Answer:
Journal Entry
01 July Debit Taxes Receivable $4,000,000 Credit Allowance for uncollectible tax $200,000 Credit Revenue $3,800,000
30 April Debit Bank $3,710,000 Credit Taxes Receivables $3,710,000
Debit Interest and penalties on Unpaid Taxes $14,300 Credit Allowance for interests and penalties $1,600 Credit Revenue $12,700
30 June Debit Bank $56,600 Credit Tax Receivable $52,000 Credit Interest and taxes on unpaid taxes $4,600
Explanation:
Allowance for uncollectible tax = $4,000,000*5% =$200,000
Allowance for interests and penalties = 14,300 - 12,700 = 1,600
Answer:
a. Structurally unemployed.
b. Cyclically unemployed.
c. Frictionally unemployed.
Explanation:
Unemployment rate refers to the percentage of the total labor force in an economy, who are unemployed but seeking to be gainfully employed. The unemployment rate is divided into various types, these include;
I. Natural Rate of Unemployment (NU).
II. Frictional unemployment rate (FU).
III. Structural unemployment rate (SU).
IV. Actual unemployment rate (AU).
V. Cyclical unemployment rate (CU).
a. Structurally unemployed: Lorenzo recently lost his job as a dishwasher. Minimum-wage legislation keeps employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work.
b. Cyclically unemployed: Teresa is a real estate agent. House sales in her area have declined because the region has been going through a recession. She has no clients and is currently looking for a new full time job. A cyclical unemployment can be defined as a type of unemployment which is typically related to changes in the business, economy or industry cycle such as recession, governmental policies etc.
c. Frictionally unemployed: Neha just graduated from college and is looking for a full- time position with an investment banking firm.
Answer:
Nothing
Explanation:
The reason is that the contract is not formed between my brother and the car seller because the legal requirement to form a contract is 18. So the car seller lacks right to sue my brother for non complaince with the terms and conditions agreed.
Answer:
Credit Union
Explanation:
A not for profit organization means the organization whose main goal is not to make the profit. Here the main goal is to provide the services for a particular services or to give the benefit to the people.
Like the financial services give to the members of the credit union
Therefore as per the given options, the second option is correct
This is a simple interest problem. We are going to use the formula:
Where I is the interest she has to pay for her loan, P is the amount she financed, r is the interest rate (in decimal), and t is the number of years.
Replace the values to get:
Now that we have the interest she paid, we just need to add them to the value she paid to get the total cost she paid:
We can conclude that the total cost of the car that she financed will be $21,077.46
