All categories

3 years ago

Definition of average daily balance

Business

1 answer:

IgorLugansk [536]3 years ago

4 0

The credit card interest charges are calculated with the total amount due on a card at the end of the day.

You might be interested in

Which of the following would make it easier to maintain an effective collusive agreement in a cartel?

GalinKa [24]

Answer:

A decrease in the elasticity of demand for the cartel's product.

Explanation:

The cartel is under the control of companies operating in the same area. This is undesirable. It is concluded between businesses and these contracts prevent competition. Such arrangements are also prevented by governments, which aims to promote competition among governments across the country. This type of arrangement creates unity and demonstrates business behavior in activities that prevent other competitors from entering the sector.

Adverse effects on consumers include:

1) Higher prices - cartel members can raise prices, which reduces the demand elasticity of any member.

2) Lack of Transparency - Members may agree to hide prices or hide information such as hidden charges in credit card transactions.

3) Limited production - Members may agree to limit market production, such as OPEC and oil quotas.

4) Build Market - Cartel members can collectively divide a market into regions or regions and not compete in each other's territory.

4 0

3 years ago

A company had 6,950,000 net income for the year. Is net sales were 14,700,000 for the same period. Calculate its profit margin.

kobusy [5.1K]

0.46 or 46% hope this helps

5 0

3 years ago

Splish Inc. had pretax financial income of $139,400 in 2020. Included in the computation of that amount is insurance expense of

RoseWind [281]

Answer:

The Journal entry and their narrations is shown below:

Explanation:

The Journal entry is shown below:-

Income tax expenses Dr, $43,140

To income tax payable $40,140

To Deferred tax liability $3,000

(Being Income tax expenses for the year is recorded)

Working Note 1:-

Income as per tax purpose

Pretax financial income $139,400

Add: permanent difference

Disallowed insurance expenses $4,400

Less: Timing difference

Excess depreciation allowed $10,000

Income as per tax purpose $133,800

Working Note 2

Income tax payable

= Income tax rate × Income as per tax purposes

= 30% × $133,800

= $40,140

Working Note 3

Deferred tax liability = Timing difference × Tax rate

= $10,000 × 30%

= $3,000

6 0

3 years ago

24. ABC Corp. has a deferred tax asset account with a balance of $75,000 at the end of 2019 due to a single cumulative temporary

nevsk [136]

Answer:

The journal entries to prepare would be as follows:

Debit Credit

Deferred tax asset $5,000

Income tax expense $159,000

Income tax payable $164,000

Debit Credit

Income tax expense $25,000

Valuation Adjustement $25,000

Explanation:

The journal entries to prepare would be as follows:

Debit Credit

Deferred tax asset $5,000

Income tax expense $159,000

Income tax payable $164,000

Deferred tax asset=($400,000*20%)-$75,000

Deferred tax asset=$5,000

Income tax payable=$820,000*20%=$164,000

Income tax expense=$164,000-$5,000=$159,000

Debit Credit

Income tax expense $25,000

Valuation Adjustement $25,000

5 0

4 years ago

If you are in a car accident caused by someone else who also has insurance, which type of insurance plan will not require you to

lord [1]

Answer would be Either A or B

4 0

3 years ago