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Ket [755]
3 years ago
13

Which of the following statements is FALSE?

Business
1 answer:
Mandarinka [93]3 years ago
3 0

Answer:

C. The annual percentage rate indicates the amount of interest including the effect of compounding.

Explanation:

Annual interest rate, indicates the simple interest that can be earned annually on the investment, until and unless it is clearly mentioned to be compounded with the time period defined it cannot be concluded that the interest is carrying the compound benefit.

Therefore, the above stated option C is a false statement.

Final Answer

C. The annual percentage rate indicates the amount of interest including the effect of compounding.

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On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $690,000. The bonds sold for $678,00
elena55 [62]

Answer and Explanation:

The Journal entries are shown below:-

1. Cash Dr, $678,000

  Discount on bonds payable Dr, $12,000

            To Bonds payable $690,000

(Being issuance of the bonds is recorded)

2. Bond interest expense $34,800

         To Discount on bonds payable $ 300 ($12,000 ÷ 40)

         To Cash $34,500 ($690,000 × 0.10 × 0.5)

(Being interest is recorded)

3. Bond interest expense Dr, $23,200

       To Discount on bonds payable $200 ($300 × 4 ÷ 6)

       To Bond interest payable $23,000 ($34,500 × 4 ÷ 6)

(Being accrue interest is recorded)

4. Bond interest payable Dr, $23,000

   Bond interest expense $11,600 ($23,200 ÷ 2)

            To Discount on bonds payable $100

           To Cash $34,500

(Being interest is recorded)

3 0
3 years ago
1.
Soloha48 [4]
<span>#1) Which of the following is not true concerning Income Tax Refunds?

Answer: Out of all the options that are presented above the one that is not true concerning Tax Refunds is that It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt.

#2) When claiming dependents, they must meet the following criteria EXCEPT:

Answer: Out of all the options that are available the only one that is not a criteria that they must meet when claiming dependents is that the dependent must reside with you for the entire year.

#3) If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of _____.

Answer: Out of all the options that are presented the one that completes the statement and makes it true is an Exclusion.

#4)A form of taxation in which everyone pays an equal rate of taxes is called a _____.

Answer: Out of all the options that are presented the one that completes the statement and makes it true is Flat Tax.

#5) A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _____.

Answer: Out of all the options that are presented the one that completes the statement and makes it true is a progressive tax.

#6) A form of taxation in which the lowest income earners pay the largest percentage of taxes is called a _____.

Answer: The form of taxation that the lowest income earners pay the largest percentage of taxes is called a regressive tax.

#7) Which of the following is not considered part of your gross income?

Answer: Out of all the options that are show the one that is not considered part of your gross income are bartered goods and services.

#8) Which of the following is not true about your adjusted gross income?
</span><span>
Answer</span><span>: Out of all the options that are available the one that is not true about your adjusted gross income is that it is your income plus your deductions.

#9) Which of the following is true about standard deductions?

Answer: Out of all the options that are available the one that is true about standard deductions is that they are tax breaks that you can claim without having to itemize. They reduce your tax bill rather than your taxable income, although you have to itemize in order to take advantage of this.<span>

</span>#10) A dollar–for–dollar reduction in your tax payment is called a _____.

Answer: This is called credit.

P.s: I noted that almost all of the answers are selected with a <3. Almost all of them were the same.

I hope it helps, Regards.


</span>
8 0
3 years ago
Read 2 more answers
Below are transactions for Hurricane Company during 2021. a. On October 1, 2021, Hurricane lends $7,200 to another company. The
blondinia [14]

Answer:

ACCOUNT          

interest expense  144 debit

interest payable  144 credit

rent expense        1200 debit

prepaid expense  1200 credit

unearned revenue  4600 debit

rent revenue  4600 credit

depreciation expense  3700 debit

acc dep machine  3700 credit

salaries expense  3200 debit

salaries payable  3200 credit

supplies expense  2600 debit

supplies  2600 credit

Explanation:

Interest is calculate doing:

principal x rate x time

7,200 x 0.08 x 3/12 = 144

rent

1,800 for 3 months  there is 2 expired 1,800 x 2/3 = 1,200

earned revenue on rent

11,040 x 5 monhts / 12 = 4,600

supplies:

beginning + purchase - ending = consumed supplies

600 + 3,700 - 1,700 = 2,600

6 0
2 years ago
Analyze product, price and cost in relationship in the market<br><br>​
ch4aika [34]

Answer:

ok

Explanation:

wjeres the picthere is no picyure attached

8 0
3 years ago
Read 2 more answers
Inventory at the beginning of the period had a debit balance of $7,000, and a debit balance of $10,000 at the end of the period.
Svetach [21]

Answer:

an increase of $3,000 which will be subtracted from net income

Explanation:

an increase of $3,000 which will be subtracted from net income .Increase in Inventory = 10000-7000 = $3000  .Increase in Inventory is reported as a decrease and subtracted from net income  .an increase of $3,000 which will be subtracted from net income

3 0
3 years ago
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