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gtnhenbr [62]
3 years ago
11

On November 1 of year 0, Jaxon borrowed $38,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid

interest of $3,420 relating to the 12-month period from November of year 0 through October of year 1.
(Do not round intermediate calculations.)

How much interest, if any, can Jaxon deduct in year 0 if his business uses the cash method of accounting for tax purposes?
Business
1 answer:
andreev551 [17]3 years ago
4 0

Answer:

$570

Explanation:

The computation of the interest deduction is shown below:

= Interest paid × number of months ÷ (total number of months in a year)

= $3,420  × 2 months ÷ 12 months

= $570

The interest which is deducted in year 0 under the cash method of accounting is $570

And, the two months is calculated from the November 1 to December 31

We simply apply the interest paid formula.

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Q 7.37: Eric Hansen is a receiving clerk who has just been denied a raise. He has approached his subordinate, who is the new sto
makkiz [27]

Answer:

Human element; collusion.

Explanation:

In this scenario, Eric Hansen is a receiving clerk who has just been denied a raise. He has approached his subordinate, who is the new storeroom clerk, about diverting inventory to sell for personal gain. This is an example of the human element, which may lead to collusion.

Human element can be defined as a strategic technique for improving and dealing with the way or manner employees work together in a business environment in order to achieve greater organizational performance and accomplishments. Human element can be used to improve openness, sincerity and honesty among the the very many people (employees) working individually or together as a team in an organization.

In this case, when the storeroom clerk agrees to Eric's suggestion, this would lead to both of them diverting inventory to sell for personal gain. This is simply an act of collusion.

Collusion is an illegal cooperation or agreement between two or more people with an ulterior motive, for personal benefits.

3 0
3 years ago
Ariel wants to compare the salaries for positions she was offered at two companies. What should she consider in this process?
german

Answer:

  • <em>She should research the cost of living of different locations to compare against the offered salaries.  </em>
  • <em>She should research the benefits included in each offer. </em>
  • <em>She should research the average salary of similar positions to see if the offers are fair. </em>

Explanation:

  • Remember, the cost living at the different locations is good basis to determine how much the actual value of he salary will be worth. For instance if location A pays her $5000 a month and her living expenses from the location takes about $4500, while location B pays her $3500 a month with a living expense of $1000, then she rather goes for location B she has more extra income.

  • Secondly, the benefits included in salaries is also to be considered. Does it includes medical insurance, transport allowance etc.?

  • Third the average industry pay level would also help Ariel know whether to accept any of the offers or not.

8 0
3 years ago
Read 2 more answers
Can someone help me please
pentagon [3]

Answer:

1. None of the above

2. Using tools and equipment for safety or maybe it's exit if there's a fire of any emergency concern

3. Computer

4 0
3 years ago
In a ________ installation, the organization implements the entire system on a limited portion of the business.
nlexa [21]
<span>This is the pilot installation. This part of the deployment phase allows the business to test out how the system is going to work without committing the resources of the entire business. If the pilot installation goes well, it can be deployed to the rest of the business: if there are errors, they can be fixed without losing the functionality of the rest of the company.</span>
4 0
3 years ago
At january 31, 2015, the balance in aislers inc.’s supplies account was $750. during february, aislers purchased supplies of $90
netineya [11]
Beginning balance 750
Add supplies purchase 900
Less supplies used 1125

Supplies on hand at the end of february is
750+900−1,125=525...answer

Hope it helps!
3 0
3 years ago
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