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The correct answer is <span>regressive income tax.
</span><span>Regressive income tax is the </span>type of income tax structure that exists in their country
Answer:
Equipment, credit, $229,100
Explanation:
we record the entry when we purchase the equipment is
we debit the equipment, and credit the cash/accounts payable depending on whether we paid the cash or purchased the equipment on account.
We debit the equipment because equipment is our asset, and when asset goes up we debit them. We credit the cash because again cash is our asset and when asset goes down we credit them.
Now at the time of disposal, we want to remove the asset from our balance sheet. Equipment is disposed now. In other words, equipment is our asset, and disposing the equipment means asset goes down, and we show this effect by credit the equipment.
Answer:
$55,000
Explanation:
For calculating the estimated ending inventory we required to do the following computations which are shown below:
Using cost method
Goods available for sale:
= Beginning inventory + Purchases
= $80,000 + $261,000
= $341,000
Using retail method
Goods available for sale:
= Beginning inventory + Purchases + Net markups - Net markdowns
= $130,000 + $500,000 + $25,000 - $35,000
= $620,000
Now
Cost to retail ratio = $341,000 ÷ $620,000
= 0.55
Now
Estimated ending inventory at retail
= Goods available for sale under Retail method - Net Sales revenue
= $620,000 - $520,000
= $100,000
So,
Estimated ending inventory
= Estimated ending inventory at retail × Cost to retail ratio
= $100,000 × 0.55
= $55,000
First, we calculate for the effective annual interest given the interest in the scenario.
ieff = (1 + i/m)^m - 1
Substituting the values,
ieff = (1 + 0.04/12)^12 - 1 = 0.0407
The effective interest is equal to 4.07%.
The future amount after 2 years,
F = ($6000) x (1.0407)^2 = $6498.86
Answer:
<h2>B</h2>
Explanation:
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