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Nitella [24]
3 years ago
14

Perle, a dentist, billed Wood $600 for dental services. Wood paid Perle $200 cash and built a bookcase for Perle’s office in ful

l settlement of the bill. Wood sells comparable bookcases for $350. What amount should Perle include in taxable income as a result of this transaction?
Business
1 answer:
Naddika [18.5K]3 years ago
7 0

Answer:$600

Explanation:

The full amount of$600 will be credited to Perle as his service income on completion of the dental services and debited to wood account as a debtor.

The $200 will reduce the debt to $400 , the $400 which will be recorded through a journal by debiting bookcase and crediting Wood.

Narration. Recognition of bookcase built as debt payment.

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The amount a borrower pays for a loan is called
ololo11 [35]

Answer:

Interest

Explanation:

hope this helps<3

8 0
3 years ago
The primary difference between a periodic and perpetual inventory system is that a periodic systemA)keeps a record showing the i
pishuonlain [190]

Answer:

D)determines the inventory on hand only at the end of the accounting period.

Explanation:

Due to the fact of <em>inflation, </em>change of prices over time, a periodic inventory system does not provide a better record over the cost of inventory because it is only determined once in the accounting period, usually at the end of it.

Meanwhile, a perpetual inventory system keeps a record showing the inventory at all time. That is every time a sale is made, cost of goods sold (cogs) is determined.

So if a business does not need to wait until the end of the accounting period to check (cogs),  it is better to use a perpetual system.

5 0
3 years ago
Say the reserve requirement is 20 percent. If you pay back a loan of $10,000 a bank had previously made to you, the act of payin
otez555 [7]

Answer:

a. adds $10,000 in bank reserves.

Explanation:

Given that

Reserve requirement is 20%

Now if you want to pay back the loan of $10,000 so here the act of paying back the loan is that the amount of loan i.e. $10,00 would get added to the bank reserves

Therefore as per the given situation, the option a is correct

And, the same is to be considered

Thus, all the other options are incorrect

4 0
3 years ago
The financial services department of your company offers a competitive leadership program. After screening and interviewing all
zmey [24]

Answer:

The correct answer is: Formal.  

Explanation:

<em>Leadership programs</em> within companies are provided to prospective employees who have the potential of following a managerial path career within the organization. They are possibly already seen as leaders within their departments but the training could help them whether to polish some of their skills or to learn how to better lead.  

Thus, invitation letters to the participants of leadership programs should be written following a <em>formal </em>coding.

5 0
3 years ago
An investor purchases a stock for $39 and a put for $0.55 with a strike price of $32. The investor sells a call for $0.55 with a
Archy [21]

Answer:

The maximum profit and loss for this position is $3 and -$7 respectively

Explanation:

The computations are shown below:

For maximum profit:

= Strike price at the sale - stock price + put price - call price

= $42 - $39 + $0.55 - $0.55

= $3

For maximum loss:

= Strike price at purchase - stock price + put price - call price

= $32 - $39 + $0.55 - $0.55

= -$7

Simply we take the difference between the strike price ,and the stock price and after that the put and call price are adjusted

3 0
3 years ago
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