Answer:
Debit Cash account $700
Credit Accounts receivable $700
Explanation:
When revenue is earned but cash is yet to be received,
Debit Accounts receivable
Credit Revenue account
When cash is received,
Debit Cash account
Credit Accounts receivable.
As such, when a company received $700 from a customer previously billed for services performed,
Debit Cash account
Credit Accounts receivable
Answer:
Nixon = (155,000/331,000)*15,500 = 7,258.31
Cleveland = (105,000/331,000)*15,500 = 4,916.92
Pierce = (71,000/331,000)*15,500 = 3,324.72
TOTAL DISTRIBUTION: 15,500.00
Explanation:
A cash liquidation distribution or liquidating dividend is a distribution of cash or other assets to shareholders when a business is liquidated. This distribution represents the amount of capital returned to the investor or business owner when a corporation is partially or fully liquidated. This dividend is paid out after all creditor and lender obligations have been settled, so the dividend payout should be one of the last actions taken before the business is closed.
The dividends are returned to investors per the capital structure of the business, not per profits and losses participation.
Answer: $6,000
Explanation:
As per IRS deduction rules in 2020, the maximum deductible IRA contribution for a person who does not participate in an employer-sponsored plan is $6,000.
That is therefore the maximum deductible that William can make in this scenario.
If the Fed decided that virtual money should be included in money supply, we would see a situation where both <u>M1 </u><u>and </u><u>M2 increase/ rise. </u>
M1 is:
- The most liquid money instruments
- Inclusive of cash and close instruments
If virtual money was counted as money, it would increase M1 because virtual money is very liquid as it can easily be converted to cash so it would be counted as M1.
M2 would increase because M1 is part of M2.
In conclusion, both M1 and M2 would increase.
<em>Find out more about M1 and M2 at brainly.com/question/25458814.</em>
