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Len [333]
3 years ago
13

Unless an extension is given, a federal income tax return must be filed for the preceding tax year by

Business
1 answer:
Nesterboy [21]3 years ago
3 0

Answer:

April 15

Explanation:

You might be interested in
Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and ther
irina [24]

Answer:

Debit Accounts Payable, and Credit Purchase Returns and Allowances

Explanation:

The adjusting entry is shown below:

Account Payable A/c Dr

       To Purchase Returns and Allowances

(Being return of goods is recorded)

Since the goods are purchased on credit, and due to some issues the goods are returned So, the account payable account should be debited and the purchase return and allowances should be credited.

5 0
3 years ago
Hunt Incorporated sold $209,000 of accounts receivable to Gannon Factors Inc. on a with recourse basis. Gannon assesses a 2% fin
pentagon [3]

Answer:

Dr Cash $190,190

Dr Due from Gannon Factors $14,630

Dr Loss on Sale of Receivables $16,280

Cr Accounts Receivable $209,000

Cr Recourse Liability $12,100

Dr Accounts Receivables $209,000

Cr Due to Customer $14,630

Cr Interest Revenue $4,180

Cr Cash $190,190

Explanation:

Journal entries

Dr Cash $190,190

Dr Due from Gannon Factors $14,630

Dr Loss on Sale of Receivables $16,280

Cr Accounts Receivable $209,000

Cr Recourse Liability $12,100

Dr Accounts Receivables $209,000

Cr Due to Customer $14,630

Cr Interest Revenue $4,180

Cr Cash $190,190

*7% X $209,000 =$14,630

*2% X $209,000 =$4,180+$12,100=$16,280

5 0
3 years ago
Equilibrium in the market-place means that quantity supplied 'Qs' equals quantity demanded 'Qd'.
steposvetlana [31]

Answer:

P = 380

Explanation:

At equilibrium, we have:

Qs = Qd

Since Qs = 1,050 and Qd = 2,000 – 2.5P, we therefore have:

1,050 = 2,000 – 2.5P

We now proceed to rearrange and solve for P as follows:

1,050 - 2000 + 2.5P = 0

2.5P = 2,000 - 1,050

2.5P = 950

P = 950 / 2.5 = 950 ÷ 2.5

P = 380

Therefore, the equilibrium price 'P' is equal to 380.

5 0
3 years ago
Jordan deposits $100 into a savings account that pays him with a compound interest rate of 3%. Justin deposits $100 into an acco
ipn [44]

Answer:

Jordan

Explanation:

Given that :

JORDAN :

Principal (P) = $100

Compound interest rate (r) = 3%

AMOUNT AFTER 3 YEARS:

A = P(1 + r/n)^nt

n = number of times interest is applied per period

t = time ; A = final amount

A = 100(1 + 0.03)^3

A = 100(1.03)^3

A = 100(1.092727)

A = $109.2727

JUSTIN :

Principal = $100

SIMPLE INTEREST interest rate = 3%

A = P(1 + rt)

A = 100(1 +(0.03 * 3))

A = 100(1 + 0.09)

A = 100(1.09)

A = 1.09 * 100

A = final amount after 3 years = $109

4 0
3 years ago
A ___________ to A/P represents cash paid to creditors.
lyudmila [28]
The normal side of account payable is on the credit side which means the supplies, services, or purchases a company bought is on credit terms. This is used as opposed to cash when you can't pay for the purchase yet. So, a debit to accounts payable means there is a payment made to a supplier or vendor. 
6 0
3 years ago
Read 2 more answers
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