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marishachu [46]
3 years ago
15

What's the difference between gross monthly income, and net monthly income? I'm filling out a loan application, and the applicat

ion wants to know what my "gross monthly income" is, but I don't know if they mean take home pay or what I make before taxes. Help!
Business
1 answer:
frutty [35]3 years ago
7 0
Your "gross monthly income" is the amount you make BEFORE they take out any deductions.
Your "gross monthly income" is the amount you make AFTER they take out any deductions. 
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Innovative Consulting has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts
Marrrta [24]

Answer:

<h2>Innovative Consulting</h2>

<h3>General Journal</h3>

Date         Account Details               Debit           Credit

Mar. 1       51 Rent Expense              $4,000

                11 Cash                                                 $4,000

To record the payment for rent for the month.

Mar. 3      52 Advertising Expense $1,350

                11 Cash                                                 $1,350

To record the payment for advertising expense.

Mar. 5     13 Supplies                      $1,800

               11 Cash                                                 $1,800

To record the payment for supplies.

Mar. 6    14 Office Equipment      $11,500

              21 Accounts Payable                         $11,500

To record the purchase of office equipment on account.

Mar. 10  11 Cash                          $8,600

             12 Accounts Receivable                     $8,600

To record the receipt of cash from customers.

Mar. 15    21 Accounts Payable  $3,180

               11 Cash                                                 $3,180

To record the payment of creditor on account.

Mar. 27   54 Miscellaneous Expense $700

               11 Cash                                                 $700

To record the payment of Miscellaneous expense.

Mar. 30   53 Utilities Expense       $550

               11 Cash                                                 $550

To record the payment of telephone bill.

Mar. 31    2 Accounts Receivable $37,200

              41 Fees Earned                                 $37,200

To record fees earned and billed to customers for the month.

Mar. 31   53 Utilities Expense       $830

               11 Cash                                                 $830

To record the payment of electricity bill.

Mar. 31   33 Dividends                $2,000

               11 Cash                                                 $2,000

To record the payment of dividends to shareholders.

Explanation:

Innovative Consulting records business transactions as they occur on a daily basis in the general journal.  Journal entries are the first set of records in the accounting books.  They identify the accounts to be debited and the accounts to be credited in the general ledger.

8 0
3 years ago
What type of contractual system describes a situation where assistance in selecting the location, setting up the store or facili
Tomtit [17]

Option C,  Franchise system

Explanation:

A vertical contract marketing system is used in which companies work together to create higher economies or shipments, at different manufacturing and distribution rates than they do on their own.

The site owner does not handle and handles the location in which their products or services are served daily by the consumers in a franchise system. The job of the franchisee is to serve the customer.

McDonald's, KFC, Famous Amos, Starbucks Coffee and Dunkin ' Donuts are well-known examples of market style franchise. The franchisee offers operations knowledge, software and/or processes to operate the company as a form of service agreement.

8 0
3 years ago
Which financial statement would best display a company's plant, property, and equipmnt used everyday
yuradex [85]

Answer:

Balance sheet

Explanation:

Balance sheet is referred to as the statement of assets and liabilities. Property plant and equipment are shown in balance sheet with a schedule of addition, deletion and depreciation is attached to it. Hence, the financial statement that would best display a company's plant, property and equipment used everyday is the Balance sheet.

4 0
3 years ago
Current operating income for Bay Area Cycles Co. is $40,000. Selling price per unit is $100, the contribution margin ratio is 20
svlad2 [7]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Operating income=  $40,000.

Selling price per unit is $100

Contribution margin ratio= 0.20

Fixed expense is $160,000

<u>First, we need to calculate the unitary variable cost. We can use the contribution margin ratio formula:</u>

<u></u>

contribution margin ratio= (selling price - unitary variable cost) / selling price

0.2 = (100 - unitary variable cost) / 100

unitary variable cost= 80

<u>Now, the contribution margin:</u>

Contribution margin= 100 - 80= $20

<u>Finally, the number of units being sold:</u>

Total contribution margin= operating income + fixed costs

Total contribution margin= 40,000 + 160,000= 200,000

Unitary contribution margin= Total contribution margin/number of units

20= 200,000 / number of units

number of units= 200,000/20

number of units= 10,000 units

6 0
3 years ago
Claire purchases an eight-year callable bond with a 10% annual coupon rate payable semiannually. The bond has a face value of 3,
Liula [17]

Answer:

12.41%

Explanation:

yield to call = {coupon + [(call value - market value)/n]} / [(call value - market value)/2]

0.05 = {150 + [(2,900 - market value)/8]} / [(2,900 - market value)/2]

0.05 x [(2,900 - market value)/2] = 150 + [(2,900 - market value)/8]

0.05 x (1,450 + 0.5MV) = 150 + 362.5 - 0.125MV

72.5 + 0.025MV = 512.5 - 0.125MV

0.15MV = 440

MV = 440 / 0.15 = $2,933.33

Claire's total returns = $150 (coupon) + ($2,960 - $2,933.33) = $176.67

Claire's return on investment = $176.67 / $2,933.33 = 6.02273%

effective annual yield = (1 + 6.02273%)² - 1 = 12.41%

4 0
3 years ago
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