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Answer:
A partnership is a taxable entity for Federal income tax purposes.
Answer:
$443,091.5
Explanation:
Given that,
Amount of loan, present value = $185,000
Annual rate of interest, r = 7% ÷ 12
= 0.00583
Time period = 30 years
Therefore,
Monthly payments:
![=\frac{r\times PV}{[1 - (1+r)^{-n}]}](https://tex.z-dn.net/?f=%3D%5Cfrac%7Br%5Ctimes%20PV%7D%7B%5B1%20-%20%281%2Br%29%5E%7B-n%7D%5D%7D)
![=\frac{0.00583\times 185,000}{[1 - (1+0.00583)^{-30\times12}]}](https://tex.z-dn.net/?f=%3D%5Cfrac%7B0.00583%5Ctimes%20185%2C000%7D%7B%5B1%20-%20%281%2B0.00583%29%5E%7B-30%5Ctimes12%7D%5D%7D)
![=\frac{1,078.55}{[1 - (1.00583)^{-360}]}](https://tex.z-dn.net/?f=%3D%5Cfrac%7B1%2C078.55%7D%7B%5B1%20-%20%281.00583%29%5E%7B-360%7D%5D%7D)
= 1230.81
Total (principle and interest) will be paid over the life:
= Monthly payments × 360
= $1,230.81 × 360
= $443,091.5
Answer:
External forces
Explanation:
Best buy is an electronics retailer that aspires to improve customer's lives through technology. They have over 175+ store locations.
However they have been facing challenges in the market with other playera like Circuit City, CompUSA and RadioShack not surviving.
The challenges faced by Best Buy is mostly as a result of external forces in the form of competition with Walmart and Amazon. Resulting in the loss of their share value.
Walmart and Amazon have been able to capture a large part of the electronics market.
Other problems like leadership scandals and inefficient processes also contributed to their problems.
Answer:
The company should credited on the Cash account and the Cash Discount Receipt for the settlement of the inventory with 10 days.
Explanation:
The detailed entry will be:
19th Sep
Dr Account Payable $40,000
Cr Cash $39,200
Cr Cash Discount Receipt $800
( to record payable settlement and the receipt of cash discount)
Working note: As the company paying with 10 days, the supplier will allow a 2% discount on it net inventory purchase ( 44,000 - 4,000 = $40,000)
Thus, the discount will be 40,000 x 2% = $800 and Cash repayment will be 40,000 x (1-2%) = $39,200.
