Answer:
option (D) $ 2,750
Explanation:
Data provided :
Assessed value of John and Mary Billings = $ 110,000
Tax rate = 25 mills per $ 1.00
or
Tax rate in dollars = 25/1000 = 0.025 / $ 1.00
therefore,
Tax they have to pay = Assessed value of John and Mary Billings × Tax rate
or
Tax to be paid = $ 110,000 × 0.025 = $ 2,750
Hence,
the correct answer is option (D) $ 2,750
<span>Henry must make set premium payments on his insurance policy until he dies, and if he cancels the policy he will receive the cash value. His plan is a whole life policy.</span>
Brenda is not correct because the total value of her assets could be less than the liabilities.
<h3>
What are liabilities?</h3>
A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.
Liabilities on the balance sheet's right side are represented by debts like as loans, accounts payable, mortgages, deferred revenue, bonds, warranties, and accumulated costs.
Assets can be contrasted with liabilities. Assets are items you own or owe money to, whereas liabilities are debts or other obligations.
An obligation between two parties that has not yet been fulfilled or paid for is generally referred to as a liability.
Learn more about liabilities
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Answer:
The answer is B.
Explanation:
Gross profit is the difference between a company's net sales or total revenue and cost of sales or cost of goods sales.
Sales revenue is $433,000
Cost of Goods Sold is $240,000
Remember that Gross profit is Sales revenue - cost of goods sold.
Sales revenue----------------------------$433,000
Minus: Cost of Goods Sold----------$240,000
Gross profit--------------------------------<u>$193,000</u>
