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aleksandrvk [35]
3 years ago
7

Is Self-assessment Income tax or Consumer tax?​

Business
1 answer:
nika2105 [10]3 years ago
4 0

Answer:

I think it's a income tax

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Universal Foods issued 10% bonds, dated January 1, with a face amount of $150 million on January 1, 2016. The bonds mature on De
kati45 [8]

Answer:

1. $ 129,352,725

2. Jan 1 2016

Jan 1 2016

Dr Cash $ 129,352,725

Dr Discount on issue of bonds $20,647,275

Cr Bonds payable $150,000,000

3. June 30, 2016

Dr Interest expense $8,188,243

Cr Discount on bonds payable $688,243

Cr Cash $7,500,000

4. December 31, 2023

Dr Interest expense $8,188,243

Cr Discount on bonds payable $688,243

Cr Cash $7,500,000

Explanation:

1. Calculation to Determine the price of the bonds at January 1, 2016

First step is to find Present value of an ordinary annuity of $1: n = 30, i = 6% (PVA of $1) using ordinary annuity table

Present value of an ordinary annuity of $1: n = 30, i = 6% (PVA of $1)

Present value of an ordinary annuity of $1=13.76483

Second step is to find the Present value of $1: n = 30, i = 6% (PV of $1)

Present value of $1: n = 30, i = 6% (PV of $1)=0.17411

Now let calculate the Price of the bonds at January 1, 2016

Interest $ 103,236,225

[(10%/2 semiannually*$150,000,000) *13.76483]

Add Principal $26,116,500

($150,000,000 *0.17411 )

Present value (price) of the bonds $ 129,352,725

($ 103,236,225+$26,116,500)

Therefore the Price of the bonds at January 1, 2016 will be $ 129,352,725

2. Preparation of the journal entry to record their issuance by Universal Foods on January 1, 2016.

Jan 1 2016

Dr Cash $ 129,352,725

($ 103,236,225+$26,116,500)

Dr Discount on issue of bonds $20,647,275

($150,000,000-$ 129,352,725)

Cr Bonds payable $150,000,000

(Being to record issue of Bond)

3. Preparation of the journal entry to record interest on June 30, 2016

June 30, 2016

Dr Interest expense $8,188,243

($7,500,000 + $688,243)

Cr Discount on bonds payable $688,243

($20,647,275 ÷ 30)

Cr Cash $7,500,000

(10%/2 × $150,000,000)

(Being to record interest paid)

4. Preparation of the journal entry to record interest on December 31, 2023.

December 31, 2023

Dr Interest expense $8,188,243

($7,500,000 + $688,243)

Cr Discount on bonds payable $688,243

($20,647,275 ÷ 30)

Cr Cash $7,500,000

(10%/2× $150,000,000)

(Being to record interest paid)

6 0
3 years ago
Think of a business idea that offers opportunity for customer credit. Assuming that you want to adopt this idea, what criteria w
mezya [45]

Answer:

an example for a company that offers back customers credit is Jimmy Johns, they have online rewards that you can sign up with you or phone number or online to earn points for your meals. When you sign up they promote you to go buy a sandwich for your first free sandwich, after that every time you come back and buy something you will be racking up points for free things like sandwiches, chips, cookies, pickles, and drinks.They also have special offers like on your birthday you get a free sub (and after you sign up).  If I wanted to do something similar with my business I make would make a rewards systems where you earn points for discounts.

Explanation:

Identify a business idea with which you can proceed. For example, you start a business that designs and creates landscaping for customers (front garden space, back patio, and so on).

This type of business provides opportunity for consumer credit, as most people would not want to pay a huge amount upfront in cash or even through credit cards.

Since the only other way is to offer credit facility, you will have to make a list of questions. You will then have to research the customer’s credit worthiness.

Check for the customer’s credit rating with the credit- and information-management companies, such as TransUnion or Equifax.

Check for the customers’ current financial positions. You can do so by finding out whether they have a secure job or a well-performing business, number of earning members in the family, and so on.

Depending on the information you acquire, you may decide either to offer complete credit, with a relatively shorter credit period, or only offer a certain percentage of credit spread across a wider credit period.

7 0
3 years ago
After cooking food that must sit for a little while before being consumed, Sherry is aware that the food must remain at a certai
Aliun [14]

Answer:

140°F

Explanation:

140°F is ordinary temperature for eliminating microscopic organisms, yet it will likewise effect and truly burn individuals. In this regard, sherry knows about that, which is the reason she comprehend that she needs to hold back to consume it. High temperatures, 140°F or more, ought not be brought into normal private or business pipes that go to end client taps and showers etc.

8 0
2 years ago
Sheridan Company has recently tried to improve its analysis for its manufacturing process. Units started into production equaled
klemol [59]

Answer: $3.40

Explanation:

Based on the information given in the question, the materials cost per unit will be calculated thus:

First, we'll calculate the completed units which will be:

= 18500 - 1400

= 17100

Ending inventory = 1400 units

Equivalent Production Unit with respect to Material = (17100 x 100%) + (1400 x 100%)

= 18500 Units

Material Cost Per Unit will be:

= Total Material Cost / Equivalent Production Unit

= $62900 / 18500

= $3.40 per unit

The material cost per unit is $3.40

7 0
2 years ago
Please answer this!!! Can someone get traced and arrested for taking money out of someone else’s bank electronically account wit
Marysya12 [62]

Answer:

yes

Explanation:

cause you still did fraud

3 0
3 years ago
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