Answer:
The amount of interest revenue that should be recorded for year 1 is $20.
Explanation:
- A note otherwise known as promissory note is an unconditional written promise by a borrower to a lender (payee) to pay a certain agreed sum at a specific date.
- The interest revenue on notes receivable is calculated by Principal x Interest rate x Time period
- In the case of ABC, Inc., the interest revenue to be recorded for year 1 (November 1 - December 31) is calculated as follows: $1,500 x 8%/12 = $10 monthly. For the 2 months, it is $10 x 2 months = $20.
Answer:
b. $100,000
Explanation:
Provided information
Beginning balance of account receivable = $25,000
Collection from customers = $100,000
Ending balance of account receivable = $15,000
Since we have to find out the gross taxable income, so we considered only the collection from customers as this is the amount which is received and therefore, it has come under the gross taxable income i.e $100,000.
Answer: Dirty float system.
Explanation:
The dirty float system is also knowns as "managed float".
It is a floating exchange rate in which the central bank of a particular country steps in occasionally to alter the pace at which the country's currency change value. In this system, the central bank acts to prevent external economics shock and guide against its disruptive effect on the domestic economy.
Answer:
$11,000
Explanation:
Data provided as per the requirement of net income for year 1 is here below:-
Provided consulting services = $50,000
Paid rent expense = $12,000
Paid employees salaries = $27,000
The computation of net income for Year 1 is shown below:-
Net income for Year 1 = Service revenue - Rent expense - Salary expenses
= $50,000 - $12,000 - $27,000
= $11,000
Therefore for computing the Net income for Year 1 we simply applied the above formula.
Answer:
False
Explanation:
When interpreting correlation, it is important to remember that correlation does not equal causation. We would only be able to conclude that a part of the variation in one of the variables (as measured by its variance) can be considered as being due to its relationship with the other variable.
