Answer:
Eminent Domain
Explanation:
The procedure that allows for this is known as Eminent Domain. This allows for the municipality (government) to take private property and convert it into public use if and only if they provide just compensation to the property owners. This procedure is protected/provided by the Fifth Amendment and allows the government to do so even if the property owner does not want to relinquish ownership.
Answer:
Has its profits taxed as personal income
Explanation:
Sole proprietorship: The sole proprietorship is the person who is the single owner of a company. He is personally liable for all the acts which are held in the company. In this, there is no separate entity between the company and its members.
Moreover, during filling the return, the owner has to file a tax based on the profits on its personal income
Its owner choice to continue the business for longer period or for a shorter period. So, it does not has unlimited life, neither it have limited financial liability nor it involves significant legal costs during the formation process.
So, a sole proprietorship has its profits taxed as personal income.
Answer:
Annual deposit= $26,344.36
Explanation:
Giving the following information:
The interest rate is 7 percent per year.
He wants to have enough money to provide him with $3,000 of monthly income for 30 years. To date, he has saved nothing, but he still has 20 years until he retires.
First, we need to calculate the total amount of money required:
Final value= 3,000* (30*12)= $1,080,000
Now, we can calculate the annual deposit:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
FV= 1,080,000
i= 0.07
n= 20
A= (1,080,000*0.07) / [(1.07^20) - 1]= $26,344.36
Answer:
c. debit to Interest Expense of $1,000.
Explanation:
The adjusting entry is as follows:
Interest expense Dr ($50,000 × 6% × 4 months ÷ 12 months) $1,000
To Interest payable $1,000
(Being the interest expense is recorded)
Here interest expense is debited as it increased the expense and credited the interest payable as it also increased the liabilities
Therefore the correct option is c.
Answer:
The Future value at year time is $4,260
Explanation:
The future value at the end of the year one can be found by using the compounding formula which is as under:
Future Value = Present Value * (1 +r)^n
Future Value = $4,000 * (1.065)^ 1 = $4,260
