Is it true that accounting has its own language?

A wealthy individual has set up a grat. should she die during the time the trust is active, how are the remaining assets in the

Leto [7]

A wealthy individual has set up a grat. should she die during the time the trust is active, the original value plus any appreciation is taxed as part of the grantor's estate.

Taxes are mandatory contributions levied on individuals or groups through a central authority entity—whether or not neighborhood, local, or countrywide. Tax sales finance authorities sports, together with public works and offerings which includes roads and colleges, or programs including Social security and Medicare.

A tax is a mandatory fee or financial rate levied by using any authority on a man or woman or a company to accumulate revenue for public works supplying quality facilities and infrastructure. The amassed fund is then used to fund different public expenditure applications.

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4 0

1 year ago

38) A lottery ticket states that you will receive $250 every year for the next ten years. a. What is the present value of the wi

Stells [14]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

A lottery ticket states that you will receive $250 every year for the next ten years.

A) i=0.06 ordinary annuity

PV= FV/(1+i)^n

FV= {A*[(1+i)^n-1]}/i

A= annual payment

FV= {250*[(1.06^10)-1]}/0.06= $3,295.20

PV= 3,295.20/1.06^10=1,840.02

B) i=0.06 annuity due (beginning of the year)

FV= 3,295.20 + [(250*1.06^10)-1]= $3492.91

PV= 3492.91/1.06^10= $1,950.42

C) The interest gets compounded for one more period in an annuity due.

5 0

2 years ago

What action is key to success in online learning?

BabaBlast [244]

Studying. Never stop studying, going over your work twice, and double checking.

3 0

2 years ago

Read 2 more answers

The ideas of Adam Smith and Karl Marx 1. ___ used the metaphor of the "invisible hand" to: a. Describe how the individual pursui

melisa1 [442]

Answer: 1. A - Describe how the individual pursuit of self-interest works to promote the interest of the public as a whole

2. A- Both Adam Smith and Karl Marx believed that humans are motivated by self-interest

Explanation:

1. According to Adam Smith who is known as the father of modern economics stated in his thesis that individual's self-interest and freedom of production as well as consumption is in the best interest of the society as a whole.

Each Individual's free exchange creates signals about which goods and services are valuable. These signals will spontaneously direct competing consumers, producers, distributors, and intermediaries—each pursuing their individual plans— to fulfill the needs and desires of others.

Smith’s invisible hand became one of the primary justifications for an economic system of free market capitalism.

2. Pairing that best describes Adam Smith's view of human motivation in a market economy and Karl Marx's view of human motivation in a communist economy: Both Adam Smith and Karl Marx believed that humans are motivated by self-interest as they both believe that the economy is a capitalist economy that all its good and services are in the hands of private individuals.

7 0

2 years ago

On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred R

Aleksandr [31]

Answer:

Red Flash Photography

a. Journal Entries:

1. Feb. 15:

Debit Cash $33,000

Credit Common Stock $33,000

2. May 20:

Debit Cash $48,000

Debit Accounts Receivable $43,000

Credit Service Revenue $91,000

3. Aug. 31:

Debit Salaries Expense $36,000

Credit Cash $36,000

4. Oct. 1:

Debit Prepaid Rent $25,000

Credit Cash $25,000

5. Nov. 17:

Debit Supplies $35,000

Credit Account Payable $35,000

6. Dec. 30:

Debit Dividends $3,300

Credit Cash $3,300

b. Adjusting Journal Entries:

a. Debit Salaries Expense $5,300

Credit Salaries Payable $5,300

b. Debit Rent Expense $6,250

Credit Prepaid Rent $6,250

c. Debit Supplies Expense $38,000

Credit Supplies $38,000

d. Debit Deferred Revenue $6,300

Credit Service Revenue $6,300

c. Income Statement for the year ended December 31, 2022:

Service Revenue $97,300

Salaries Expense 41,300

Rent Expense 6,250

Supplies Expense 38,000

Dividends 3,300 $88,850

Net Income $8,450

d. Statement of Stockholders' Equity

For the year ended December 31, 2022:

Common Stock $96,000

Beginning retained earnings 38,000

Net Income 8,450

Dividends (3,300)

Ending Equity $139,150

Explanation:

a) Data and Calculations:

Trial balance

Account Titles Debit Credit

Cash $25,000

Supplies $9,300

Land $73,000

Deferred Revenue $6,300

Common Stock $63,000

Retained Earnings $38,000

Totals $107,300 $107,300

Analysis of Transactions:

1. Feb. 15: Cash $33,000 Common Stock $33,000

2. May 20: Cash $48,000 Accounts Receivable $43,000 Service Revenue $91,000

3. Aus. 31: Salaries Expense $36,000 Cash $36,000

4. Oct. 1: Prepaid Rent $25,000 Cash $25,000

5. Nov. 17: Supplies $35,000 Account Payable $35,000

6. Dec. 30: Dividends $3,300 Cash $3,300

Adjustments:

a. Salaries Expense $5,300 Salaries Payable $5,300

b. Rent Expense $6,250 Prepaid Rent $6,250

c. Supplies Expense $38,000 Supplies $38,000 ($9,300+35,000-6,300)

d. Deferred Revenue $6,300 Service Revenue $6,300

T-accounts:

Cash

Account Titles Debit Credit

Beginning balance $25,000

Common stock 33,000

Service Revenue 48,000

Salaries $36,000

Prepaid Rent 25,000

Dividends 3,300

Ending balance 41,700

Prepaid Rent

Account Titles Debit Credit

Cash $25,000

Rent Expense $6,250

Ending balance 18,750

Accounts Receivable

Account Titles Debit Credit

Service Revenue $43,000

Supplies

Account Titles Debit Credit

Beginning balance $9,300

Accounts payable 35,000

Supplies Expense $38,000

Ending balance $6,300

Land

Account Titles Debit Credit

Beginning balance $73,000

Deferred Revenue

Account Titles Debit Credit

Beginning balance $6,300

Service Revenue $6,300

Accounts Payable

Account Titles Debit Credit

Supplies $35,000

Salaries Payable

Account Titles Debit Credit

Salaries expense $5,300

Common Stock

Account Titles Debit Credit

Beginning balance $63,000

Cash 33,000

Ending balance $96,000

Retained Earnings

Account Titles Debit Credit

Beginning balance $38,000

Service Revenue

Account Titles Debit Credit

Cash $48,000

Accounts Receivable 43,000

Deferred Revenue 6,300

Income Summary $97,300

Salaries Expense

Account Titles Debit Credit

Cash $36,000

Salaries Payable 5,300

Income Summary $41,300

Rent Expense

Account Titles Debit Credit

Prepaid Rent $6,250

Income Summary $6,250

Supplies Expense

Account Titles Debit Credit

Supplies $38,000

Income Summary $38,000

Dividends

Account Titles Debit Credit

Cash $3,300

Retained earnings $3,300

Adjusted Trial Balance

Account Titles Debit Credit

Cash $41,700

Prepaid Rent 18,750

Accounts receivable 43,000

Supplies 6,300

Land 73,000

Accounts payable $35,000

Salaries payable 5,300

Common Stock 96,000

Retained earnings 38,000

Service Revenue 97,300

Salaries Expense 41,300

Rent Expense 6,250

Supplies Expense 38,000

Dividends 3,300

Totals $271,600 $271,600

7 0

2 years ago