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Citrus2011 [14]
3 years ago
9

Mr. Morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. He has a mortgage of $910 a month and pay

s $175 a month for utilities. Mr. Morgan owns a rental property for which he receives $680 per month.
Which is a liability?
the yearly salary
the commission
the mortgage
the rental property
Business
2 answers:
Ainat [17]3 years ago
6 0

Answer:

C. The Mortgage

Explanation:

Correct on edge

Semmy [17]3 years ago
5 0

Answer:

the mortgage.

Explanation:

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Answer: It has 1 milion dollars in required reserves

Explanation:

Tot. Res = Vault cash + Deposit with Federal Reserve

Tot. Res = 2 million dollars + 8 million dollars = 10 million dollars

Total reserves are the sum of excess reserves and required reserves .

Tot. Res. = Exce. Res. + Req. Res.

10 million dollars = 9 million dollars = Req. Res.

Req. Res. = 10 million dollars- 9 million dollars.

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3 years ago
On November 1, 2021, Aviation Training Corp. borrows $48,000 cash from Community Savings and Loan. Aviation Training signs a thr
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Answer:

Explanation:

The journal entries are shown below:

(A) Cash A/c Dr $48,000

             To Notes payable A/c $48,000

(Being note is issued for cash)

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              To Interest payable A/c $480

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The computation is shown below:

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= $48,000 × 6% × (2 months ÷ 12 months)

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The 2 months is calculated from November 1 to December 31

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The computation is shown below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

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