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Lesechka [4]
3 years ago
9

Use the following list of accounts for Milner's Star Express Cleaning Service. Cash $2,026 Fees Earned 13,835 Accounts Payable 7

,530 D. Milner, Capital January 1, 20-- 6,000 D. Milner, Drawing 1,750 Utilities Expense 153 Prepaid Insurance 1,216 Rent Expense 1,200 Accounts Receivable 4,080 Equipment 15,290 Wages Expense 1,650 Required: 1. Prepare an income statement for the year ended December 31, 20--. Milner's Star Express Cleaning Service Income Statement For the Year Ended December 31, 20--
Business
1 answer:
Marysya12 [62]3 years ago
3 0

Answer:

                 Milner's Star Express Cleaning

Income Statement For the Year Ended December 31, 20--

Fees Earned                   13,835

Utilities Expense   153

Rent Expense    1,200

Wages Expense 1,650  

total expenses              <u>   3,003   </u>

net income                      10,832

Explanation:

We will subtract the expenses account from the fees earned to get net income

The other accounts will be ignores as they are not used in the calculations for the net income

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Patrick has a written independent contractor agreement with his broker Tami. Last year, about 25% of his income came from sales
melomori [17]

Answer:

The correct answer here is C) an employee .

Explanation:

Even though Patrick has written independent contract agreement with his broker, he will be considered an employee not independent contractor because Patrick is earning 75% of his total income from his broker on a hourly wage and that is paid to him on normal pay date , while the independent contractors are paid when the accounts payable receives the invoice, usually independent contractors are paid after the completion of task or at the end of a period.

7 0
4 years ago
Read 2 more answers
It takes 11.553 years for an initial investment to double at an annual force of interest δ. How long will it take for an initial
Triss [41]

Answer:

It will take 18.041 years to triple the investment.

Explanation:

(1+\delta )^{11.553} =2 \\

We need to solve for delta:

\delta = \sqrt[11.5530]{2} -1

delta = 0.06183353

now solve for this rate compounding twice per year to triple the investment:

(1+0.06183353/2 )^{n*2} =3 \\

we use logarithmics properties and solve for n:

[tex]2 \times n= \frac{log3}{log(1+06183353/2)

n = 18.04051743

It will take 18.041 years to triple the investment.

3 0
4 years ago
Anne is comparing savings accounts. One account has an interest rate of 1.2 percent compounded yearly, and one account has an in
dexar [7]

Answer:

the account that earns 1.2 percent compounded monthly

Explanation:

We are talking about how many money will be earned in interested, which means that the higher percentage in a shorter period of time will earn a higher amount of money.

6 0
4 years ago
1. candidate recalls all the good things he has done, omitting facts that would justify his defeat debating team 2. impression t
ehidna [41]

The question is not properly organised and is asking what the following action means, see below proper sequence:

1.  A candidate recalling all the good things he has done, and omitting facts that would justify his defeat debating team is called (…).

2. Giving the impression that everyone is involved so the listener would feel the "danger" of missing out is  (…).

3. An organized group that competes with others in the art of debate is  (…).

4. Without any danger of error; basing actions on the truth is  (…).

5. To inform and make known the opinions and feelings of oneself is  (…).

Answer:

1. card-stacking

2. bandwagon

3. a debating Team

4. factually

5. propagandizing

5 0
3 years ago
Assume that the future value of an ordinary annuity is $3,246, the annual payment is $1,000, and the interest rate is 8 percent.
olga_2 [115]

Answer: b. 3 years

Explanation:

Based on the future value of $3,246 and the annual payment of $1,000, one can guess that the number of payments (years) till the future value is reached will be 3 years.

Plug 3 years in to find out if you are right;

= Annuity * (( (1 + r)^n - 1) / r)

= 1,000 * (( ( 1 + 8%)³ - 1) / 8%)

= $3,246

<em>Answer is proven to be 3 years. </em>

5 0
3 years ago
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