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4 years ago

Taxes that have wealthy people pay a higher rate of tax than average or poor people are called __________.

1 answer:

4 0

Taxes that have wealthy people pay a higher rate of tax than average or poor people are called Progressive tax. It is the type of tax that goes on increasing with increase of income. The people with higher income pays a higher amount of tax than the people with lower income. I hope the answer has helped you.

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Which of the following is not one of the three major credit reporting agencies in the US?

vekshin1

Im pretty sure its experian

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3 years ago

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Using XXs for amounts, give the journal entry for each of the transactions, assuming perpetual inventory. (If no entry is requir

lawyer [7]

Answer:

Journal entries

Explanation:

1. Cash Dr XX

To Sales revenue XX

(Being the cash sales is recorded)

Since the cash is received so we debited the cash as it also increases the assets and the sales revenue would be credited as it an income for the company

2. Cost of goods sold XX

To Merchandise inventory XX

(Being the cost of goods sold is recorded)

While calculating the cost of inventory we debited the cost of goods sold and credited the merchandise inventory

1. Account receivable Dr XX

To Sales revenue XX

(Being the cash sales is recorded)

Since the sales is made on account so we debited the account receivable as it also increases the assets and the sales revenue would be credited as it an income for the company

2. Cost of goods sold XX

To Merchandise inventory XX

(Being the cost of goods sold is recorded)

While calculating the cost of inventory we debited the cost of goods sold and credited the merchandise inventory

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3 years ago

Where do good ideas come from.

g100num [7]

Past experiences current experiences. ur brain

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3 years ago

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Which of the following is an effective strategy for personal saving?

trasher [3.6K]

The statement that is an effective strategy for personal saving is; Save a certain percentage of each paycheck and deposit it directly in a savings account

<h3>What is personal saving?</h3>

Personal saving can be defined as the ability of a person to save their money. Saving this money will enables them to have something to fall back to incase of unforeseen or unexpected circumstance.

The effective strategy for personal saving a person is expected to follow is for the person to save a percentage of each of their salary or paycheck and deposit the money directly into their savings account.

Therefore the statement that is an effective strategy for personal saving is; Save a certain percentage of each paycheck and deposit it directly in a savings account

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2 years ago

On January 1 of this year, Trucks R Us Corporation issued bonds with a face value of $ 2,000,000 and a coupon rate of 10 percent

Anestetic [448]

Bonds Payable amount reflected in balance sheet = $2192890

Face Value = $2000000

Coupon Rate = 10%

Maturity Period = 10 years

Number of compounding = 2

Interest = $2000000 * 10% * 6/12 = $100000

Period = 2 * 10 = 20

Maturity Value = Face Value = $2000000

Market Interest Rate semiannually = 0.085 / 2 = 0.0425

Market Value = Present Value of Future Cash Flows

= PV of Interest + PV of maturity value

= (Interest * PVAF (4.25%, 20)) + (Maturity Value * PVIF (4.25%, 20))

= (100000 * 13.29437) + (2000000 * 0.434989)

= $1329437 + $869978

= $2199415

Since market value is greater than face value, we can say that bonds are issued at a premium.

Premium = $2199415 - $2000000 = $199415

Journal Entry to record the issuance of bonds:

Cash a/c Dr $2199415

To Bonds Payable a/c $2000000

To Premium on the issue of bonds $199415

Bonds Payable amount is a liability account that carries the quantity owed to bondholders by way of the company. This account usually seems in the lengthy-term liabilities section of the stability sheet, on account that bonds usually mature in more than one year.

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1 year ago