Answer:
a. Michael's personal assets are not recorded on the company's balance sheet:
Explanation:
the question in incomplete, so I looked it up:
Michael McNamee is the proprietor of a property management company, Apartment Exchange, near the campus of Penscola State College. The business has cash of $8,000 and furniture that cost $9,000 and has a market value of $13,000. The business debts include accounts payable of $6,000. Michael's personal home is valued at $400,000, and his personal bank account has a balance of $1,200. Identify the principle or assumption that best matches the situation:
In accounting, the economic entity principle states that a company's financial records are separate and distinct from the financial records of its owners. Even though Michael is the owner of company, his personal assets should not be included in the company's financial statements.
Answer:
Explanation:
To calculate the<em> tip</em> you must multiply the bill by the percentage and divide by 100.
This is:
- Tip = % tip × final bill / 100
- Tip = 20% × $92.50 / 100 = $18.50 ← answer
Then, Chav should leave $18.50 for a <em>20% tip.</em>
Also, notice that when you receive the bill you should find the total before taxes and calculate the tip over such total without taxes.
In this problem, you are only given the final bill, then you cannot discriminate the value of the meal as such so you use the total value of the bill.
Answer: $6,000
Explanation:
Maria is a citizen and resident of Mexico so the only way the U.S. can tax Maria is by taxing income that is in U.S. jurisdiction before it comes to Maria.
This will include the dividend from ownership of stock in a U.S. Corporation, the interest from a U.S. company issued bond and rental income from a property located in the U.S.
The U.S. will be unable to tax the capital gain from sale of stock however because the sale might not be conducted in the U.S.
Income subject to U.S. taxation is therefore:
= 1,000 + 2,000 + 3,000
= $6,000
