34,944 ÷ 12 = 2,912
He earned $2,912 a month which would add up to his year salary being $34,944
Answer: True, False
Explanation:
Perfectly competitive market is governed by the following characteristics,
a. Identical/homogeneous goods
b. Large number of buyers and sellers
c. Free entry and exit
d. Perfect information
Therefore, the above statement is <em>true</em> that in a perfectly competitive market, all producers sell identical goods or services. Additionally, there are many buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are <em>price takers</em>.
The market for digital cable does exhibit the two primary characteristics that define perfectly competitive markets. Firms in a digital cable market have to sell the same product (like the channels they offer), they need to set the same price. Thus, the statement is <em>false</em>.
Answer:
See Explanation
Explanation:
(a)
Journal entry to record the transaction is,
Particulars Debit Credit
Land and Building (460000 + 520000) $980,000
Cash Paid $360,000
Mortgage Payable (980,000 - 360,000) $620,000
We assume that 4% interest is chargeable each semiannual payment and that each subsequent payment is charged 4% on the remaining amount of principal minus any preceding principal payments.
(b)
First installment = Principal + Interest payable
= 31,000 + (620,000 * 0.04) = $55,800
(c)
Second payment = 31,000 + [(620,000 - 31000) * 0.04] = $54,560
Since the chart of accounts is not provided you can confirm the the account headings.
Hope that helps.
If you take a non-qualified distribution, you are subject to ordinary income tax on the distribution and a 20% penalty tax. The penalty may not apply: if you are age 65 or older, if you are disabled or.
