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STatiana [176]
3 years ago
7

MC Qu. 1-130 A company's financial records at the end.

Business
1 answer:
andrew11 [14]3 years ago
4 0

Answer:

$15,750

Explanation:

The computation of the net income is shown below:

Net income = Service revenue - wages expense - advertising expense - rent expense

= $43,250 - $9,500 - $6,500 - $11,500

= $15,750

We simply deduct all the expenses incurred from the service revenue so that the net income could come and the same is shown above i.e in the computation part

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A company uses the declining-balance method of calculating depreciation expense.On January 1, the company buys machinery for $75
elixir [45]

Answer:

Book value for the 3rd year = $ 750,000 - $366,000 = $ 384,000

Explanation:

Straight line rate= 100 % ÷ Useful Life = 100 ÷ 10= 10 %

Double Declining rate = 2 * Straight Line rate= 2 * 10= 20 %

Depreciation expense= Double  declining balance rate * Beginning period book value

Depreciation expense for the first year =    20 % $ 750,000= $ 150,000

Book value for the first year = $ 750,000 - $ 150,000= $ 600,000

Depreciation expense for the 2nd year =    20 % $ 600,000= $ 120,000

Book value for the 2nd year = $ 750,000 - $ 270,000= $ 480,000

Depreciation expense for the 3rd year =    20 % $ 480,000= $ 96,000

Book value for the 3rd year = $ 750,000 - $366,000 = $ 384,000

5 0
3 years ago
Why do markets exist?
FinnZ [79.3K]

Answer:

The correct answer is *to provide a place for people to trade goods and services

Explanation:

trading can be simply described as the act of exchanging values between parties.

a market is a place where the sellers and buyers meet and trade, in which the buyers buy what they need and want from the sellers at a price both of them can agree upon.

8 0
3 years ago
Suppose the total monetary value of all final goods and services produced in a particular
polet [3.4K]

im gone go for D hhalf oral Iran

7 0
3 years ago
Megan sold Stock A for a short-term capital gain of $5,500 and sold Stock B for a long-term capital loss of $2,242. What is the
bearhunter [10]

Answer:

solution below

Explanation:

(gain - loss)x35%

for megan

(5500 - 2242) * 35%

= $1140.3 is owed

a.) for megan

(5500-2100)*35%

= $1190

b. for margaret

(4000-2000) x 35%

=$700

c. For melissa,

It doesnt matter if she took this withdrawal at 65 years of age.

d. for morgan

110 - 100 = 10 this is the gain per share

total gain = 10 x 100 = 1000

income tax = 1000 x 0.35 = 350 dollars

e. for murphy,

his income tax would fall by

4000 x35% = 1400.

After this, selling the stock would have no effect on current taxes.

5 0
3 years ago
a 16-year-old applied for a conventional loan in order to purchase a condominium. the lender denied the application, citing the
notsponge [240]

The true statement about this loan application is that: C. the lender lawfully denied the application because the applicant was under 18 and therefore was too young to legally sign a contract.

<h3>What is a loan?</h3>

A loan can be defined as an amount of money that is typically being borrowed by a borrower from a bank or other financial institutions (lender), and it is generally expected to be paid back by a borrower to the lender at a specific period of time with an agreed interest.

Generally, there are different types of loans and these include the following:

  • Secured loan
  • Auto loan
  • Credit-builder Loan
  • Unsecured loan
  • Mortgage loan

<h3>What is a contract?</h3>

A contract can be defined as a formally written agreement between two or more parties such as a group of people, team, etc., which primarily gives rise to a mutual legal obligation that is enforceable by law across specific jurisdiction in the world.

In this context, we can reasonably infer and logically deduce that the true statement about this loan application is that the lender lawfully denied the application submitted by this 16-year-old applicant (borrower) because she was under 18 and therefore was too young to legally sign a contract.

Read more on a contracts here: brainly.com/question/17185606

#SPJ1

Complete Question:

A 16 year old female applied for a conventional loan in order to purchase a condominium. The lender denied the application, citing the applicant's age as the reason for the denial. Which of these is true?

A: the lender violated the ECOA because the applicant is female and sex cannot be a lending consideration

B: the lender violated the ECOA because lending decisions can not be based on age

C: the lender lawfully denied the application because the applicant was under 18 and therefore was too young to legally sign a contract

D: none of these are true

6 0
1 year ago
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