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Naily [24]
3 years ago
9

all of the following are accurate statements about credit reports except: A) consumers are not allowed to see their credit repor

ts B) They protect both consumers and leaders C) consumers should check their own reports periodically to see if they are correct D) Federal law requires reporting
Business
1 answer:
miv72 [106K]3 years ago
8 0
A is the correct answer
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A $63,000 machine with a 7-year class life was purchased 2 years ago. The machine will now be sold for $50,000 and replaced with
Lapatulllka [165]

The initial outlay for the project after depreciation is loss of $26,700.

<h3>What is  depreciation?</h3>

Depreciation in accounting refers to two parts of the same concept: first, the real decline in fair value of an asset, such as the worth of factory equipment each year.

Depreciation is used to match the cost of a productive asset with a useful life of more than a year to the revenues received by employing the asset. The expense of an asset is frequently spread out throughout the years that it is used.

Section 32 of the Income Tax Act of 1961 contains the provision for authorising depreciation. Depreciation is a deduction allowed by the Income Tax Act for the reduction in the real worth of a physical or intangible asset used by a taxpayer.

To know more about  depreciation follow the link:

brainly.com/question/1203926

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8 0
2 years ago
Solomon has a balance of $4,000 on his credit card account, which has a minimum payment requirement of 4 percent. What is the mi
Allushta [10]

Answer:

$1,000

Explanation:

8 0
2 years ago
Read 2 more answers
Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock in 20X1. During 20X4, Planet purchased 52,000
Zepler [3.9K]

Answer:

Purchase of Inventory by Planet (Parent)

Inventory $1,456,000 (debit)

Cash $1,456,000 (credit)

Sale of Inventory by Planet (Parent) to Subsidiary (Saturn)

Revenue $1,258,000 (debit)

Cost of Sales $1,258,000 (credit)

Sale to third Parties by Saturn

Cash $1,813,000 (debit)

Cost of Sales $1,036,000

Sales Revenue $1,813,000 (credit)

Inventory $1,036,000

Explanation:

Purchase of Inventory by Planet (Parent)

Inventory $1,456,000 (debit)

Cash $1,456,000 (credit)

<em>Inventory : 52,000 × $28 = $1,456,000</em>

Sale of Inventory by Planet (Parent)

<em>Note : This is an Intragroup transaction and need to be eliminated </em>

Revenue $1,258,000 (debit)

Cost of Sales $1,258,000 (credit)

<em>Revenue : 37,000 × $34  = $1,258,000</em>

Sale to third Parties by Saturn

Cash $1,813,000 (debit)

Cost of Sales $1,036,000

Sales Revenue $1,813,000 (credit)

Inventory $1,036,000

<em>Sales Revenue = 37,000 × $49 = $1,813,000</em>

<em>Cost of Sales = 37,000 × $28 = $1,036,000</em>

       

7 0
3 years ago
When you borrowed $50 from your rich cousin, and then had to pay her back $60, what is the original $50 called? a) Bribery b) In
alexira [117]
The correct answer is C. 100%. Please mark as brainliest! :) Have a blessed day!
7 0
2 years ago
An advantage of the fixed-period inventory system is that______.
nadya68 [22]

Answer:

The correct answer is (B)

Explanation:

There are various advantages of fixed inventory stock. The fixed-period stock and inventory framework requires more safety stock than a fixed-amount framework. A stock out can happen during the audit time just as during the lead time.  A significant advantage of fixed period stock is that, there is no physical check of stock when products are withdrawn.It helps to save time and money.

8 0
2 years ago
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