Answer: False
Explanation:
<em>The given statement from the following case/scenario is false</em> because in accordance to the rules of law of United States of America , the payments made to foreign officials are always deductible. Therefore the payments that are made by Susan to the Saudi officials are deductible, unless and until they are illegal
.
2.13% or 2 2/15%
The assessed value of all the property is $400,000,000. But $25,000,000 worth is exempted, leaving $400,000,000 - $25,000,000 = $375,000,000 worth of taxable property. Now we need to get $8,000,000 worth of taxes, so we simply divide the required income by the taxable property. So $8,000,000 / $375,000,000 = 0.021333333 = 2.1333333%
Now let's see if we can convert that 0.13333 portion into an exact fraction so that the Village of Goodsprings doesn't have to round up to 2.14% and doesn't loose that small amount of income by rounding down to 2.13%.
x = 0.133333...
10x = 1.33333...
- x -0.13333
9x = 1.2
90x = 12
x = 12/90 = 2/15
Answer:
Machinery asset increase by $320,750
Total asset increase by $315,000
Total liabilities increase by $315,000
Explanation:
As we know that
Accounting equation is
Total assets = Total liabilities + stockholder equity
Since the industrial veneer cutter is purchased for
= Note payable + transportation cost + installation cost
= $315,000 + $5,000 + $750
= $320,750
There is a cash outflow of $5,000 + $750 i.e $5,750 which decrease the assets
But at the same time it also increased the assets by
= $320,750 - $5,750
= $315,000
And, since there is a note payable for $315,000 which also increased the liabilities
Answer:
March 1: Entry for the equipment purchase
Cash -$2,000
Fixtures and equipment $5,000
Notes payable $3,000
March 31: Depreciation adjusting entry
Debit Credit
Fixtures and equipment -$42
(5000/10/12)
Retained earnings -$42
March 31: Interest adjusting entry
Debit Credit
Interest payable $16.25
(3000*6.5%/12)
Retained earnings -$16.25
