Answer:
Annual depreciation = $44,400
Explanation:
Given,
Purchase price of the delivery van = $111,000
Salvage value = $11,400
Useful Life = 5 years
We know that
annual depreciation under double declining balance (%) = (100%/useful life)*2
Putting the value in the formula, Annual depreciation (%) = (100%/5)*2
= 40%
Annual depreciation = Purchase Price*Percentage of annual depreciation
Annual depreciation = $111,000*40% = $44,400
Answer:
lower; higher.
Explanation:
Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.
The different types of tax include the following;
1. Income tax: a tax on the money made by workers in the state. This type of tax is paid by employees with respect to the amount of money they receive as their wages or salary.
2. Property tax: a tax based on the value of a person's home or business. It is mainly taxed on physical assets or properties such as land, building, cars, business, etc.
3. Sales tax: a tax that is a percent of the price of goods sold in retail stores. It is being paid by the consumers (buyers) of finished goods and services and then, transfered to the appropriate authorities by the seller.
Generally, installment sales are permitted or allowed by the tax laws in a country. Typically, they are recognized in the year of sale for the purpose of financial reporting. Also, installment sales for any goods or services are to be reported in the tax return, at a later time when cash is received from the customer (buyer).
This results in a deferred tax liability because taxable income is lower than financial income in the year of sale, and higher than financial income in later years when collected.
<span>A public debt owed to foreigners can be burdensome because B) payment of interest reduces the volume of goods. This can usually be seen illustrated in the form of a nation lending another nation money. The debt is public because the whole nation takes it on. The lending nation then is lacking in terms of use by the lending nation.</span>
Answer:
12.68250%.
Formula:
Basic formula for compound interest:
At = A0(1+r)n
where:
A0 : principal amount, or initial investment
At : amount after time t
r : interest rate
n : number of compounding periods, usually expressed in years
Answer:
General Journal Debit Credit
1 Cash 2600
Unearned revenue 2600
(To record gift cards sold)
2 Unearned revenue 832
Sales tax payable 32
Sales revenue 800
(To record gift cards redeemed)
