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Helga [31]
3 years ago
12

Nancy and Joan bought a small farm for $300,000 under an installment land contract with a $50,000 down payment. They will pay in

terest only at 6% for five years when the remaining principal balance becomes due. How much interest will they pay over the life of the contract?
Business
1 answer:
KatRina [158]3 years ago
6 0

Answer:

75,000

Explanation:    

300,000-50,000 = 250000*6%*5

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Bob is working on a new report for the next quarterly meeting that he knows the CEO needs to determine next​ quarter's direction
Rzqust [24]

Answer:

information exchange

Explanation:

Information exchange refers to the action of passing information from one person to another. This can be done in person, using the phone, video calling or emails or other types of electronic messages.

In this case, Bob is anxious because Anna is not exchanging information with him promptly. Instead she is wasting both her and his time by chatting with other employees.

8 0
3 years ago
Exercise 7-29 (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2018, his LLC reports business inco
Taya2010 [7]

Answer:

From 2018, there is a threshold limit of $250,000 defined by IRS for single:

(a) Tim has an excess business loss:

= Business loss - Threshold

= $350,000 - $250,000

= $100,000

(b) Tim may use $250,000 of the $350,000 LLC business loss to offset non business income.

The excess business loss is treated as the portion of the Tim's NOL carry forward.

Excess business loss of $100,000 will be treated as the NOL carryforward to subsequent years.

4 0
3 years ago
The demand for this type of good rises when income falls and falls when
Amiraneli [1.4K]

Answer:

o inferior

Explanation:

The inferior goods shown the inverse relationship between the demand and the income. If the demand of the goods is increased so the income would fall and if the demand of the goods fall so the income would rises

So this represent that the good is an inferior good

Hence, the second option is correct

4 0
2 years ago
Perdue Company purchased equipment on April 1, 2014, for $270,000. The equipment was expected to have a useful life of three yea
otez555 [7]

Answer:

<u>Straight line:</u>

2014 $ 65,250  

2015 $  87,000  

2016 $  87,000  

2017 $   21,750

<u>units-of-output method:</u>

2014 $ 108,750

2015 $   79,750

2016 $  58,000

2017  $   14,500

<u>dobule declining method</u>

2014  135,000  

2015  45,000  

2016  15,000  

2017  9,000  

Explanation:

<u>Straight line:</u>

(cost - salvage value) / useful life

(270,000 - 9,000)/3 = 87,000 per complete year

First year: from April 1st to December 31th

87,000 x 9/12 = 65,250

Second and third year are complete year thus, 87,000

fourth year: from Jan 1st to March 31th:

87,000 x 3/12 = 21,750

<u>units-of-output method:</u>

(cost - salvage value) / unit of output

261,000 / 18,000 = 14.5 per hour

We multiply each year hours by this rate

7,500 x 14.5 = 108,750

5,500x 14.5 =   79,750

4,000x 14.5 =   58,000

1,000 x 14.5 =   14,500

<em><u>double declining </u></em>

we multiply by twice the rate of of straight line:

1/3 x 2 = 2/3 we depreciate this amount of the carrying vbalue per year

Last year we adjust to obtain the residual value

Year   Beginning   Rate   Dep expense   Carrying value

2014     270,000     0.50     135,000     135,000  

2015     135,000     0.67     90,000     45,000  

2016     45,000     0.67     30,000     15,000  

2017     15,000                6,000      9,000  

5 0
3 years ago
Auditors may decide to perform some tests of controls or not perform any tests of controls, if inherent risk is assessed as ____
Ivanshal [37]

Answer: Moderate or low

Explanation:

Tests of Control are one by auditors to determine the effectiveness of the internal controls in the company in being able to detect accounting errors and anomalies.

If a company seems to have a moderate or low inherent risk the Auditors may or may not initiate Tests of Control due to this reduced risk.

If the company however, has either high or moderate or unusually high risk, the Auditors have to perform Tests of Control to determine where the company is going wrong.

6 0
2 years ago
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