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iris [78.8K]
3 years ago
9

The only income Ramon needs to report on his Schedule C is his income from Form 1099-K, Payment Card and Third Party Network Tra

nsactions.
a. True
b. False
Business
1 answer:
madreJ [45]3 years ago
8 0

Answer:

False

The statement stated above is not true.

Explanation:

  • Ramon needs to keep report into his Schedule C is his income from Form 1099-K is not only the entity but other aspects too along with Payment Card and Third Party Network Transactions.
  • Sole - Proprietors income is reported on their schedule C as a gross receipts that subjects to the tax related to the self employment.
  • It is the form used to prepare report on the payments received through different third party networks.

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A credit card company advertises an APR of 15.3%, compounded daily. What
Art [367]

Answer:

B. 16.53%

Explanation:

The effective interest rate is the real interest rate charged by a bank or any other type of lender on a loan.

the formula to calculate effective interest rate = r = (1 + i/n)ⁿ - 1

  • i =15.3%
  • n = 365 days

r = [1 + (15.3%/365)³⁶⁵] -1 = 1.00419178³⁶⁵ - 1 = 1.165287621 - 1 = 0.165287621 ≈ 16.53%

7 0
3 years ago
Havermill co. establishes a $460 petty cash fund on september 1. on september 30, the fund is replenished. the accumulated recei
svp [43]

Answer:

Explanation:

The journal entry to record the establishment of the fund on September 1 is:

Debit: Petty Cash. $460

Credit: Bank. $460

Being cash drawn for petty cash.

Other journal entry for the disbursement of the petty cash fund are:

1. Debit: Office Supplies. $94

Credit: Petty cash. $94

Being cash paid for office supplies

2. Debit:Merchandise inv. $170

Credit: Petty Cash. $170

Being cash paid for merchandise inventory

3. Debit: Miscellaneous exp. $43

Credit : Petty cash. $43

Being cash paid for miscellaneous expenses.

4 0
3 years ago
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 5% charge on sales for using its c
ZanzabumX [31]

Answer:

Date      Account titles and explanation              Debit      Credit

May 20  Cash ($6,200 - $310)                              $5,890

              Credit card expenses ($6,200*5%)       $310

                    Sales                                                                    $6,200

               (To record the deposit)

3 0
3 years ago
Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of $13,200 to the Roth IRA ($4,40
Alexxandr [17]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

7 0
3 years ago
The greater the magnitude of the external benefits of production, a. ​ The larger is the deadweight loss from underproduction. b
Naddika [18.5K]

Answer:

d. ​ All of the above are true

Explanation:

External costs happen if during production or consumption of a good or a service there is a negative effect on another party. The existence of this can bring about market failure. In the presence of externalities social benefit costs are a combination of private costs and also external benefits of production.

All of the options a, n and c are true so d is the answer here.

7 0
3 years ago
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