Answer:
$7,900
Explanation:
Calculation for the annual after-tax cost
Additional salary = $ 10,000
Marginal tax rate=21%
First step is to find the income tax benefit
Income tax benefit = $ 10,000 x 21%
Income tax benefit= $ 2,100
Second step is to find the Annual after tax cost of additional salary
Annual after tax cost of additional salary = $ 10,000 - $2,100
Annual after tax cost of additional salary = $7,900
Therefore the annual after-tax cost will be $7,900
To solve this probem, let us dissect this step by step.
First: Latimer company borrows $50,000 from the bank
In the perspective of Latimer company, the amount of
$50,000 can already be considered as cash on hand since they are the one
borrowing money and they already have it. So we can see that it actually
increases the asset or expense account of Latimer company. However, it may be
an asset or a cash on hand yet it is a debt. Therefore this is called as debit
cash.
So the record is: Debit Cash for $50,000
Second: Latimer company signs a note that will be paid in
three months
We can see that the note is still to be paid, hence it is
called “payable”. Since it decreases the asset of the company, it is called a
credit. The complete description to record would then be: Credit Notes Payable
for $50,000
Combining the first and second parts, the complete company
record is:
Debit Cash for $50,000 and Credit Notes Payable for $50,000
Answer:
The answer is "Score".
Explanation:
Service corps of retired executives is a United states Smaller Business Administration (SBA) non-commercial organization its objectives are to provide advice for young or less-experienced entrepreneurs. Voluntary tutors are frequently entrepreneurs, but not the economic world whatsoever. These volunteers weren't just engaging in training on starting a business, but on how to develop & record company marketing films.
In accounting, an adjusting entry is completed at the end of the accounting period.
<h3>What is an
adjusting entry?</h3>
This refers to the preparation of journal entry which occurs at the end of a reporting period to record any unrecognized income or expenses for the period.
Hence, the adjusting entry is completed at the end of the accounting period.
Read more about adjusting entry
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