Fleming corp. provided services on account. The transaction would be recorded with a credit to service revenue. The transaction will also be recorded on the accounts receivable ledger as well. Service revenue is an account used in accrual accounting that reports fee income that a company earns during a specific time frame. Accounts receivable is an account that shoes money that is owed to a company by its debtors.
Answer: (B) Backward induction
Explanation:
The backward induction is basically used for making the decisions and it is the process of solving the various types of problems by determining the action properly.
In any type of situation, the backward induction basically used the optimal strategy type for making some effective result of the given situation.
According to the given scenario, Elly should use the backward induction process for making the decisions more effectively regarding her shop.
Therefore, Option (B) is correct.
Answer:
That low income can be enough because of either one of these two reasons (or the two at the sime time):
- A high proportion of subsidized good for low-income earners in developing countries: a consumer making $1,000 per year on average could benefit from subsidized food, housing, healthcare, and even transportation, allowing this person to devote most of his income to other expenses.
- Cheap credit available: this same person could not have enough money to pay for the television in cash, but could easily obtain a credit with low interest rates, and long-term payments.
Producer & Consumer should be the correct answer
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.
