Answer and Explanation:
The journal entry is shown below:
On April 1, 2020
Cash $315,016
Finance charge ($524,600 × 4%) $20,984
To Notes payable $336,000
(Being the cash and finance charge is recorded)
Fo recording this we debited the cash and finance charge as it increased the assets and expenses and credited the note payable as it also increased the liabilities
Answer:
10% of $32.50 is $3.25 so 20% is $6.50
then, $32.50 + $6.50 =$39.00
$39.00 ÷ 4 = $9.75 a piece
Answer:
c. corporation
Explanation:
A corporation is a type of business ownership that recognizes a business as a separate entity from its owners. Legally, a corporation is an independent person with commercial rights like any other person. A corporation is entitled to de business, incur debts, acquires assets, and make profits.
A corporation is expected to file its income tax returns at the end of every financial year. The owners of a corporation or its shareholders are also expected to file their separate income tax returns. An element of double taxation arises the business is taxed, and the owners are also taxed separately. In the other form of business ownership, the business incomes pass as owner's income resulting in single taxation.
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