Amna and Jalal formed a partnership on January 2, 2019. Jalal invested $120,000 in cash. Amna invested land valued at $30,000. In addition, Amna was granted a yearly salary of $60,000 to manage the firm. The partners agreed to the following profit and loss allocation formula:
Interest —Each partner is to receive an interest of 8% on the original capital investment.
Salary — $60,000 to Amna.
Bonus — Amna is to be allocated a bonus of 20% of net income after subtracting the bonus, and salary.
The remaining profit is to be divided equally.
At the end of 2019, the partnership reported net income before interest, salaries, and bonus of $168,000.
Instructions: Calculate the 2019 allocation of partnership profit.
Answers
In 2019, the partnership profit allocation for Amna and Jalal can be calculated as follows: Amna will receive an 8% interest on her capital investment, a salary of $60,000, and a bonus of 20% of the net income after subtracting the bonus and salary. The remaining profit will be divided equally between Amna and Jalal.
To calculate the profit allocation for Amna and Jalal, we start by determining the interest on their capital investments. Since Jalal invested $120,000 in cash and Amna invested land valued at $30,000, the total capital investment is $150,000 ($120,000 + $30,000). Both partners will receive an 8% interest on their capital investment, which amounts to $12,000 for Jalal and $2,400 for Amna.
Next, we calculate Amna's salary, which is fixed at $60,000 per year.
Moving on to the bonus, we need to determine the net income after subtracting the bonus and salary. The net income before interest, salaries, and bonus is given as $168,000. Since Amna's salary is $60,000, the remaining net income is $108,000 ($168,000 - $60,000).
Amna is entitled to a bonus of 20% of the remaining net income. Therefore, her bonus amounts to $21,600 (20% of $108,000).
The remaining profit is divided equally between Amna and Jalal. After subtracting Amna's salary and bonus from the net income, the remaining profit is $26,400 ($108,000 - $60,000 - $21,600). Each partner will receive half of this amount, resulting in $13,200 for both Amna and Jalal.
To summarize, the 2019 allocation of partnership profit is as follows: Amna receives an interest of $2,400, a salary of $60,000, a bonus of $21,600, and an equal share of the remaining profit, which is $13,200. Jalal receives an interest of $12,000 and an equal share of the remaining profit, which is $13,200.
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Related Questions
What is a disadvantage of buying on account?
O A. It requires partial payment at purchase.
• B. It is very complicated.
O C. It involves making a larger number of payments.
O D. It can become expensive.
Answers
you're working with buyers who are pre-approved for a loan up to $90,000. if they estimate paying $525 per month toward interest, what interest rate are they assuming?
Answers
If the buyers are estimating a monthly interest payment of $525, they are assuming an interest rate of approximately 6.4% on their loan.
To calculate the interest rate the buyers are assuming, we need to use the formula for calculating the monthly payment on a loan:
Monthly Payment = \(\frac{\text{Loan Amount} \cdot \text{Interest Rate} \cdot (1 + \text{Interest Rate})^{\text{Number of Months}}}{(1 + \text{Interest Rate})^{\text{Number of Months}} - 1}\)
We know that the buyers are pre-approved for a loan up to $90,000, but we don't know the exact loan amount they are planning to borrow. However, we can use the estimated monthly interest payment of $525 to estimate the interest rate.
If we assume a loan amount of $90,000 and use the estimated monthly interest payment of $525, we can rearrange the formula to solve for the interest rate:
Interest Rate = \(\frac{\text{Monthly Payment} \cdot \left((1 + \text{Interest Rate})^{\text{Number of Months}} - 1\right)}{\text{Loan Amount} \cdot (1 + \text{Interest Rate})^{\text{Number of Months}}}\)
Plugging in the values, we get:
Interest Rate = \(\frac{525((1+{Interest Rate})^{12}-1)}{90,000(1 + {Interest Rate})^{12}}\)
Solving this equation gives us an interest rate of approximately 6.4%.
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5. Based on information presented in the video, construct an argument that defends the idea that we should not lower taxes for the wealthiest Americans.
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Answer:
We should not lower taxes for the wealthiest Americans because they own and run a lot of companies and businesses that we use. Lower income Americans want their leaders to understand or know what it’s like to be less wealthy so they’ll be more sympathetic towards lower income people and won’t do everything out of the want for more money. If they have to pay lower taxes, then that takes away from their ability to sympathize with lower income homes, and that would upset a lot of people.
Which of the following taxpayers in most likely to have income or loss from a passive activity? Jerald- He is a general partner in a financial planning business, and he manages the day-to-day operations of the business Holly- She in a full-time employee at a limited liability law partnership. Robert- He is a self-employed legal consultant, and he spent 500 hours during the current your doing legal work. He also owns rental property and he spent 900 hours making repairs and management decisions relating to his rental property Judy- She has invested in a limited partnership that designs specialty t-shirts, but she does not actively participate in any business or management activities
Answers
Passive activity is any activity in which the taxpayer does not actively participate.
Taxpayers with passive activities have income or losses that are treated differently than income or losses from non-passive activities. They are generally not fully deductible in the current tax year but are carried forward to future years and used to offset future passive activity income.
The passive activity rules limit the taxpayer's ability to deduct passive activity losses against income from other sources. Judy is most likely to have income or loss from a passive activity. She has invested in a limited partnership that designs specialty t-shirts, but she does not actively participate in any business or management activities.
Because Judy does not actively participate in the business, the partnership's income or loss is considered passive income or loss. As a result, Judy's ability to deduct losses from her investment is subject to the passive activity rules.
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Which research tool would be most effective when gathering data on how employees feel about carpooling
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Answer: i think the best way would be a poll
The United States enjoys a free market economy in which _____.
(A)most economic decisions are made by the central government
(B)the states have all of the authority to make economic decisions regarding businesses that do not operate across state lines
(C)most economic decisions are allowed to occur naturally as a result of market changes made by government intervention
(D)none of the above
(E)all of the above
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a bank currently has deposits of $50000. if the rrr is 8 nd the bank is holding excess reserves of $1000, calculate the actual reserves being held by the bank.
Answers
The bank is holding actual reserves of $5,000, which includes both required and excess reserves. The bank is required to hold a certain percentage of its deposits as reserves, known as the reserve requirement ratio (RRR). In this case, the RRR is 8%, which means the bank is required to hold 8% of its deposits as reserves.
If the bank currently has deposits of $50,000, the amount of reserves it must hold is:
$50,000 x 0.08 = $4,000
However, the bank is only holding excess reserves of $1,000, meaning it is holding more than the required amount.
To calculate the actual reserves being held by the bank, we need to add the excess reserves to the required reserves:
$4,000 (required reserves) + $1,000 (excess reserves) = $5,000
Therefore, the bank is holding actual reserves of $5,000, which includes both the required reserves and the excess reserves.
To calculate the actual reserves held by the bank, we need to consider both the required reserves and the excess reserves.
Step 1: Calculate the required reserves
Required reserves = Deposits × Reserve Requirement Ratio (RRR)
Required reserves = $50,000 × 8% (0.08)
Step 2: Convert the percentage to decimal
Required reserves = $50,000 × 0.08 = $4,000
Step 3: Add the excess reserves
Actual reserves = Required reserves + Excess reserves
Actual reserves = $4,000 + $1,000
Step 4: Find the actual reserves
Actual reserves = $5,000
So, the bank is holding actual reserves of $5,000, which includes both required and excess reserves.
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4. Give the benefits for the public from the Whistle Protection Law I. II. III. IV. V. Indemnify engineers involved in lawsuits of engineering-related negligence To uphold the rights of free speech Systemic benefits Boosting the pride and the esteem of engineers Episodic benefits A. B. C. D. I and III only II, III, and V only II and IV only III and V only 5. Moral issues relating to the use of computers on the internet include: I: II: III: IV: V: Half-truths and Biased reporting Imposers in internet social media chats Social divisive tone in racial affirmative messages on-line Appropriate Internet Vigilantism Cyber Hacking A. B. C. D. I, III, IV, and V only II, IV, and V only I, II, III and V only II, III, and IV only
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Answer:Given the following form of conservation of linear momentum equation for a fluid in a CV in the y-direction (vertical) -V A = -mg, the following are true:Only I, II, and III.
Steady Flow, negligible weight, and uniform velocity at (1) are the true statements regarding the given form of conservation of linear momentum equation for a fluid in a CV in the y-direction (vertical).
To find out whether the following statements are true, let's have a look at them:Steady Flow: If the flow is steady, it implies that the properties of the flow don't change with time.Weight is Negligible:
Weight is negligible implies that the weight of the fluid can be considered negligible for the given conditions.
(This implies that there is no change in pressure from the top to the bottom of the fluid due to its weight).Uniform Velocity at (1): Uniform velocity implies that the velocity of the fluid doesn't change at point (1).All of them cannot be true as the last statement is incorrect.
If the fluid is incompressible, it has constant density. But this statement doesn't necessarily mean that the velocity is uniform or the flow is steady or weight is negligible. Hence, only I, II, and III are true.
According to the fdic community banks have less than what in assets than most cases
Answers
According to the FDIC, community banks have less than $ 10 million in assets in most cases.
An asset refers to economic or financial bonds that can act as benefits and rewards in the future. A community bank refers to a banking institution that is locally owned and looked over. It is not an official banking system. The local community looks after the finance, transactions, and loans.
FDIC stands for Federal Deposit Insurance Corporation. It looks after the supply of insurance deposits and looks after the safety and security of the deposits. This institution works with two agencies- American depository institutions and the National Credit Union Administration.
According to the definitions created by FDIC, any bank containing less than $ 10 million in assets is known as a community bank.
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which statement is true? which statement is true? marketers can create wants but not needs. marketers can create needs but not wants. marketers cannot create either needs or wants. marketers can create both needs and wants.
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Marketing communication includes political lobbying. Political lobbying is the act of promoting a cause that has an impact on a decision made by public servants.
How does political lobbying work?Political lobbying entails promoting a cause that is affected by a choice made by decision-makers in the government (ex. passing of a law). An advocacy or lobbying campaign's goal at each stage is to strategically impose pressure on politicians to achieve a desired result.
Are lobbying and marketing related in any way?Although (political) marketing theories support or guide a large portion of lobbying practice, this connection is only occasionally made explicit in the literature of either area.
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In the long run, monopolistically competitive firms: Group of answer choices charge prices equal to marginal cost have excess capacity produce at the minimum of average total cost have excess capacity and produce at the minimum of average total cost
Answers
Answer:
have excess capacity
Explanation:
As we know that in the case of monopolistically competitive firms, the output produced is less efficient as compared to the other market in the long run
Also
P = ATC
But
ATC > ATC or ATC > MC
This ATC > MC arise when there are differentiated products due to which the demand curve is downward sloping
Hence, the second option is correct
Gregg company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On december 31, the accounts receivable balance was $150,000, and the allowance for doubtful accounts had a credit balance of $12,200 before adjustment. A. Prepare the adjusting entry to record the credit losses for the year b. Show how accounts receivable and the allowance for doubtful accounts would appear in the december 31 balance sheet.
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A. At the end of a bookkeeping period, a section in a company's common record called a "adjusting journal entry" is created to record any unrecognised pay or expenses for the period.
B. Since a provision for doubtful accounts reduces the total value of a resource, in this case the accounts receivable, it is referred to as a "contra asset."
What is doubtful accounts?Money owed by customers to a company is referred to as a doubtful account. The only problem is that the business doesn't anticipate receiving the money. (It is "doubtful " that you will collect.)
The phrase can also be used to describe an account that is currently a reserve but could eventually turn into a bad debt because it hasn't reached the point where it can be written off. All types of businesses consistently face the challenge of managing doubtful debt.
A ) Adjusting entry
The adjusting entry to record the credit losses for the year is :
Bad debt expense Dr, $27,000
To Allowance for Doubtful Accounts Cr. $27,000 ($900,000 × 3%)
(To record accounts deemed to be uncollectible)
B ) December 31 balance sheet
Accounts Receivable $150,000
less: Allowance for Doubtful Accounts $39,200 ($12,200 + $27,000)
Net accounts receivable $110,800
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Mr. Chopra decides to sell his business shares to the public to acquire additional finance. Under which component in the balance sheet should Mr. Chopra show the money he obtained from the shareholders?
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When Mr. Chopra sells his business shares to the public and acquires additional finance, the money obtained from the shareholders should be shown under the "Equity" component in the balance sheet.
The component in the balance sheet should Mr. Chopra show the moneyEquity represents the ownership interest in a company, and it includes the funds contributed by shareholders in exchange for shares of the company's stock. When shares are sold to the public, the proceeds from the sale increase the equity of the business. This is typically reflected as "Share Capital" or "Common Stock" in the equity section of the balance sheet.
By showing the money obtained from the shareholders in the equity section, Mr. Chopra can accurately represent the ownership stake and financial position of the company.
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Which answer provides the best definition of a subsistence crop? crops raised to earn a profit for the family food items harvested from the wilderness crops grown to trade for hardware and lumber plants and animals grown to keep a family alive?
Answers
Answer:
plants and animals grown to keep a family alive
Explanation:
Subsistence farming happens when farmers grow food crops and rear animals just for the needs of themselves and their families. In this type of agriculture, farm output is targeted to for the survival of the family and is mostly for local requirements and it has little or no surplus. Planting decisions are made principally towards the need of the family. They are strictly for family maintenance
Pretty sure its:
plants and animals grown to keep a family alive
ou have just received a windfall from an investment you made in a friend's business. She will be paying you $ 39,897 at the end of this year, $ 79,794 at the end of next year, and $ 119,691 at the end of the year after that (three years from today). The interest rate is 13.5 % per year. a. What is the present value of yourwindfall? b. What is the future value of your windfall in three years (on the date of the last payment)?
Answers
The future value of the windfall in three years (on the date of the last payment) is $239,382. Future value refers to the estimated value of an investment or cash flow at a specific future date, taking into account the impact of compounding interest or investment returns. It represents the total amount that an investment or cash flow is expected to grow to over time.
To calculate the present value of the windfall, we need to discount each future payment to its present value using the given interest rate of 13.5% per year. The present value (PV) of each payment can be calculated using the formula:
PV = FV / (1 + r)^n
where FV is the future value, r is the interest rate, and n is the number of years.
a). Present Value of the Windfall:
PV1 = $39,897 / (1 + 0.135)^1 = $35,200.88 (rounded to the nearest cent)
PV2 = $79,794 / (1 + 0.135)^2 = $62,438.91 (rounded to the nearest cent)
PV3 = $119,691 / (1 + 0.135)^3 = $83,999.99 (rounded to the nearest cent)
The present value of the windfall is the sum of the present values of all three payments:
\(PV_total\) = PV1 + PV2 + PV3 = $35,200.88 + $62,438.91 + $83,999.99 = $181,639.78 (rounded to the nearest cent)
b). Future Value of the Windfall in Three Years:
To calculate the future value (FV) of the windfall, we simply sum up the future values of each individual payment:
\(PV_total\) = $39,897 + $79,794 + $119,691 = $239,382
Therefore, the future value of the windfall in three years (on the date of the last payment) is $239,382.
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What is the effect of digital marketing on customers perception?
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Can anyone give me some tips on how to become a successful businesswoman
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( By the way, this is a question related to financial accounting.) International Investment Group is looking to invest $95,000 into a company. Where should International Investment Group look for relevant information about the company's performance? A. The company's Management Books B. The company's Tax Books C. The company's Budgets D. The company's Financial Books
Answers
Answer:
The correct option is;
The company's Financial Books
Explanation:
In order to effectively and clearly let interested parties access pertinent information about a company, financial books are kept which show the companies economic performance and its position related to financing. Information about a company can be located in financial statements including shareholders equity, cash flow statements, income statements and balance sheets.
All of the following statements are true regarding negotiated municipal underwritings EXCEPT the:A initial offering price of each maturity must be disclosedB spread must be disclosedC participation amount of each underwriter must be disclosedD customer must be sent a copy of the Official Statement, if available
Answers
Answer:
D
Explanation:
customer must be sent a copy of the official statement, if available
requirements posed by the customer may indicate readiness to buy.T/F?
Answers
True, the requirements posed by the customer may indicate readiness to buy.
Customer requirements are needs and wants that a customer seeks to satisfy while buying goods or services. The requirements posed by the customer may indicate their readiness to buy. This is because they will only ask for the services that they need and can afford at that particular moment. The customer's requirements help the seller to provide the customer with the most suitable services or products. Requirements posed by the customer may indicate their readiness to buy since they can only ask for a service that they are prepared to purchase.
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Include your personal (3) examples that contributed their role in Humanistic school of thought.
write 400 words
donot copy paste write in own words
Answers
Carl Rogers, Abraham Maslow, and Rollo May influenced Humanistic school.
Which individuals have contributed to the Humanistic school of thought?Carl Rogers was a prominent psychologist who emphasized the importance of the individual's subjective experience and self-actualization. His client-centered therapy approach, which focused on empathy, unconditional positive regard, and genuineness, became a cornerstone of the Humanistic perspective. Rogers believed that individuals have an innate drive for growth and personal fulfillment, and he emphasized the role of a supportive and nonjudgmental therapeutic relationship in facilitating this process.
Abraham Maslow is best known for his hierarchy of needs theory, which posits that individuals have a set of hierarchical needs, ranging from basic physiological needs to higher-level needs for self-actualization. Maslow's theory shifted the focus from pathology to the study of healthy individuals and their motivations. His work emphasized the importance of self-actualization, the realization of one's full potential, as a central human motive. Maslow's ideas have greatly influenced the field of positive psychology and continue to shape humanistic approaches to understanding human behavior and motivation.
Rollo May, an existential psychologist, explored the concepts of freedom, responsibility, and the search for meaning in human existence. May believed that individuals have the capacity to create their own meaning and are driven by their pursuit of authenticity and personal growth. He highlighted the existential anxiety that arises from the confrontation with life's ultimate questions and argued that individuals must confront and accept this anxiety to live authentically.
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Who is Patrick Jorgenson? What does he do for a living?
Answers
Answer:
I think you mean Patrick Jørgensen
Explanation:
He is a musical artist and if you don't mean Patrick Jørgensen I'm sorry
Choose all items that represent characteristics of a resume:
is a summary career portfolio data
is the same thing as a career portfolio
is not used for a job application
is typically organized by jobs or skills
is ideally one or two pages in length
Answers
Answer:
is a summary career portfolio data
is typically organized by jobs or skills
is ideally one or two pages in length
is the same thing as a career portfolio
Explanation:
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shares of stock previously sold by the corporation that are repurchased are called
Answers
Answer:treasury stock
Explanation:
Shares of stock previously sold by the corporation that are repurchased are called Treasury stock.
What is stock?A stock is a colloquial phrase for any product - market papers. , a share alludes to a certain stock's certificates. The holder becomes an investor if you possess shares of a specific corporation.
A stock that used to be in circulation but has since been bought back and is now owned by the corporation that issued it is referred to as equity security. Treasury stock is a counter-accounting concept since it lowers the overall investors' ownership on a financial sheet.
The federal stock decommissioned shares can indeed be reproduced; only stocks that are held in the capital can. Shares that are retired lower the group's overall number of authorized shares.
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A broker has a single agency relationship with the seller. Any REQUIRED property condition disclosure would be completed by the
Answers
Answer:
Buyer
Explanation:
It will be completed by the buyer. This is because after the seller has indicated the potential defects and problems that could potentially affect the value of the property, the onus lies on the buyer to complete the form from his findings too in that regards.
In one week, Jill works at
Starbucks for 15 hours and is
paid $12 per hour. She earns
another $20 in tips. Jill also
works at a basketball referee at
the Kroc Center for 10 hours as
a pay rate of $11 per hour.
Jill's dad is a car mechanic and
Jill earns a 10% commission on
the first service for any new
customer she sends to her
dad's shop. Her dad did a
$1,000 brake job for a new
customer Jill sent to him.
What is Jill's gross income for
this week?
Answers
Answer:
$410
Explanation:
In one week, Jill works at Starbucks for 15 hours and is paid $12 per hour. She earns another $20 in tips. Jill also works at a basketball referee at
the Kroc Center for 10 hours as a pay rate of $11 per hour. Jill's dad is a car mechanic and Jill earns a 10% commission on the first service for any new customer she sends to her dad's shop. Her dad did a $1,000 brake job for a new customer Jill sent to him. What is Jill's gross income for this week?
starbucks: (15 * 12) + 20 = $200
krock center: 10 * 11 = $110
commission: 1,000 * 0.10 = $100
200 + 110 + 100 = $410
Tony is 24 years old.He has tattoo sleeves on both of his arms, as well as a name tattooed on his neck.Tony would like to be a waiter at a very fancy restaurant.He has first interview today.
Question:What might a job interviewer think of tony?What might the reality be?
Answers
The job interviewer should focus on assessing Tony's qualifications experience, and demeanor during the interview process, rather than making assumptions based solely on his appearance. By doing so, they can make a fair judgment about Tony's suitability for the role at the fancy restaurant.
A job interviewer might initially have some reservations about Tony's suitability for a waiter position at a very fancy restaurant due to his tattoos. They may associate tattoos with a more casual or non-traditional image, which could be perceived as conflicting with the restaurant's high-end atmosphere. The interviewer might question whether Tony's appearance aligns with the restaurant's standards of professionalism and sophistication.
However, the reality might be quite different. While Tony has visible tattoos, it's important to recognize that appearance does not define a person's abilities or work ethic. Tony's age of 24 suggests that he is a young professional who may be highly motivated and eager to prove himself. He might have a strong background in customer service or hospitality, possessing the necessary skills to excel as a waiter. Additionally, Tony's tattoos could be a reflection of his personal style and self-expression, which should not overshadow his competence and dedication to providing exceptional service.
Ultimately, The job interviewer should focus on assessing Tony's qualifications, experience, and demeanor during the interview process, rather than making assumptions based solely on his appearance. By doing so, they can make a fair judgment about Tony's suitability for the role at the fancy restaurant.
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A company had the following cash flows for the year: (a) Purchased land, $60,000 (b) Borrowed from a local bank, $100,000 (c) Paid employee salaries, $50,000 (d) Issued common stock, $75,000 (e) Paid dividends, $20,000 (f) Sold equipment, $130,000 (g) Sold services to customers, $120,000 What amount would be reported for net investing cash flows in the statement of cash flows
Answers
Answer:
$70,000
Explanation:
Calculation to determine What amount would be reported for net investing cash flows in the statement of cash flows
Using this formula
Net investing cash flows=(f) Equipment sold- (a) Purchased land
Let plug in the formula
Net investing cash flows=$130,000-$60,000
Net investing cash flows=$70,000
Therefore The amount thatwould be reported for net investing cash flows in the statement of cash flows is $70,000
What are 20 things to do at home when I have nothing to do and have done all my online school?
Answers
1. Eat a carrot
2. Vomit because carrots are disgusting
3. Play video games DUHH
4. Don’t waste your time on brainly
what is meant by recession
Answers
Answer:
Spatial recession in paintings is the relationship between objects which appear to lie near to the observer and those which seem further away, and thus recede into space. ...
Explanation: