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AlladinOne [14]
3 years ago
11

If there is a fall in the interest rate, ______.

Business
2 answers:
elena-s [515]3 years ago
6 0
Businesses will be more likely to expand their facilities
inessss [21]3 years ago
3 0
Yeah, business will be more likely to expand
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A Qdoba and a Baja Fresh both close down. They were both very near by a Chipotle. Now that Qdoba and Baja Fresh are gone, what d
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Answer:

They were not allowed in advance of this investigation

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During 2011, Simon Kidman, the sole shareholder of a calendar year S corporation, received a distribution of $75,000. On Decembe
liraira [26]

Answer: c. Kidman recognizes a $1,000 LTCG

Explanation:

Long term gain can be calculated by the formula:

Capital gain = Distribution received - Basis in stock - Ordinary income earned

= 75,000 - 24,000 - 50,000

= $1,000

Long Term Capital gain is therefore $1,000.

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3 years ago
Who is following the law when it comes to protecting investors’ funds?
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Answer:

A mutual fund advisor who informs investors about risks is following the law when it comes to protecting investors’ funds

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7 0
3 years ago
The Blossom Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.
prohojiy [21]

Answer:

A)

Dr insurance expense 450

    Cr Prepaid insurance 450

Dr Supplies expense 1,530

    Cr Supplies 1,530

Dr Depreciation expense 410

    Cr Accumulated depreciation - building 230

    Cr Accumulated depreciation - equipment 180    

Dr Interest expense 140

    Cr Interest payable - mortgage 140

Dr Unearned rent revenue 2,620

    Cr Rent revenue 2,620

Dr Wage expense 720

    Cr Wages payable 720

B)

Prepaid insurance - Assets

Dr                             Cr

5/1 $1,800                5/31 $450 expired insurance

Supplies - Assets

Dr                             Cr

5/1 $2,600                5/31 $1,530 used supplies

Building - Assets

Dr                             Cr

5/1 $67,600                5/31 $230 accumulated depreciation

Land - Assets

Dr                             Cr

5/1 $15,013

Cash - Assets

Dr                             Cr

5/1 $2,513            

Equipment - Assets

Dr                             Cr

5/1 $16,800                5/31 $180 accumulated depreciation

Mortgage - Liabilities

Dr                             Cr

                                5/1 $33,600

                                5/31 $140 interest payable

Unearned rent revenue - Liabilities

Dr                             Cr

5/31 $2,600             5/1 $3,300

Wages payable - Liabilities

Dr                             Cr

                                5/31 $720

Accounts payable - Liabilities

Dr                             Cr

                                5/31 $4,713

Common stock - Equity

Dr                             Cr

                                5/31 $60,013

Rent revenue - Revenue

Dr                             Cr

                                5/31 $9,000

                                5/31 $2,620

Salaries and wage expense - Expenses

Dr                             Cr

5/31 $3,000

5/31 $720

Utilities expense - Expenses

Dr                             Cr

5/31 $800

Advertising expense - Expenses

Dr                             Cr

5/31 $500

C) adjusted trial balance

<u>Assets</u>

Current assets:

Cash $2,513

Supplies $1,070

Prepaid insurance $1,350

Non-current assets:

Land $15,013

Buildings $67,370

Equipment $16,620

total ASSETS = $103,936

<u>Liabilities</u>

Current liabilities:

Interest payable $140

Unearned rent revenue $680

Wages payable $720

Accounts payable $4,713

Long term liabilities:

Mortgage $33,600

total LIABILITIES = $39,853

<u>Equity</u>

Common stock $60,013

Retained earnings $4,070

total EQUITY = $64,083

ASSETS = LIABILITIES + EQUITY

$103,936 = $39,853 + $64,083

D) income statement

total revenue = $9,000 + $2,620 = $11,620

- wages expense = $3,000 + $720 = ($3,720)

- insurance expense = ($450)

- supplies expense = ($1,530)

- depreciation expense = ($410)

- interest expense = ($140)

- Utilities expense = ($800)

<u>- Advertising expense = ($500)                              </u>

net income $4,070

E) retained earnings statement

Retained earnings May 1                     $0

<u>Net income May 31                       $4,070</u>

total                                                $4,070

F) classified trial balance

<u>Assets</u>

Current assets $4,933

Non-current assets $99,003

total ASSETS = $103,936

<u>Liabilities</u>

Current liabilities $6,253

Long term liabilities $33,600

total LIABILITIES = $39,853

<u>Equity</u>

Common stock $60,013

Retained earnings $4,070

total EQUITY = $64,083

ASSETS = LIABILITIES + EQUITY

$103,936 = $39,853 + $64,083

G) the accounts that must be closed against the income summary account are all the revenue and expense accounts used to calculate the income statement. The income summary account is then closed to retained earnings.

  • revenue
  • wages expense
  • insurance expense
  • supplies expense
  • depreciation expense
  • interest expense
  • utilities expense
  • advertising expense    

8 0
3 years ago
You go to a bank to open up a new account. What information should you expect from the bank to provide you in order to feel conf
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They should be a member of the FDIC.
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