Based on the information given the cost of the bond is $670 and the annual interest is $40.
<h3>Cost and annual interest of the bond </h3>
a. Cost of bond:
Cost of bond= (67/100)×1000
Cost of bond =$670
<h3>Annual interest:</h3>
Annual interest= (4/100)×1000
Annual interest=Bond percentage× Cost of bond
Annual interest=$40
Inconclusion the cost of the bond is $670 and the annual interest is $40.
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Answer:
Journal entry to record the Sale of Patent
Debit : Cash $750,000
Credit : Patent at Book Value $120,000
Credit : Profit and Loss $630,000
Journal entry to record the Sale of Equipment
Debit : Cash $325,000
Debit : Profit and loss $75,000
Debit : Accumulated depreciation $150,000
Credit : Equipment at Cost $550,000
Explanation:
During a sale transaction the entity recognizes 1. The Cash Proceeds resulting from the sale, 2. The Profit or loss resulting from the sale, 3.The entity derecognizes the Cost or Book Value of the Asset as well as the Accumulated depreciation.
A profit of $630,000 has been earned as a result of the sale of the Patent, whereas a loss of $75,000 has been incurred as a result of sale of Equipment.
Answer: The answer is C credit for other dependents
Explanation:
This is a reduction in tax liability given by the government to the tax payers for each of their children who still depends on the parent for some kind of support. The reduction in the tax liability given to parents include a sum of $500 for each of the children who still depend on their parents. This form of tax credit is given to children who is between the ages of 17- 23 years like in the case of Milo who is 17 years and unmarried. The chiidren who will enjoy this reduction in tax liability must be a students like in the case of Milo who is a full - time student working towards a degree in computer information system.
The tax credit criteria for qualification also include that the tax payers must be the one responsible for half of the dependent support, in addition, the dependent income must be low like in the case of Milo above whose income was $3,800 in wages and $400 of dividend income. This tax reduction can also be given to tax payers in respect of parents or grand parents who still depends on the tax payers for support. To also qualify for the tax reduction the dependent in question must be a United States citizens and must have a valid social security numbers like in the case of Milo above and Aurora the parent who are both U.S citizens and also they possess a valid social security numbers
Preparing a post-closing trial balance is the final step in the accounting cycle and happens after all accounts have been updated with finished journal entries.
<h3>Why is a Post Closing trial balance performed?</h3>
Post-closing trial balance: The post-closing trial balance is run behind closing entries that have been assembled and serve two purposes. It guarantees that debits and credits match while also confirming that temporary account credits have been reset to zero to begin the new accounting term.
The closing entry aims to reset the temporary account proportions to zero on the general ledger, the record-keeping system for a firm's financial data.
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This example represent a PUSH promotional strategy. Push is a marketing strategy where businesses make efforts to take their products to the consumers. Push strategy motivates a consumer to actively seeks out a particular product. This strategy can be especially used for new products in order to create awareness.