Answer:
Explanation:
Joint tenancy is a lawful course of action in which at least two individuals possess a property together, each with equivalent rights and commitments. When one of the proprietors in a joint tenure dies, that proprietor's interest in the property goes to the survivors without the property experiencing the courts.
Answer:
B) $125,000
Explanation:
Price discrimination strategy refers to charging each customer the maximum amount of money he/she is willing to pay for a product.
In this case, the concert promoters should charge $150 per ticket to 1,000 die hard fans = $150,000 in revenue.
Then it should charge only $50 per ticket to 500 casual fans = $25,000 in revenue.
Total revenue = $150,000 + $25,000 = $175,000
<u>minus total costs = ($50,000) </u>
Net income = $125,000
D.) An account earning interest compounded daily.
This is the account that would have the greatest accumulated value at the end of one year.
Let us assume the following figures.
Principal = 1,000
Interest rate = 12% p.a.
Term 1 year
a) account earning no interest = 1,000
b) account earning simple interest
S.I. = 1,000 x 12% x 1 = 120
Balance = 1000 + 120= 1,120
c) account earning interest compounded annually
FV = 1,000 (1+.12)¹
FV = 1,000 (1.12)
FV = 1,120
d) account compounded daily
FV = 1,000 (1 + .12/365)³⁶⁵
FV = 1,000 (1 + 0.00033)³⁶⁵
FV = 1,000 (1.00033)³⁶⁵
FV = 1,000 (1.128)
FV = 1,128
<span>1. When John received his W2, he received several copies. Why was he sent multiple copies of this form?
The different copies are for John and each tax return he may file
2. Who sent John this W-2?
John's employer - ProperLiving Widget Engineering & Design
3. How much did John make in wages in the 2014 tax year? (assuming this was John's only job)
I do not know
4. How much did John 'take home' in net pay? (assuming this was John's only job)
I do not know
5. How much did John save in his 401(k) in the 2014 tax year?
I do not know
6. Assume your employer provides health care insurance and deducts your portion of the premiums from your paycheck with pre-tax dollars. Are your health insurance premiums federally tax deductible?
Yes
8. Select what would happen to your 1) taxable income and 2) tax liability when you are able to claim a deduction such as student loan interest?
1) lower 2) higher
9. Which are tax deductible?
Student loan payments
</span>
Answer:
Net amount of accounts receivable that should be included in current assets:
= Accounts receivable - Allowance for doubtful accounts
= $256,000 - $8,000
= $248,000
The journal entry is as follows:
Bad debt expense[$8,000 - $1,000] A/c Dr. $7,000
To Allowance for doubtful accounts $7,000
(To record the bad debt expense)
