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Lostsunrise [7]
3 years ago
7

Which of the following constitutes constructive receipt in the current year ended December​ 31?a. A salary check received at​ 6:

00 p.m. on December​ 31, after all the banks have closed.b. A rent check received on December 30 by the manager of an apartment complex. The manager normally collects the rent for the owner. The owner was out of town.c. A paycheck received on December 29 that was not honored by the bank because the​ employer's account did not have sufficient funds.d. A check received on December 30. The check was postdated January 2 of the following year.e. A check received on January 2. The check had been mailed on December 30.
Business
1 answer:
zubka84 [21]3 years ago
6 0

Answer:

a. A salary check received at​ 6:00 p.m. on December​ 31, after all the banks have closed.

b. A rent check received on December 30 by the manager of an apartment complex. The manager normally collects the rent for the owner. The owner was out of town.

Explanation:

The principle of constructive receipt is determined by when the person who receives the income had control over it. An individual or company is considered to have control over income when it is credited to that person or company. Basically, it's when you could spend that income if you wanted, even if you don't spend it.

From the principle of constructive receipt in the above paragraph, only option a (A salary check received at​ 6:00 p.m. on December​ 31, after all the banks have closed.) and b ( A rent check received on December 30 by the manager of an apartment complex. The manager normally collects the rent for the owner. The owner was out of town.) fall within the category. The other three options, the person is unable to spend the check even if they wanted to, until after December 31.

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Low savings rate means that current consumption is very large, and that benefits economic growth on the short run (very short run, like 1 or 2 years), but future economic growth will suffer from it.

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