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2 years ago

Without the Gramm-Leach-Bliley Act, Bank of America would more than likely _____.

Business

1 answer:

malfutka [58]2 years ago

6 0

The answer is the third option not be a mega-bank. Hope this helps.

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1/1/2019 sally miller purchased $500 of merchandise on account; the cost of the item is $310

timofeeve [1]

Solution and Explanation:

date Particulars Debit Credit

1st january, 2019 Account receivable 500

Sales revenue 500

(To record sales on account)

Cost of goods sold 310

Merchandise inventory 310

(To record cost of goods sold)

31st january, 2019 Notes receivable 500

Accounts receivable 500

(To record notes receivable for the 60 days at the rate of 6 percent)

1st April, 2019 Allowances for Doubtfull accounts 500

Notes receivable 500

(In order to write off Sally Millers account, no interest revenue is to be recognised)

2nd May, 2019 Notes receivable 500

Allowances for doubtful debts 500

( in order to record re-instatement)

2nd May, 2019 Cash 507.50

Notes receivable 500

Interest revenue 7.5

( In order to record the payment received)

3 0

3 years ago

Exercise 13-26 (LO. 5) Henry is a 50% partner in HJ Partnership. This year, the tax form he receives from HJ (Schedule K-1 of Fo

Eduardwww [97]

Answer:

20,000

Explanation:

Henry has already received the $10,000 from HJ, It would be considered as a partial withdrawal of his share of profit. His total income should be 20,000 (40,000 x 50%) so the remaining 10,000 of his share of profit may be received by him later on a future date

Henry must report on his Form 1040 from HJ for the tax year = 40,000 x 50%

Henry must report on his Form 1040 from HJ for the tax year = 20,000

3 0

3 years ago

A company sells two products with information as follows: A B Sales price per unit $12 $22 Variable cost per unit $10 $10The p

Tanya [424]

Answer:

Option (c) : $80,000

Explanation:

As per the data given in the question,

A B

Sales price $12 $22

Less: Variable cost $10 $10

Contribution per unit $2 $10

Time required in hours 0.25 0.50

Contribution per hour $8 $20

Rank 2 1

Company should produce only product B to maximize the contribution.

Total contribution = $20 × 4,000

= $80,000

5 0

3 years ago

Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general jou

SpyIntel [72]

Solution and Explanation:

The following journal entries are passed in the books of accounts.

Purchase of merchandise on credit - no entry is to be passed

Contribution of automobile to the company:

Date Details debit credit

12- nov Automobiles 17000

TB Capital 17000

( To record contribution of automobile to the company)

Sale of merchandise on credit:

Not recorded in gernal journal

Return of merchandise sold:

Date Details debit credit

19- Nov Sales return and allowances 175

accounts receivable - KM 175

3 0

3 years ago

What is the main motive behind dealer incentives?

lbvjy [14]

The main motive behind dealer incentives is to give the dealers a low price for stocking the companies products. The company that gives the biggest dealer incentive will attract more dealers to actively sell the product of that company. It can be seen in case of cars, the incentives given by the manufacturers to their dealers for stocking the cars.

3 0

3 years ago