Answer:
D. Sole proprietorships are taxed at the owner's personal tax rate
Explanation:
Sole Proprietorship can be defined as a simplest form of owning and starting any business. As the term suggests, this business is onwed by an individual only or shared by married couples.
Sole properietorship is easy to set up because the owner need not to register itself to state government, therefore, because of absence of governmental involvement, it is easy to set up or deconstruct sole proprietorship.
From the given options, the statement which is most accurate about a sole proprietorship is option D. The owner of sole proprietorship pays personal taxes on the profits earned by his/her business.
Therefore, option D is correct.
Suppose that real GDP grew more in Country A than in Country B last year.
a. Country A must have a higher standard of living than country B.
b. Country A's worker productivity must have grown faster than country B's.
c. Both of the above are correct.
d. None of the above are correct.
Answer:
D
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
The standard of living is calculated as real GDP / population. Even though the real GDP of country A grew faster than country B, country A's population might be higher than country B's making its standard of living lower.
To make a conclusion that the growth of country A's worker productivity grew faster, it must be assumed that population grew at the same rate in both countries
Park competes with World by providing a variety of rides. sells tickets at $110 per person as a one-day entrance fee. Variable costs are $44 per person, and fixed costs $412,500 are per month. Under these conditions, the breakeven point in tickets is 6,250 and the breakeven point in sales dollars is $687,500.
Requirement
1. Suppose Park cuts its ticket price from to to increase the number of tickets sold. Compute the new breakeven point in tickets and in sales dollars. 2. Begin by selecting the formula labels and then entering the amounts to compute the number of tickets must sell to break even under this scenario
Answer:
Instructions are below.
Explanation:
Giving the following information:
Variable costs are $44 per person
Fixed costs $412,500
Let's suppose that the new selling price is $100.
To calculate the break-even point in units and dollars, we need to use the following formulas:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 412,500 / (100 - 44)
Break-even point in units= 7,366 units
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 412,500 / (56/100)
Break-even point (dollars)= $736,607
Bond Ratings. Companies pay rating agencies such as Moody’s and S&P to rate their bonds, and the costs can be substantial. However, companies are not required to have their bonds rated in the first place; doing so is strictly voluntary. Why so you think they do so?
Answer:
Bond Ratings
Companies employ rating agencies such as Moody's and S&P to rate their bonds despite the substantial costs and their voluntariness because ratings by these agencies add a badge of honor to the bonds. It gives investors some level of assurance that the bonds will be honored at maturity and that the pricing is right, given the company's credit risk.
Explanation:
Credit risk rating agencies assess the credit risk of a company or financial product as formal and credit-worthy benchmarks for investment decisions. While companies pay huge costs to have these ratings conducted by the big three, including Moody's, S&P, and Fitch, the main value goes to the potential investors who require the information to decide whether to invest in the rated companies.
A lawn company intends to use the sales of lawn fertilizer to predict the sales of lawn mower. The store manager estimates a probable six-week lag between fertilizer sales and mower sales. The pertinent data are
Answer:
Period ; Fertilizer ; Sales
1 ; 1.6 ; 10
2; 1.3 ; 8
3; 1.8 ; 11
4; 2.0 ; 12
5; 2.2 ; 12
6; 1.6 ; 9
7; 1.5 ; 8
8; 1.3 ; 7
9; 1.7 ; 10
10; 1.2 ; 6
Explanation:
Correlation is 0.960
R-Squared is 0.921
This is positive correlation which means both variables will move in same direction.
Slope is 6.153
Intercept is -0.649
Regression line will be formed with x intercept as fertilizers and y intercept as Lawn Mowers sold.
At what percentage of credit card usage, does it start affecting your score in a negative way?
Answer:
3%
Explanation:
ratio of 80 or 90 percent or more highly negative impact on your credit score.
Jen Rogers withdrew a total of $15,000 from her business during the current year. The entry needed to close the withdrawals account is:_________
A. Debit Income Summary and credit Cash for $31,000.
B. Debit Jen Rogers, Withdrawals and credit Cash for $31,000 Debit Income Summary and credit Jen Rogers, Withdrawals for $31,000.
C. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $31,000.
D. Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $31,000.
Answer: C. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $15,000
Explanation:
The options do not match the question. Correct answer is posted.
When closing the Withdrawal account at the end of the period, the withdrawals need to be accounted for from the capital invested by the investor because the withdrawals would reduce the capital balance.
To do this the Capital account should be debited to signify that it is reducing. The opposing entry therefore will be to credit the Withdrawals account.
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, what is the amount to be recorded as an accounts receivable on the date of the sale?
a. $10,000
b. $10,050
c. $9,950
d. none of the above
Answer: a. $10,000
Explanation:
The amount to be recorded as an Accounts Receivable on the date of the sale is the actual amount that the merchandise was sold for which is $10,000.
The discount of 1% if paid within 10 days will only apply if the customer pays within that time and if this is done, the discount will be deducted from the amount paid to the company and debited to the Sales discount account.
A perpetuity pays $170 per year and interest rates are 8.2 percent. How much would its value change if interest rates increased to 9.7 percent
Answer:
$320.59 decrease
Explanation:
The computation of the change in the value is shown below:
As we know that
The Value of perpetuity is
= Annual inflows ÷ interest rate
Current value is
= $170 ÷ 0.082
= $2,073.17
And,
New value is
= $170 ÷ 0.097
= $1,752.58
Now change in value is
= $2,073.17 - $1,752.58
= $320.59 decrease
We simply applied the above formula
Budgets are prepared in which of the following orders? Group of answer choices sales budget, production budget, direct materials purchases budget sales budget, cash budget, production budget production budget, cost of goods sold budget, direct labor budget production budget, sales budget, direct labor budget
Answer:
Sales Budget,
Production Budget,
Direct Materials Purchases Budget
Explanation:
The budgets are prepared so that the company could get to know how much revenue earned and the expenses to be incurred during a particular period of time. It gives an idea of how much would be earned and how much would be incurred
Here, in the following orders, the budgets could be prepared
Sales Budget,
Production Budget,
Direct Materials Purchases Budget
Carolyn is looking over opinions based primarily on research studies. She has found that there are 31 of them in total. What organization is Carolyn researching?
Answer:
d. APB
Explanation:
Carolyn is looking over published accounting opinions based primarily on research studies. What organization is Carolyn researching?
These are the options for the question
a. CAP
b. AICPA
c. SEC
d. APB
We are informed Carolyn who is looking over published accounting opinions based primarily on research studies. The organization Carolyn researching is Accounting Principle Board.
APB( Accounting Principle Board) belongs to a body of American institute of Certified public accountant in US.
it was been run and organised by American Institute of Public Accountants. APB can be regarded as organization which is a forerunner of
Financial Accounting Standards Board. This APB usually offer discounts on professional training with them as well insurance on journal subscription to their member. They are good in offering research on Accounting and finance.
A U.S. business sells milk to consumers in France. Which situation would
most likely cause demand for milk to decline in France?
A. A popular French nutrition author claims that milk is bad for
people's health.
B. French consumers expect the price for milk to increase in the
future.
C. Cheese and other products made from milk become more popular
in France
D. The French population grows steadily due to years of economic
prosperity
The situation that cause the demand for falling in france should be option A. A popular French nutrition author claims that milk is bad for people's health.
The reason why it cause demand for milk:
The various consumers believes on expert's suggestion to select between products. Marketers know this, and that is why they incorporate doctors and other professionals in advertisements. Should the popular nutrition author provides a negative opinion on milk products, the demand for milk in France will decline.
learn more about demand here: https://brainly.com/question/18282855
Answer:
A
Explanation:
Just took the quiz
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $152,000 Credit sales, $452,000 Selling and administrative expenses, $112,000 Sales returns and allowances, $32,000 Gross profit, $492,000 Accounts receivable, $130,000 Sales discounts, $16,000 Allowance for doubtful accounts credit balance, $1,400 Flyer prepares an aging of accounts receivable and the result shows that 3% of accounts receivable is estimated to be uncollectible. How much is bad debt expense
Answer:
$2,500
Explanation:
The computation of bad debt expense is shown below:-
Total Bad Debt = $130,000 × 3%
= $3,900
Balance of allowance for doubtful accounts after Bad debt Expense = Total bad debt - Allowance for doubtful account credit balance
= $3,900 - $1,400
= $2,500
So, we have applied the above formula.
The same is to be considered
Kepler Company Comparative Income Statements This Year Last Year Sales $ 950,000 $ 900,000 Less: Cost of goods sold 500,000 490,000 Gross margin $ 450,000 $ 410,000 Less: Selling and administrative expenses 275,000 260,000 Operating income $ 175,000 $ 150,000 Less: Interest expense 12,000 18,000 Income before taxes $ 163,000 $ 132,000 Less: Income taxes 65,200 52,800 Net income $ 97,800 $ 79,200 Less: Dividends (common) 27,800 19,200 Net income, retained $ 70,000 $ 60,000 Also, assume that for last year and for the current year, the market price per share of common stock is $2.98. In addition, for last year, assets and equity were the same at the beginning and end of the year. Required: Note: Round all answers to two decimal places. 1. Compute the following for each year: This Year Last Year a. Return on assets % % b. Return on stockholders' equity % % c. Earnings per share $ $ d. Price-earnings ratio e. Dividend yield % % f. Dividend payout ratio
Kepler Company
Comparative Balance Sheets
This Year Last Year
Assets
Current assets:
Cash $ 50,000 $100,000
Accounts receivable, net 300,000 150,000
Inventory 600,000 400,000
Prepaid expenses 25,000 30,000
Total current assets $ 975,000 $680,000
Property and equipment, net 125,000 150,000
Total assets $1,100,000 $830,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 400,000 $290,000
Short-term notes payable 200,000 60,000
Total current liabilities $ 600,000 $350,000
Long-term bonds payable, 12% 100,000 150,000
Total liabilities $ 700,000 $500,000
Stockholders' equity:
Common stock
(100,000 shares) 200,000 200,000
Retained earnings 200,000 130,000
Total liabilities and
stockholders' equity $1,100,000 $830,000
Answer:
Kepler Company
a. Return on assets = Net Income/Total Assets
= $ 97,800/$1,100,000 $ 79,200/$830,000
= 8.89% = 9.54%
b. Return on stockholders' equity = Net Income/Stockholders' equity
= $ 97,800/$400,000 $ 79,200/$330,000
= 24.45% = 24%
c. Earnings per share = Net Income/Outstanding common shares
= $ 97,800/100,000 $ 79,200/100,000
= $0.98 = $0.79
d. Price-earnings ratio = Market price/Earnings per share
= $2.98/$0.98 = $2.98/$0.79
= 3.04 times = 3.77 times
e. Dividend yield = Dividend per share/price per share
= $0.28/$2.98 = $0.19/$2.98
= 9.40% = 6.38%
f. Dividend payout ratio = Total dividends/Net Income
= $27,800/$97,800 = $19,200/$79,200
= 28.43% = 24.24%
Explanation:
Kepler Company
Comparative Income Statements
This Year Last Year
Sales $ 950,000 $ 900,000
Less: Cost of goods sold 500,000 490,000
Gross margin $ 450,000 $ 410,000
Less: Selling and
administrative expenses 275,000 260,000
Operating income $ 175,000 $ 150,000
Less: Interest expense 12,000 18,000
Income before taxes $ 163,000 $ 132,000
Less: Income taxes 65,200 52,800
Net income $ 97,800 $ 79,200
Less: Dividends (common) 27,800 19,200
Net income, retained $ 70,000 $ 60,000
1. At December 1, 2022, Swifty Corporation Accounts Receivable balance was $12770. During December, Swifty had credit sales of $34200 and collected accounts receivable of $27360. At December 31, 2022, the Accounts Receivable balance is:_______.
a. $19610 credit.
b. $1 debit.
c. $46970 debit.
d. $19610 debit.
2. On July 7, 2017, Sheffield Corp. received cash $1480 for services rendered. The entry to record this transaction will include:_____.
Answer:
1.
d. $19610 debit
Option D is the correct answer.
2.
Cash 1480 Debit
Service Revenue 1480 Credit
Explanation:
1.
The balance in the accounts receivable account can be calculated as follows,
Closing Balance = Opening balance + Credit sales - Cash Received from Accounts Receivable
Closing Balance of Accounts receivable at 31 December 2022 will be,
Closing Balance = 12770 + 34200 - 27360
Closing Balance = $19610 debit
The balance is debit because accounts receivables is an asset and the normal balance for asset account is debit.
2.
The entry to record the transaction is made in the answer part.
Companies, the military, the government, and nonprofit organizations can operate because they have determined the levels of authority and reporting structure for their organizations. What is the name given to this line of authority
Answer:
Chain of command.
Explanation:
Chain of command is been used in the description of operation flow pattern in companies, government, universities and in many organisations which aid in a better reporting relationship. This report is said to set records straight and also puts every individual in a category in this chart organization. Also a chain of command is established so that everyone knows whom they should report to and what responsibilities are expected at their level. A chain of command enforces responsibility and accountability.
a. Why do some price controls help create black markets?
b. What is a black market you have personally seen?
Answer:
Price ceiling creates black markets
Price ceiling is when the government or an agency of the government sets the maximum price of a good or service. Price ceiling is binding if it is set below equilibrium price.
When a binding price floor is established, producers would earn less profits and as a result they would stop selling their products in the free markets. This would lead to scarcity and a result a black market can emerge. Goods would be sold at a higher price in the black markets than it would in the free markets.
So, black markets can arise as a result of price ceiling and the need of producers to earn higher profits
b. During the war, when there was a rationing of meat. Farmers declared less animal births to authorities and sold the undeclared livestock in the black market.
Also, in less developed countries e.g. Nigeria, when there is scarcity of fuel. Black markets arise where fuel are sold for higher prices
Explanation:
in creating the master budget, the second budget a company prepares is the production budget. a. True b. False
Answer:
In creating the master budget, the second budget a company prepares is the production budget.
a. True
Explanation:
When a company prepares the master budget, it first prepares the sales budget, followed by the production budget. The production budget calculates the costs of materials, labor, and overhead based on the number of units to be manufactured within the budget period. The units of products are derived from the sales forecast and the planned amount of ending finished goods inventory.
Lawn Master Company, a manufacturer of riding lawn mowers, has a projected income for the coming year as follows: Sales $ 44,000,000 Operating expenses: Variable expenses $ 28,600,000 Fixed expenses 7,700,000 Total expenses 36,300,000 Operating profit $ 7,700,000 Required: 1. Determine the breakeven point in sales dollars. 2. Determine the required sales in dollars to earn a before-tax profit of $9,152,500. (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.) 3. What is the breakeven point in sales dollars if the variable expenses increases by 9%
Answer:
Please see attached
Explanation:
• Break even point in sales dollars $22,000,000
• Required sales in dollars $48,150,000
• Break even point in sales dollars $34,010,600
See as attached, detailed solution to the questions above.
Answer:
Results are below.
Explanation:
Giving the following information:
Sales $44,000,000
Variable expenses $ 28,600,000
Fixed expenses 7,700,000
To calculate the break-even point in dollars, we need to use the following formula:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 7,700,000 / [(44,000,000 - 28,600,000)/44,000,000]
Break-even point (dollars)= $22,000,000
Now, we incorporate the desired profit of $9,152,500
Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio
Break-even point (dollars)= (7,700,000 + 9,152,500) /0.35
Break-even point (dollars)= $48,150,000
Finally, the new break-even point in dollars:
Total variable cost= 28,600,000*1.09= 31,174,000
Break-even point (dollars)= 7,700,000 / [(44,000,000 - 31,174,000) / 44,000,000]
Break-even point (dollars)= 7,700,000 / 0.2915
Break-even point (dollars)= $26,415,094.34
The ratio of total cash, marketable securities, accounts receivable, and short-term notes to current liabilities is:
Answer:
Acid-test ratio
Explanation:
Acid-test ratio I finance can also be regarded as quick ratio, it gives the measurement of how an organization can utilize her quick asset as well as cash to settle her liabilities at at that current period.
It can be calculated theoretically using this expresion;
Quick ratio= (Current Asset- Inventory)/Current Liabilities
It should be noted that acid-test ratio gives The ratio of total cash, marketable securities, accounts receivable, and short-term notes to current liabilities. It enables to know shot term liquidity of a particular company.
A company, which is currently operating at full capacity, has sales of $2,480, current assets of $820, current liabilities of $510, net fixed assets of $1,670, and a 5 percent profit margin. The company has no long-term debt and does not plan on acquiring any. The company does not pay any dividends. Sales are expected to increase by 10 percent next year. If all assets, short-term liabilities, and costs vary directly with sales, how much additional equity financing is required for next year
Answer:
$61.60
Explanation:
Equity funding need = Projected assets - Projected liabilities - Current equity - Projected increase in retained earnings
Equity funding need = $2,739 - $561 - $1,980 - $136.40
Equity funding need = $61.60
Workings
Projected assets = (Current assets + Fixed assets) * 1.10 = 820+1,670 * 1.10 = $2,739
Projected liabilities = Current liabilities * 1.10 = 510 * 1.10 = $561
Current equity = Current assets + Fixed assets - Current liabilities = 820 + 1,670 - 510 = $1,980
Projected increase in retained earnings = Sales*5% * 1.10 = $2,480*5% * 1.10 = 124*1.10 = $136.40
Between January 2010 and January 2016, U.S. employment increased by 12.1 million workers, but the number of unemployed workers declined by only 7.3 million. True or False: The labor force has remained unchanged.
Answer:
False, the labor forced increased
Explanation:
labor force = total number of people actively working (employed) or searching for jobs (unemployed)
lets say L = the total labor force in 2010
by 2016, L had increased by 12.1 million and decreased by 7.3 million
net change of L = 12.1 - 7.3 = 4.8 more million people were part of the labor force in 2016 than in 2010.
All against Common Sense. Back in mid 80s, the US economy was very bad. It was much worse than it is now. At that time, to the surprise of many people, US automakers raised the prices of their cars. The common sense says that when the sales are slow, we lower prices and offer better deals to customers. Why do you think that the US car manufacturers increase the prices?
Answer:
Explanation:
This most likely happened because in the 80's the economy was so bad that even by lowering their prices the middle-class families would still not be able to afford to buy a car. The only individuals able to afford a car would be those who are wealthy. Therefore, by increasing prices and targetting wealthy individuals, the US car manufacturers could become profitable with much fewer sales and prevent the manufacturing plant from going under. Since wealthy individuals would not mind much the increased prices because they can still afford it without making much of a dent in their wealth.
Rust Pipe Co. was established in 1994. Four years later the company went public. At that time, Robert Rust, the original owner, decided to establish two classes of stock. The first represents Class A founders' stock and is entitled to twelve votes per share. The normally traded common stock, designated as Class B, is entitled to one vote per share. In late 2010, Mr. Stone, an investor, was considering purchasing shares in Rust Pipe Co. While he knew the existence of founders’ shares were not often present in other companies, he decided to buy the shares anyway because of a new technology Rust Pipe had developed to improve the flow of liquids through pipes. Of the 1,900,000 total shares currently outstanding, the original founder's family owns 52,725 shares. What is the percentage of the founder's family votes to Class B votes? (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
Answer:
34.25%
Explanation:
Votes per share = 12
Shares owned = 52725
Now we are to calculate the total value of the total number of of votes
Total votes = votes per share * shares owned
= 12*52725
Total = 632700
Value of votes of class B
Total shares outstanding - founders family shares
= 1900000 - 52725
= 1847275
The question requires us to calculate percentage of the founder's family votes to Class B votes
632700/1847275
= 0.3425
= 34.25%
Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
1. Unrecorded interest accrued on savings bonds is $410.
2. Property taxes incurred but not paid or recorded amount to $800.
3. Unearned service revenue of $4,000 was collected in advance. By year end $700 was still unearned.
4. Prepaid insurance had a $750 debit balance prior to adjustment. By year end, 60 percent was still unexpired.
5. Salaries incurred by year end but not yet paid or recorded amounted to $650.
Answer:
1. Dr Interest Receivable 410
Cr Interest Revenue 410
2. Dr Property Tax Expense 800
Cr Property Taxes Payable 800
3. Dr Unearned Service Revenue 3,300
Cr Service Revenue 3,300
4. Dr Insurance Expense 300
Cr Prepaid Insurance 300
5. Dr Salaries and Wages Expense 650
Cr Salaries and Wages Payable 650
Explanation:
Preparation of Journal entries
1. Dr Interest Receivable 410
Cr Interest Revenue 410
2. Dr Property Tax Expense 800
Cr Property Taxes Payable 800
3. Dr Unearned Service Revenue 3,300
Cr Service Revenue 3,300
($4,000 – $700)
4. Dr Insurance Expense 300
Cr Prepaid Insurance 300
[$750 x (100%-60%)]
5. Dr Salaries and Wages Expense 650
Cr Salaries and Wages Payable 650
A project that will last for 10 years is expected to have equal annual cash flows of $103,900. If the required return is 8.4 percent, what maximum initial investment would make the project acceptable? Multiple Choice $638,392.96 $595,833.43 $1,534,047.75 $655,213.49 $684,772.10
Answer:
PV= $684,772.1
Explanation:
Giving the following information:
A project that will last for 10 years is expected to have equal annual cash flows of $103,900. If the required return is 8.4 percent.
First, we need to calculate the future value of the cash flows:
FV= {A*[(1+i)^n-1]}/i
A= annual cash flow
FV= {103,900*[(1.084^10) - 1]} / 0.084
FV= $1,534,047.75
Now, we can determine the present value:
PV= FV/(1+i)^n
PV= 1,534,047.75 / (1.084^10)
PV= $684,772.1
A share of Lash Inc.'s common stock just paid a dividend of $2.10. If the expected long-run growth rate for this stock is 5%, and if investors' required rate of return is 18.5%, what is the stock price
Answer:
P0 = $16.333333333 rounded off to $16.33
Explanation:
Using the constant growth model of dividend discount model, we can calculate the price of the stock today. The DDM values a stock based on the present value of the expected future dividends from the stock. The formula for price today under this model is,
P0 = D0 * (1+g) / (r - g)
Where,
D0 * (1+g) is dividend expected for the next period g is the growth rate r is the required rate of return
P0 = 2.1 * (1+0.05) / (0.185 - 0.05)
P0 = $16.333333333 rounded off to $16.33
How are productive resources
allocated among people and
businesses in the United States?
Answer:
see below
Explanation:
America is a good example of a free-market economy. In this type of market, productive resources are allocated through the interaction of a willing buyer and a willing seller. In a market economy, Mutual beneficial exchange of resources through trade is relied upon to solve economic problems. An Individual's self-interest is viewed as a benefit to society.
In a free-market economy like in America, purchasing power determines who owns resources. Resource owners are motivated by profits and other self-interest to engage in production. The forces of supply and demand control activities in a Free Market. Consumers decide what will be produced. In market economies, operation and acquisition of resources is by the freely and self-directed interaction between consumers and producers.
Ramon had AGI of $165,000 in 2020. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon's tax liability.
Answer:
the situations are missing, so I looked for similar questions:
a. A cash gift of $68,500.
In the current year, Ramon may deduct $68,500 since his charitable contribution is limited to $165,000.
b. A gift of OakCo stock worth $68,500 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $61,650.
The stock's value for determining the contribution is $68,500 (fair market value). The deduction for 2020 is $49,500 (30% of AGI). The remaining $19,000 for years.
c. A gift of a painting worth $68,500 that Ramon purchased three years ago for $61,650. The charity has indicated that it would sell the painting to generate cash to fund medical research.
The contribution is valued at $61,650 (the charity will sell the painting immediately). The amount deductible in the current year is $61,650.
Explanation:
The charitable contribution limit was increased to 100% of AGI for 2020 by the CARES Act (Coronavirus Aid, Relief, and Economic Security Act).
What is a "closing balance?
a.) The amountof money you have at the end of the statement period
b.)The amount of money you have when you close your account
c.)The amount of money you owe at the end of the statement period
d.)The amount of money waiting to be transferred out of your account
Faster pls
Answer:
The answer is A
Explanation:
A closing balance is the amount of money a business has at the end of a specific time period.
is the price of a movie ticket likely to go up or down why?
Answer:
Down
Explanation:
Because they want more people to watch