Answer:
b. $16,004.17
Explanation:
The bond pays annual interest of 7% over the 3 years. The annuity factor at 7% for 3 years is 2.6243. The amount of bond is divided by annuity factor to calculate the annual payment of bond. The payment includes bond principal repayment and interest payment. The first payment on July 31 will be for $16,004.17.
It should be noted that the condition where he'll get a pass-through deduction is that he has a taxable income.
A pass-through deduction refers to a business that isn't subject to corporate income tax. Rather, such a business is taxed at individual income tax rates.
From the information given, the condition where Arthur will get a pass-through deduction is that he has a taxable income. Also, the deduction cannot be more than 20% of the taxable income.
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Explanation:
The journal entries are shown below:
1. Sales return and Allowances A/c Dr $400
To Account receivable A/c $400
(Being the returned inventory is recorded)
2. Merchandise inventory A/c Dr $100
To Cost of Goods sold A/c $100
(Being the cost of inventory is recorded)
Since the merchandise inventory is returned for $400 and the same is recorded and together with the cost of the merchandise inventory is also recorded
Answer:
I. The statement of activities as permanently restricted revenues.;
Explanation:
Permanently restricted items are the objects under the owner of a trustee which are received with restriction by the donor . Restriction states that
the donation must be maintained permanently and which may be used for financial gain for the trust.