Answer:
$71,300
Explanation:
Stuart and Pamela Gibson
Casualty loss $13,600
[$48,600 – (10% × $350,000)]
Home mortgage interest 19,000
State tax 10,000
(18,000 income and 16,300 property
Limited to 10,000)
Charitable Contributions 28,700
Total itemized deductions 71,300
Answer:
the amount of its liabilities is $285,000
Explanation:
From the Accounting Equation, we know that :
Assets - Liabilities = Equity
Therefore,
Liabilities = Assets - Equity
= $710,000 - $425,000
= $285,000
Answer:
C.
Explanation:
The lender lawfully denied the application because the applicant was under 18 and therefore was too young to legally sign a contract.
A 16 year old is not up to the age to sign a contract and even at that Every lender has their own requirements for approving a loan. And for a person who is just 16 getting a loan approval is going to be near impossible except it is done with the cosignature of a parent. This is because several checks are usually done before a loan is approved and a 16 year old may not pass all of them.
Answer:
It will take 51 months.
Explanation:
As we know the constant payment of $290 monthly is the annuity payment to pay $12,000 with interest rate of 0.84% per month. The Number of Months can be calculated by following formula.
Loan amount = PV = $12,000
Rate of interest = r = 0.84 %
Monthly Payment = P = $290
PV of annuity = P x [ ( 1- ( 1+ r )^-n ) / r ]
$12,000 = $290 x [ ( 1 - ( 1 + 0.84% )^-n / 0.84% ]
$12000 x 0.84% / $290 = 1 - ( 1 + 0.84% )^-n
0.347586 = 1 - ( 1 + 0.84% )^-n
0.347586 - 1 = - ( 1 + 0.84% )^-n
-0.652414 = - ( 1 + 0.84% )^-n
1 / 0.652414 = 1.0084^n
1.532769 = 1.0084^n
Log 1.532769 = n x log 1.0084
n = Log 1.532769 / log 1.0084
n = 51
Suppose there is a decrease in the price of butter.There will be an increase in demand for bread.
<h3>Option (B) is correct</h3>
<u>Explanation:</u>
Bread and butter are complementary goods. They are demanded and consumed together. So their demand are positively correlated which means an increase in demand of one will lead to the same increase the demand of other
If the Price of butter decreases, it will lead to an increase in the demand for butter. With the increasing demand for butter, the demand for bread will automatically increase. Both demands will move in the same direction.
