applies

and recovery period for Residential property = 27.5-year

maximum depreciation will be here as

maximum depreciation = $100,000 × 2.273%

maximum depreciation = $100,000 × 0.02273

maximum depreciation = $2,273

so correct option is B.$2,273

5 0

4 years ago

The eu became an economic union when the ____ went into effect in 1993.