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Dmitry_Shevchenko [17]
2 years ago
13

Which one of the following types of charitable contributions is NOT deductible for federal income tax purposes?

Business
1 answer:
Fofino [41]2 years ago
3 0

Answer: B.

Explanation: Contributions to individuals, foreign governments, foreign charities, and certain private foundations similarly are not deductible.

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the liability created when supplies are bought on account is called an account payable ,true or false​
tigry1 [53]

Answer:

True.

Explanation:

In Financial accounting, liability can be defined as the amount of money being owed by an individual or organization to another.

Simply stated, liability is a debt being owed and as such it usually has "payable" in its account title on the balance sheet.

Generally, liabilities are recorded on the right side of the balance sheet and it comprises of financial informations such as warranties, bonds, loans, deferred revenues, mortgages, account payable etc.

Current liability in financial accounting can be defined as the short-term financial obligation such as debt (account payable) that is due to be paid in cash within one (fiscal) year or one operating cycle of a company, whichever is longer.

A company's current liability comprises of the following; dividends payable, short-term debts, account payable, notes payable, interest payable, wages payable, deferred revenues, income tax payable, etc.

Basically, companies usually settles their current liabilities with current assets such as account receivables or cash, that are used up within a fiscal year.

Hence, the liability created when supplies are bought on account is called an account payable.

6 0
2 years ago
Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But sh
prisoha [69]
Starting a new business requires through and careful planning, which takes all aspects of the business into consideration. Funds for starting the business must also be available and the entrepreneur must be very disciplined and ready to put in a lot of work in order for the business to succeed.
Any step that will result in the eventual failure of the business is not a good step to take. At the early days of the new business especially, care must be taken not to take any step that will put the finances of the business in jeopardy.
3 0
3 years ago
Read 2 more answers
Summarize the effect of credit card interest on thermal cost of items
Mice21 [21]

Answer:

Interest Rates

<em>The first factor is the most obvious: the interest rate. Naturally, a low rate will cost you less—our numbers indicate a $10,000 balance with a 5.9% interest rate will cost $10,637 in total if paid off in 2 years.</em>

<em>That may not sound too bad, but bear in mind that 5.9% interest is extraordinarily difficult to get these days. Even people with excellent credit scores will likely pay “double digit” interest rates of over 10%. And if you’re paying a more typical 12.9% in interest on that same $10,000, you’ll pay a total of $12,797 over the same 2 years.</em>

Hope I Helped

<u><em>From Google</em></u>

3 0
3 years ago
ABC Company produces Product X, Product Y, and Product Z. All three products require processing on specialized finishing machine
maria [59]

Answer:

400; 800

Explanation:

Contribution:

Product X:

= Selling price - Variable cost

= 100 - 70

= 30,

Product Y:

= Selling price - Variable cost

= 80 - 40

= 40,

Product Z:

= Selling price - Variable cost

= 25 - 20

= 5

Machine hours required :

Product X:

= Machine time per unit × Monthly demand

= 3 ×  300

= 900,

Product Y:

= Machine time per unit × Monthly demand

= 2 × 200

= 400,

Product Z:

= Machine time per unit × Monthly demand

= 1 × 500

= 500

Contribution per machine hour:

Product X = Contribution ÷ Machine time per unit

                 = 30 ÷ 3

                 = 10,

Product Y = Contribution ÷ Machine time per unit

                 = 40 ÷ 2

                 = 20,

Product Z = Contribution ÷ Machine time per unit

                = 5 ÷ 1

                = 5

It is highest for Y, so produce maximum amount of Y, then X and then Z

Y needs 400 hrs, we are left with 800 hours, so produce 800 hours of X.

3 0
3 years ago
Capstone Investments is considering a project that will produce cash inflows of $11,000 at the end of Year 1, $24,000 in Year 2,
kherson [118]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

Cash inflows:

Year 1= $11,000

Year 2= $24,000

Year 3= $36,000

To calculate the present value, we need to use the following formula:

FV= PV*(1+i)^n

Isolating PV:

PV= FV/(1+i)^n

Year 1= 11,000/(1.12)= $9,821.43

Year 2= 24,000/(1.12^2)= $19,132.65

Year 3= 36,000/(1.12^3)= $25,624.09

Total= $54,578.17

3 0
3 years ago
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