Answer: $369,500
Explanation:
The Cost concept of accounting calls for the recording of Assets at their cost.
Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.
The seller countered with $369,500 and Clementine accepted this.
This means that Clementine bought the land for $369,500 which makes it the cost price.
They should therefore record it at $369,500.
Answer:
The bank will be able to lend:
$42,105,263 ($8 million/ 0.19)
Explanation:
The above amount which the bank can lend from the $8 million received from the Federal Reserve for a customer is a function of $8 million deposit in a customer's account and the reserve ratio. This is called the money multiplier.
The money multiplier is the amount of money that banks generate with each dollar of reserves. Reserves is the amount of deposits that the Federal Reserve requires banks to hold and not lend. The level of Reserves and deposit liabilities determine the amount a bank can lend out.
The process by which banks create more money than the physical money is called money creation. This shows that a bank creates more money in the economy through its lending activities.
Answer:
designing information systems
Explanation:
knowledge management system are system designed to managed the knowledge of a company. The design of IT Systems is not under it scope.
Answer and Explanation:
The journal entry to record the tax provision is given below:
Income tax expenses $48,840,000
Deferred tax assets ($10,900,000 ×0.40) $4,360,000
To Deferred tax liability (($15,900,000 + $1,900,000)×0.40) $7,120,000
To Income tax payable ($129,000,000 ×0.40) $51,600,000
(To record income tax expenses)
Here the income tax expense and deferred tax asset should be debited as it increased the asset and expenses and credited the liability & tax payable as it increased the liability
Answer:
Future value (FV) = $57,908
Present value (PV) = $8,860
Number of years (n) = 18 years
Interest rate = ?
FV = PV(1 + r)n
$57,908 = $8,860(1 + r)18
$57,908 = $8,860(1 + r)18
<u>$57,908</u> = (1 + r)18
$8,860
6.535891648 = (1 + r)18
18√6.535891648 = 1 + r
1.10993 - 1 = r
r = 0.10992 = 10.99%
Explanation:
In this case, we will apply the future value of a lump sum (single investment) formula. The present value, future value and number of years are given with the exception of interest rate. Thus, interest rate is made the subject of the formula.
