Income taxes, payroll taxes, and corporate income taxes.
Income taxes = individual employees pay out of their earnings
Payroll Taxes = social security tax, medicare, and unemployment tax. These are paid partially by the employees and partially by the employers
Corporate income taxes = paid by businesses as a percentage of their profits
Answer:
e) $93,097
Explanation:
Interest for 1st year = $100,000*8%
Interest for 1st year =$8,000
Principal repayment for 1st year = $14,903 - $8,000
Principal repayment for 1st year = $6,903
Principal balance on January 1,Year 2 = $100,000 - $6,903
Principal balance on January 1,Year 2 = $93,097
Answer:
Oct 31
Dr Cash $7,201
Cr Notes receivable—R. Albany $7,000
Cr Interest revenue $201
Explanation:
Preparation of Jun's journal entry assuming the note is honored by the customer on October 31, of that same year
Oct 31
Dr Cash $7,201
($7,000+$201)
Cr Notes receivable—R. Albany $7,000
Cr Interest revenue $201
(11.5%*7,000*90/360)
