False i believe. not sure
Sam, being the Chief Accounting Officer of Texas Fencing
Corporation, wants to ensure that all the company's accounts are legal and
ethical. At times when he is unsure of what exactly is legal and illegal, he
should <span>try his best to not do anything illegal and keep documentation showing
that he always acts in good faith. In this way, even in the case
that he does make a mistake, he has proof that he always acts in good faith
with the help of his proper documentation. </span>
Answer:
Revenue / Sales
Explanation:
Operating cash flow is net of the cash received from the revenue and paid for the expenses during the year. Increase in revenue will lead to an increase in operating cash flow of a profitable business. Operating cash flow is net of the cash received from the revenue and paid for the expenses during the year. on the other hand the increase in Expenses will result in the decrease in operating cash flows.
Answer:
The bank will be able to lend:
$42,105,263 ($8 million/ 0.19)
Explanation:
The above amount which the bank can lend from the $8 million received from the Federal Reserve for a customer is a function of $8 million deposit in a customer's account and the reserve ratio. This is called the money multiplier.
The money multiplier is the amount of money that banks generate with each dollar of reserves. Reserves is the amount of deposits that the Federal Reserve requires banks to hold and not lend. The level of Reserves and deposit liabilities determine the amount a bank can lend out.
The process by which banks create more money than the physical money is called money creation. This shows that a bank creates more money in the economy through its lending activities.
Answer:
Since 2019, the deduction limit for interest expense deductions on qualified higher education loans is $2,500. In order to qualify for this deduction, the taxpayer's adjusted AGI must be less than $85,000 for single filers (Lionel's income is below the threshold).
So Lionel will be able to deduct $1,650 as interest expense (above the line deduction).
Lionel can also deduct $2,500 form the American Opportunity Tax Credit for higher education expenses.