Liability accounts are increased by debits
Indicate whether the statement is true or false
False
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Arnold is single and has two children in college. Maureen is a sophomore, and Rick is a junior. Arnold pays $3,000 for tuition and fees of Maureen and $6,000 for her room and board. Rick's tuition and fees are $5,000, and his room and board expenses are $3,600. Arnold's adjusted gross income is $80,000. What amount can he claim as a higher education tax credit?
A. $2,500 B. $3,250 C. $3,500 D. $4,750 E. $5,470
In consumer-goods market testing, the company seeks to estimate four variables. These four variables are: trial, first repeat, adoption, and ________
A) guaranteed response B) price sensitivity C) purchase frequency D) usage convenience E) preferential treatment
You are planning to buy a new house. You currently have $35,000 and your bank told you that you would need a 15% down payment plus an additional 4% in closing costs. If the house that you want to buy costs $250,000 and you can make a 7% annual return on your investment, determine the following:
a) When will you have enough money for the down payment and closing costs, assuming that the $15,000 is the only investment that you make? b) You decide that you want to buy the house in 3 years. How much do you need to save every month to achieve your goal? c) Assume that three years later the house still has the same price and that you can get a 15-year mortgage from your bank at a fixed rate of 4.5%: 1. What are the monthly payments on the loan? 2. How much will you have to pay the bank each year? 3. What is the total interest over the term of the loan? 4. How much do you pay on interest and principal the first monthly payment? 5. How much in the 50th month? (Hint: use the IPMT and PPMT functions)
Fazer Technologies distributed copies of its annual report to it stockholders. This report is which of the following types of reports?
a. Informal b. Analytical c. External d. Internal