The main source of revenue for local governments is ____

P. Jameson Co. sold $500 of merchandise on Master Card credit sales. The net cash receipts from the sale are immediately deposit

Alchen [17]

Answer:

The journal entry would be as follows:

Account Debit Credit

Cash $480

Sales Revenue $500

Credit Card Expense $20

The Credit Card Expense corresponds to the 4% fee that Master Card charged P. Jameson Co. ($500 x 20% = $20)

4 0

3 years ago

Kevin has had a checking account for a month. As he reconciles his account, Kevin notices that the dates on his check register d

ale4655 [162]

I think the likely response from the bank is that probably the date when you issued the checks is not the same when the beneficiary cashed or deposited them.

5 0

3 years ago

Bond P is a premium bond with a 10 percent coupon. Bond D is a 5 percent coupon bond currently selling at a discount. Both bonds

ale4655 [162]

Let Bond par value be 1000

Bond P:

Coupon rate=10%

YTM=7%

time=9 years

Calculation of current price:

Particulars Year Amount PV Factor YTM=7% Present value

Ineterest 1-9 years 100 6.515232 651.52

Value 9 1000 0.543934 543.93

1195.45

Current price =1195.45

Current yield=Annual interest based on coupon rate*100/current price

The current yield of Bond P=100*100/1195.45=8.37%

Bond D:

Coupon rate=5%

YTM=7%

time=9 years

Calculation of current price:

Particulars Year Amount PV Factor YTM=7% Present value

Interest 1-9 years 50 6.515232 325.76

Value 9 1000 0.543934 543.93

869.69

Current price =869.69

Current yield=Annual interest based on coupon rate*100/current price

The current yield of Bond D=50*100/869.69=5.75%

Capital gains yield

current price bond P=1195.45

Next year's price bond P=100°5.971299+1000*0.582009=1179.14

The capital gain yield on bond P=(next year price-current price)/current price

=(1179.14-1195.45)/1195.45

=-1.36%

current price bond D=869.69

Next year's price bond D=505.971299+1000*0.582009=880.57

The capital gain yield on bond D=(next year price-current price)/current price

=(880.57-869.69)/869.69

=1.25%.

Learn more about premium bonds at

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6 0

1 year ago

During the month of March 2017, Weimar World, a tax-preparation service, had the following transactions. * Billed $496,000 in re

Vadim26 [7]

Answer:

A. $302,000

Explanation:

The computation of the net income under accrual basis accounting is shown below:

= Billed in revenues on credit - incurred expenses

= $496,000 - $194,000

= $302,000

The prepaid expenses and the received amount would not be considered in the computation part. Hence, ignored it

Only revenues on credit and incurred expenses are considered in the computation part. No other item values would be taken.

8 0

3 years ago

Karen, an automobile mechanic employed by an auto dealership, is considering opening a fast-food franchise. If Karen decides not

vova2212 [387]

Answer:

The right solution is "Not Deductible".

Explanation:

If everyone's investigation for a company or starting a company fails, costs classified into two broad categories besides you:

Unless you're a person and your effort to start a company isn't successful, there are 2 kinds of investments you have had in attempting to develop yourself in the company.
The expenses clients used to have before you made an intention to open a particular business. These would be personal but non-deductible charges. They include other expenses incurred throughout a regular search for something like a company or equity investment opportunity or perhaps a thorough investigation into it.
The expenditures you have in your effort to purchase or launch a particular venture. Such charges are capital expenditures, and that as a capital loss, you will subtract them.

6 0

3 years ago

The main source of revenue for local governments is _____.