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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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Cadilengy, a nonprofit organization, is conducting a food fair in the month of October. The proceeds of this fair will go to cha
Viktor [21]

Answer: (A) Event marketing    

Explanation:

 The event marketing is one of the business promotional strategy in which the various types of brands, products and the services are get promoted in the market so that the customers or users are get aware about the specific brand and the new products.  

 According to the given question, the Event marketing is one of the type of strategy that best illustrating the given scenario about a non profit organization is conduct a food fair and the collected fair is basically contributed for the charity purpose.

On the other hand, along with charity the various types of restaurants distribute their pamphlets and promote their restaurants business in the event. Therefore, Option (A) is correct answer.    

8 0
3 years ago
Describe the short run effects of each of the following socks on the aggregate price level and aggregate output. a. The governme
zhannawk [14.2K]

Answer:

The answer is

A: Aggregate price level increases and aggregate output decreases

B. Both aggregate price level aggregate output increases

C. Aggregate price level increases and aggregate output decreases

Explanation:

A. This government action will increase the aggregate price level increases due to inflation. Aggregate output will decrease due to the increase in cost of product (high wage to labor)

B. Because of the increased spending Investment in solar program, both aggregate output and aggregate price level increase.

C. Due to the severe weather destroyed crops, aggregate price level increases and aggregate output decreases. This happened because there will be decrease in supply of crops.

8 0
3 years ago
Motorola and apple are two large competitors in the cellular phone market. it is a violation of the __________ if sanjay jha ser
AURORKA [14]

Answer:

Competition act.

Explanation:

When same person on the board of two or more than two competing firms then such instance is referred to as interlocking directorate. This will significantly have an impact on the market and the competition.

8 0
2 years ago
A Plus Appliances sells dishwashers with a fourminusyear warranty. In​ 2019, sales revenue for dishwashers is $ 88 comma 000. Th
Ierofanga [76]

Answer:

Warranty Expense       (Debit)   $3,960

Warranty Liability                                        (Credit) $3,960

Explanation:

The principle we apply while making entries for standard warranty is this:

The <u>estimated amount of warranty expense</u>, <em>which a company founds as a percentage of its sales from historical claims and data</em>, is taken as benchmark to accrue the warranty expense in the period when the sale is made <em>(matching principle) .</em>

<em />

In our question, 4.5% is the estimated warranty expense.

The company then sets off the estimated warranty expense (Debit)

(<em>4.5% * $88,000 = $3,960</em>)

with the warranty liability (Credit) to entertain any claims in future.

3 0
3 years ago
_____ refers to the practice of ensuring that an organization's systems operate within required legal constraints, and organizat
NeX [460]

Compliance refers to the practice of ensuring that an organization's systems operate within required legal constraints, and organizational obligations.

<h3 /><h3>What is Compliance?</h3>

Compliance as used by Government,Industry and Business  is  defined  as the  state or practice of following  established guidelines or specifications so as to align with the Specific standard of operation and  procedures.

Some Regulatory compliance examples includes:

  • Health Insurance Portability and Accountability Act (HIPAA)
  • Federal Information Security Management Act (FISMA)
  • Occupational Safety and Health Administration (OSHA).

It is therefore pertinent that Business and organisation adhere to specific guidelines to ensure smooth running of such organsations.

See more about Compliance: brainly.com/question/10555177

4 0
2 years ago
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