All improved, modified, or original products are classified as NEW PRODUCTS.
Product is improved when gaps were found in it as the gaps are introduced they are termed to resolve it this resolving will help the producer to re-introduce his/her product from the start this product is now classified as to the new product category.
Same like this modification process goes through and developed into a brand new brand or product ad same and we know if any product didn't find a mistake again this product is indeed a new product so all the respective categories are called new products.
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Answer:
Dr Merchandise Inventory Cr Cash
Explanation:
Based on the information given in a situation where purchases of merchandise are made for cash the transaction will be recorded in the journal entry by debiting Merchandise Inventory and Crediting Cash reason been that MERCHANDISE are current asset and Secondly merchandise are anticipated to be either sold out, used or turn them into cash within a period of one year, although it sometimes depends on the method of payment in which the merchandise was been paid for , which is why we have to Debit Merchandise Inventory Account and Credit Cash Account.
Hence:
Journal entry
Dr Merchandise Inventory
Cr Cash
because it provides monetary assistance to people with inadequate or no income and it provides benefits to retired people and those who are unemployed or disabled
I hope this helps
Answer:
The prize is worth $3,992.71
Explanation:
Giving the following information:
Cash flow= $1,000 per year for 5 years
Interest rate= 8%
To calculate the value of the prize today, first, we need to calculate the final value:
FV= {A*[(1+i)^n-1]}/i
A= annual payment
FV= {1,000*[(1.08^5)-1]}/0.08
FV= $5,866.60
Now, the present value:
PV= FV/(1+i)^n
PV= 5,866.6/ (1.08^5)
PV= $3,992.71
Answer:
The day the property was contributed.
Explanation:
A holding period refers to the time period an asset or investment is held by a business or an investor, or the period between when the asset is bought and when it is sold.
The character or type of an asset contributed to a partnership in exchange for a capital and profits interest determines the beginning of the partner’s holding period as follows:
1. If the capital asset or property contributed by the partner has been used in a trade or business just before it is contributed to the partnership, the holding period of the partner for the partnership interest will include the holding period of the capital asset or property contributed.
2. If the capital asset or property contributed by the partner is exchanged for money, capital or other property, the beginning of the holding period of the partner in the day of acquisition of the interest, i.e., the day the property was contributed.
Since the question states that the property is contributed to a partnership in exchange for a capital and profits interest, rule number 2 above therefore applies. That is, the partner’s holding period begin for the partnership interest the day the property was contributed.
