To record the purchase of merchandise there are two methods:
1) under Perpetual Inventory System the entry is
Inventory (Dr) 360000
Accounts payable (Cr) 360000
2) under Periodic Inventory System the entry is
Purchase (Dr) 360000
Accounts payable (Cr) 360000
The bank can repossess the car and if anything is used as collateral they can claim that as well. It is best to not get yourself in debt you cannot pay off.
One way to calculate debt is to figure out what your income is per week, and divide that by the weekly payments for the car. Lets say you make 3200, and your debt is 450 a week.
As shown below
<em>Income ÷ Payments </em>
3200 ÷ 450 = 0.14
Now multiply that by 100 to get your percentage,
0.14 x 100 = %14
Financial advisors recommend that you keep your debt-to-income ratio under 30%.
Answer:
2
Explanation:
The case would be thrown out of court, as many cases are each day
Answer:
True
Explanation:
International trade is trade across national boundaries and it includes the import and export of goods and services. An economic prosperity is synonymous with rising incomes and it would increase the propensity to import; that is, people in the domestic economy now have more incomes to spend on imports. Alternatively, a recession would lead to a fall in incomes and imports, and also a fall in investment which conseqeuntly reduces exports volumes.
Trade restrictions (protectionism) such as tariffs, quotas, competitive devaluation, administrative complexities, export subsidy hinder free trade and they could reduce the volume of imports into a country. This is because trade restrictions would make imports to be more expensive; the aim might be that the government is trying to correct a current account deficit. However, the effectiveness of trade restrictions in reducing import volumes and influening export is dependent on the price elasiticty of demand for imports and exports, the quality of a country's good or service, and how the country's rate of inflation compares with that of other countries.
Answer:
A.$9,200
B.$40,500
C.$5,400
Explanation:
a. land encumbered with a $18,400 mortgage ×50% =$9,200
Hence:
Mortgage $18,400
Less $9,200
Balance $9,200
Therefore Pam must often try to put into consideration the effects of changes in debt before determining the distribution
effects.
Pam is treated as making a net contribution of cash to the partnership of $9,200, the difference between the full mortgage of $18,400 and her allocated share of the debt of $9,200. This deemed contribution thus increases Pam’s basis in Meddoc from $36,700 to $45,900 which makes Pam not to recognize any gain or loss on the current distribution.
b.Pam takes a carryover basis in the land equal to $40,500.
c.Pam’s outside basis in the partnership after the distribution is as follows:
Basis in Meddoc $36,700
Plus: Deemed contribution $9,200
Less: Land(40,500)
Remaining basis in Meddoc $5,400
