Using a credit card is like borrowing money, while debit cards let you draw directly from your bank account
Owner withdrawals cause a decrease in owner's equity and are recorded directly within the owner's withdrawal.
<h3>What is a withdrawal?</h3>
Withdrawals are variables in an economy that leak the circular flow of income and reduce the dimensions of national income. Withdrawals include savings, taxation, and imports.
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Answer:
a. Failure to pay penalty = 400
b. Failure to file penalty = $4,000
Explanation:
The monthly rate for failure to pay penalty is 0.5% while the failure to file penalty.
Since it is assumed that there are 30 days in a month, the 35 days after the due date of the return without obtaining an extension from the IRS is will be counted as 2 months regardless of the fact that the second month is just 5 files when she filed.
Therefore, we have:
a. Failure to pay penalty = $40,000 * 0.5% * 2 = 400
b. Failure to file penalty = ($40,000 * 5% * 2) = $4,000
c. Total penalties = (Failure to file penalty - failure to pay penalty for the same period) + Failure to pay penalty = ($4,000 - $400) + $400 = $4,000.
Therefore, the total penalty Isabella will pay is $4,000.
Answer:
The correct answer is $200
Explanation:
The interest expense appearing on the company's income statement in year 1 is for a period of four months(September to December) year 1.
The interest expense using an annual rate of 6% is computed thus:
interest expense=$10,000*6%*4/12=$200
The correct option is $200 which is not one of the options provided,hence the options need.
In another version of the question,option D was $200 which shows is missing here,
All in all, the correct answer is $200 interest for a period of four months from September to December
