Accounts receivable Percent uncollectible Total Days Past Due Current 1 to 30 31 to 61 to Over 90 60 90 $ 57,600 $ 40,000 $9,000 $3,600 $2,000 $3,000 1% 3% 5% 8% 118 Prepare the adjusting entry to rec
Answers
To prepare the adjusting entry to record uncollectible accounts receivable, we need to estimate the amount of accounts receivable that will not be collected based on the given percentages for each aging category.
First, we calculate the estimated uncollectible amount for each aging category:
Current: $57,600 * 1% = $576
1-30 Days: $40,000 * 3% = $1,200
31-60 Days: $9,000 * 5% = $450
61-90 Days: $3,600 * 8% = $288
Over 90 Days: $2,000 * 18% = $360
Next, we sum up the estimated uncollectible amounts to get the total estimated uncollectible accounts:
Total estimated uncollectible accounts = $576 + $1,200 + $450 + $288 + $360 = $2,874
Finally, we make the adjusting entry to record the estimated uncollectible accounts:
Debit: Bad Debts Expense $2,874
Credit: Allowance for Doubtful Accounts $2,874
This entry recognizes the estimated uncollectible amount as an expense (Bad Debts Expense) and reduces the Accounts Receivable account by creating a contra-asset account (Allowance for Doubtful Accounts).
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Related Questions
In CengageNOWv2, all of the accounting problems are multiple choice or utilize drop-down menus. TRUE OR FALSE
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The statement all of the accounting problems are multiple choice or utilize drop-down menus is true because participants will learn how to construct and evaluate financial statements such as the balance sheet, income statement, and cash flow statement.
As well as how to calculate and interpret crucial ratios. Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Duality Aspect Concept, Realisation Concept, Accrual Concept, and Matching Concept are some of the terms used in accounting.
Revenues, costs, assets, and liabilities are the four basic accounting concepts utilized in company. Documents such as balance sheets, income statements, and cash flow statements track and record these elements. When respondents choose to participate in the study on their own, they make a selection error.
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When should a firm consider expanding from strictly domestic trade to international trade? When should it consider becoming further involved in international trade? What factors might affect the firms desicions in each case?
Answers
Answer: When they begin to get trades beyond how their previous annual turn over and international requests
Explanation:
Many businesses start from homes due to they can't afford to pay or rent a property yet while run their business. Businesses have different methods of operation, while some operate strickly domestically, others might want to either sell domestically too or do same alongside internationally.
A company can begin expanding or considering international trade on it's sales when they begin to receive large recommendation and request internationally.
The factors that might affect most cases always be fear and cost related. Fear of being kicked out of the market by competitors and cost in the sense of competitors beating his prices to give them a challenge.
Any firm should start consider expanding from domestic trade to international trade when its has already saturated the domestic market and needed to expand outside of the country for further growth opportunities.
Normally, a company can begin expanding its scale on international trade when they begin to receive large recommendation and request internationally.
Also, some of the factors that might affect them includes operation cost, trade barrier, competitors etc, in the international market etc
However, a firm should start consider expanding from domestic trade to international trade when its has already saturated the domestic market and needed to expand outside of the country for further growth opportunities.
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line segment qr is dilated to create line segment q'r' using the dilation rule dt,1.5. what is y, the distance between points r and r'? 3 units 4 units 6 units 9 units
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The length of line segment resulted from the dilation is 9, hence, y = 3 units.
Dilation is a kind of transformation to resize an object. Suppose an object A is dilated to object A', then the shape of A and A' are the same, except their sizes are different.
In the given problem:
factor of dilation = 1.5 which means the original line segment is enlarged 1.5 times.
Hence,
Q'R' = 1.5 x QR
From the attached picture,
ΔQRT is similar to ΔQ'R'T
Hence,
QR / Q'R' = TR / TR'
1.5 = TR / TR'
TR' = 1.5 TR = 1.5 x 6 = 9
TR' = 6 + y
9 = 6 + y
y = 3
Hence, y = 3 units
Your question is incomplete, but most probably your full question was:
Line segment qr is dilated to create line segment q'r' using the dilation rule dt,1.5. what is y, the distance between points r and r'? 3 units 4 units 6 units 9 units (picture attached)
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Ben started a business on 1 January 2015 using rented premises. At 31 December 2015 Ben owed $1400 for rent. The rent charge to the Income Statement for the year ended 31 December 2015 was $6000. How much was paid for rent during the year?
Answers
Answer:
4600
Explanation:
Rent expense is 6000 but he still owed 1400 of that. So he paid 4600 (6000-1400)
When free markets ration goods with prices, it is both efficient and impersonal.
a. true
b. false
Answers
The statement is true. When free markets ration goods with prices, it is both efficient and impersonal.
In a free market system, goods are allocated based on the forces of supply and demand, with prices serving as the mechanism for rationing.
This system is considered efficient because it allows resources to be allocated based on consumer preferences and the willingness to pay.
Prices adjust according to changes in supply and demand, ensuring that goods are allocated to those who value them the most.
Moreover, the process of rationing goods through prices is impersonal. It does not rely on subjective judgments or personal biases but rather on objective market forces.
Buyers and sellers interact in the marketplace based on their own self-interest, without direct personal interactions or negotiations.
This impersonal nature of market transactions helps to ensure fairness and equal opportunities for all participants.
Therefore, when free markets rely on prices to ration goods, it promotes efficiency by matching supply with demand and provides an impersonal mechanism for allocation, benefiting both buyers and sellers.
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Eli is buying a townhouse that costs $276,650. He has $28,000 in savings and earns $4,475 a month. Eli would like to spend no more than 30% of his income on his mortgage payment. Which loan option would you recommend to Eli? a. 30 year FHA, 3. 5% down at a fixed rate of 6. 5% b. 30 year fixed, 5% down at a fixed rate of 6. 25% c. 30 year fixed, 6. 5% down at a fixed rate of 5. 75% d. 30 year fixed, 10% down at a fixed rate of 5%.
Answers
The loan option which I would recommend to Eli is which there are 30 years fixed, 10% down at a fixed rate of 5%.
What is the interest rate?The quotient of a loan, that is charged as interest to the receiver, is typically expressed as an annual percentage of the loan outstanding.
Given data are:
Cost of buying a townhouse = $276,650
Savings = $28,000
Earns per month = $4,475
computation:When we take 10% down, fix rate than a cover for the down payment is:
cover for the down payment :
\(\text{Cover for the down payment}=\text{10\%}\times\text{Cost of House}\\\\\text{Cover for the down payment}=\dfrac{10}{100} \times\$276,650\\\\\text{Cover for the down payment}=\$27,665.\)
And, here monthly income is $4,475
So, the mortgage will be :
\(\text{Mortgage}=30\%\times\$4,475\\\\\text{Mortgage}= \$1,342.50.\)
So, by the balance of the mortgage is:
\(\$276,650 - \$27,665= \$248,985.\)
Hence, the total monthly repayment is:
Total monthly repayment:
\(\$248,985\times\dfrac{0.05}{12}+\dfrac{348985}{30\times12}\\\\=\$1729.08.\)
Therefore, option D is correct.
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name two of accounts used in commercial banks
Answers
Saving account
what do limited partners in a business give up ? why ?
Answers
Answer:In return for giving up management power, limited partners get the benefit of protection from personal liability. This means that a limited partner can't be forced to pay off business debts or claims with personal assets. A limited partner, however, can lose his or her financial investment in the business.
Explanation:
what is the motivation for the equal credit opportunity act
Answers
The motivation for the Equal Credit Opportunity Act (ECOA) was to address the widespread discrimination in the lending industry, particularly against women and minority groups. It aimed to promote fair lending practices and ensure equal access to credit opportunities for all individuals.
The Equal Credit Opportunity Act (ECOA) is a federal law in the United States that prohibits credit discrimination based on factors such as race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
The motivation behind the ECOA was to address the widespread discrimination that existed in the lending industry, particularly against women and minority groups.
Prior to the enactment of the ECOA in 1974, lenders could deny credit or charge higher interest rates based on discriminatory practices.
This created significant barriers for individuals and communities seeking access to credit for various purposes, such as purchasing a home or starting a business.
The ECOA aimed to promote fair lending practices and ensure equal access to credit opportunities for all individuals, regardless of their personal characteristics.
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Which institutions monitors the monetary policies of member nations to ensure a global monetary system that works best for all nations
Answers
Answer: International Monetary Fund
Explanation:
Answer: International Monetary Fund
Explanation: Hope this helps
Because eels are highly endangered as a species, many governments enact laws prohibiting fishing along their migration route. initially, eel fishers complain about this restriction on the locations they can fish, but after a while they notice that the number of eels swimming outside regulated areas is much higher than it was before. with the laws in place, eel fishers end up catching a greater quantity of eels than they did prior to the enactment of the laws.
Which of the following principles of economic interaction best the describes the scenario?
Answers
The scenario best exemplifies the idea that government intervention can boost overall welfare when markets fail to function effectively.
Option D is correct.
The government introduces a new market restriction that improves efficiency in the distribution of goods by prohibiting fishing along eel migration routes.
This is because unregulated areas have a higher number of eels than regulated areas do because the regulations reduce the total number of eels fished. Fishers are able to catch a greater quantity of eels than they did prior to the enactment of the laws, which results in increased efficiency in the allocation of goods as a result of the increase in the number of eels in unregulated areas.
Question incomplete:
Because eels are highly endangered as a species, many governments enact laws prohibiting fishing along their migration route. Initially, eel fishers complain about this restriction on the locations they can fish, but after a while they notice that the number of eels swimming outside regulated areas Is much higher than it was before. With the laws in place, eel fishers end up catching a greater quantity of eels than they did prior to the enactment of the lows. Which of the following principles of economic interaction best describes this scenario? -
A. Markets allocate goods effectively. -
B. Markets usually lead to efficiency. -
C. There is a tradeoff between equality and efficiency. -
D. When markets do not achieve efficiency, government intervention can improve overall welfare.
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chapter 2 lists four ways you can help protect your client's or your employer's trademark. one is to use the trademark symbol. which one of the following methods is also listed in the chapter?
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The another methods listed in the chapter is to Distinguish trademarks from other material, perhaps by setting the trademark in a different typeface or by using boldface type for emphasis.
A trademark is known as distinctive phrase, word, emblem, or symbol that identifies a particular product and legally differentiates it from all other products of its sort. A trademark acknowledges the company's ownership of the brand and solely defines a product as being its own.
To determine the appropriate protection for a product, it is crucial to differentiate between several trademark kinds. Failure to do so could lead to lawsuits as well as cancellation of your trademark registration, both of which would result significant financial loss.
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Bernie works for quickwell lending and accesses several lenders to find a loan product that works best for his clients. what is bernie?
Answers
Bernie is a mortgage broker who accesses several lenders to find a loan product that works best for his clients.
A mortgage broker is a person who acts as an intermediary between the person who offers the loans and someone who wants to buy real estate. so they help their clients to obtain the best rate of interest on their loans. In this way, the client will be able to obtain the best terms and rates to meet their financial needs.
A mortgage broker can help us find the right mortgage. This helps the client in saving time, money, and effort. A mortgage broker may have better and more access to lenders than we have. The only factor to be kept in mind is the charges that these mortgage brokers may take from us.
So a mortgage broker is a link between financial institutions and individuals. The mortgage broker works with both to get the amount of loan sanctioned and at the best rates. They also verify all the paperwork necessary for obtaining the loan. So as Bernie works for finding a loan that is the best for the client he is a mortgage broker.
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select four functions of a healthcare social worker
Answers
Answer:
make home visitsexplain medical instructionsfacilities therapy groupsadvocate for patientsNeed help?????!!!!!!
Answers
2.direct
3.he could’ve covered his nose when he sneezed.
4.by sitting somewhere else.
Which of the following is a cause of poverty?
a. Being highly educated
b. Being a single parent family
c. Living in the suburbs
d. Seasonal unemployment
Answers
An initial deposit of $5000 is put into an account that earns 4% interest, compounded annually. Each year, an additional deposit of $5000 is added to the account. What is the value of the account after the tenth deposit if no withdrawals or additional deposits are made
Answers
Answer:
$60,030.54
Explanation:
As a business owner, Marlon analyzed the economy to determine if it is a good time to open a new shop. What facts probably helped him realize that it is a good time do it?
Low unemployment rate and prices are rising slowly
High unemployment rate and prices are rising quickly
Few homes are being sold and restuarants are closing
Prices aren't changing and factories are shrinking
Answers
As a business owner, Marlon's decision to open a new shop would have been influenced by several economic factors. The two factors that probably helped him realize that it is a good time to do so are the low unemployment rate and slowly rising prices. These indicators suggest a stable economy with a healthy labor market and a controlled inflation rate. The correct option is a.
A low unemployment rate implies that there is a high demand for labor, which means that consumers have purchasing power to support businesses. In addition, low unemployment rates tend to increase consumer confidence, which can translate into higher spending and revenue for businesses. The slowly rising prices also suggest that inflation is under control, which means that consumers are not feeling the pinch of increasing costs of goods and services. This can lead to increased spending and growth in the economy.
On the other hand, the other options presented in the question, such as high unemployment rates and quickly rising prices, few homes being sold, and restaurants closing, indicate a weak or declining economy. High unemployment rates and quickly rising prices can result in decreased consumer confidence and lower spending, which can be detrimental to businesses. Few homes being sold and restaurants closing are also signs of a weak economy with decreased demand. The correct option is a.
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when international trade occurs between different affiliates of the same company, it is called ________ trade.
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Intra-firm commerce refers to cross-border transactions between subsidiaries of the same business.
The exchange of goods and services among various subsidiaries, branches, or divisions of a multinational corporation (MNC) with locations in various nations is referred to as intra-firm commerce. MNCs frequently engage in intra-company commerce as they take use of their worldwide presence to maximise production, distribution, and cost effectiveness. Within the confines of the business's own network, it permits the internal transfer of goods, parts, or services across international boundaries. Internal agreements within the MNC may define the pricing and terms of intra-firm commerce, which frequently entails intra-company transactions. While using the company's own strengths, this style of commerce promotes coordination and integration among many aspects of the company's global operations.
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A friend comes to you seeking advice. He got into trouble at work for not being a team player. He really likes his job and isn’t quite sure what to do. What suggestions would you give to your friend to help him improve? How might he respond to his boss? paragraph... hurry need it by tomorrow
Answers
Answer:
well he should apologize to his boss and everyone he wasn't a team player to because someone must have told his boss, and then proceed to say he with work with others better and mean it. hope this helps your "friend"
Explanation:
The response to hie boss is advice by a friend is that he should justify to his boss and everyone else who knew he wasn't a team player, and then proceed to say he will work better with others and mean it.
What is the team player?Effective team players hold themselves and others accountable. They accept responsibility for their actions or mistakes and comprehend how their decisions affect the team.
Adapting to change is an essential component of team success. If they have the backing of a team, people are more likely to take calculated risks that lead to innovation.
Working as part of a team promotes personal development, increases job satisfaction, and reduces stress. In the given case, his boss's response is advice from a friend that he should justify to his boss and everyone else who knew he wasn't a team player, and then proceed to say he is a team player.
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How do I know when I need to start doing taxes?
Answers
Answer:
when you start working a regular job
Explanation:
Answer:
When you start working
Explanation:
Consider the following selected accounts from the records of Sunnydale Enterprises at December 31, 2021: Cost of services sold
$14,700
Service revenue
$32,000
Accumulated depreciation
41,900
Depreciation expense
4,400
Selling, general, andOther revenue
200
administrative expenses
6,400
Dividends declared
1,000
Retained earnings,Income tax expense
600
December 31, 2020
2,200
Income tax payable
1,300
Begin by preparing the closing entries for Sunnydale Enterprises. Record the entry to close out the revenue accounts.
Answers
The total debits and credits for the journal entry are $32,000 on each side of the entry.
In accounting, closing entries are journal entries made at the end of the accounting period to transfer the balances of temporary accounts to permanent accounts in order to close the books. The closing entries have an impact on both the income statement and the balance sheet.According to the problem statement, we need to record the entry to close out the revenue accounts. Therefore, the journal entry for the same is as follows:Journal entryDateAccountsDebitCreditDecember 31, 2021Service revenue$32,000Selling, general, and administrative expenses$6,400Income Summary$25,600
We credit the Service Revenue account since it is a revenue account that has a normal credit balance. We debit the Income Summary account for the same amount since it is a temporary account that has a zero balance and will hold the net income or loss for the year. The balance in this account is transferred to the Retained Earnings account as a closing entry. Finally, we debit the Selling, General, and Administrative Expenses account since it is an expense account that has a normal debit balance. Thus, the total debits and credits for the journal entry are $32,000 ($6,400 + $25,600) on each side of the entry.
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How do you solve economic equations when they add percentages like 200% & add another # with it?
Answers
Answer:
Sorry if this is unclear btw!
Explanation:
A percentage is a number multiplied by 100. So, 200 ÷ 100 = 2. So, if you are adding 200% to a number, you only add 2. When multipliying by 200%, you multiply by 2. Same for subtraction and division!
Which of the following choices incur speculative risk?
a.stocks
b.fire insurance on a house
c.options
d.life insurance
e.high interest savings account
Answers
Answer: correct option is A.
Explanation: A speculative risk can be defined as risk that is taken willingly either it results in profit or loss and the stocks involve in probability of gain and loss making it a speculative risk.
Stocks incur speculative risk. Therefore option A is correct.
What are Stocks?A stock usually referred to as equity, is a type of investment that denotes ownership in a portion of the issuing company. Shares, also known as units of stock, entitle their owners to a share of the company's assets and income in proportion to the number of shares they possess.
Common stock and preferred stock are the two primary categories of stocks.
Owners of common stock are entitled to dividends and the right to vote at shareholder meetings.
Common stockholders often do not have voting rights, while preferred stockholders typically get dividend payments ahead of time and are given preference over common investors in the event of a firm bankruptcy and asset liquidation.
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question 1 the collection, transformation, and organization of data in order to draw conclusions, make predictions, and drive informed decision-making describes what?
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The collection, transformation, and organization of data in order to draw conclusions make predictions, and drive informed decision-making describes data analytics.
Data analysis is the process of examining a dataset to find trends and make inferences about the information it contains. Data analysis is increasingly performed with the help of dedicated systems and software. A set is a well-defined collection of different objects.
Objects of a set are called elements of the set. Apply unique past experiences to your current work, keeping in mind the stories your data tells. Use your knowledge of how business works to better understand your business needs. To engage the audience, the data analyst asks what role people in the audience are playing their role in the project and what they want to do with their data insights.
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A fire in Sarah’s factory causes her to shut the factory doors for 50 days. To limit her loss of income and keep production going, Sarah spends $125,000 renting equipment and another building. Sarah's commercial property policy doesn't have Business Income Coverage, but it does include Extra Expense Coverage. The limit on her Extra Expense coverage is $100,000 and she has Limits of Loss Payment of 40%/80%/100% during her period of restoration. How much indemnification will Sarah receive for her extra expenses?
Answers
Answer:
$80,000
Explanation:
Calculation to determine How much indemnification will Sarah receive for her extra expenses
First step is to determine her Limits of Loss Payment
Limits of Loss Payment=$100,000/$125,000
Limits of Loss Payment=0.80*100
Limits of Loss Payment=80%
Now let calculate her Indemnification amount using this formula
Indemnification amount =Extra Expense coverage*Limits of Loss Payment
Let plug in the formula
Indemnification amount =$100,000*80%
Indemnification amount =$80,000
Therefore the amount of indemnification that Sarah will receive for her extra expenses is $80,000
The country of _____ is currently the best large-scale recycler; even large cities there have 10 categories of recyclables including used clothing.JapanAmericarussiaindonesia
Answers
The country of Japan is currently the best large-scale recycler; even large cities there have 10 categories of recyclables including used clothing.
Japan has a Container and Packaging Recycling Law upon which the recycling in Japan is based. Japan has 10 categories of recyclables including clothing, plastic, paper, PET bottles, aluminium and glass. The recycling was enforced back in 1997 and since then the country has seen many improvements. In 2012, the recycling rate was 20%.
The consumers follow sorting guidelines issued by the municipalities, after which the waste are collected by the recycling companies who are appointed by public bidding by the municipalities.
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A personal identification number(PIN) is used to protect: A checks B deposit slips C debit cards D check registers
Answers
Answer:
If there is an all of the above option click that but if not hit D: Check registers
Hope this helps!
Krishna is 56 years old; he has contributed to the CPP without interruption for over 30 years. While crossing the street, Krishna was struck by a bus and seriously injured. He is currently hospitalized and on life support and his doctors have informed Krishna's family that it is uncertain as to whether he will awaken from his coma. Assuming at the time of his accident, Krishna was entitled to a CPP retirement benefit of $660, the flat-rate disability amount is $496.36 per month and the maximum monthly disability benefit is $1362.30, how much of a disability benefit will Krishna receive under the CPP? a) 50 b) $865.94 C) $991.36 d) $1156.36
Answers
Option(A) is the correct answer. Krishna will receive a disability benefit of $660 under the CPP.
To determine the disability benefit that Krishna will receive under the CPP, we need to consider a few factors. First, let's calculate the disability benefit based on the provided information:
The flat-rate disability amount is $496.36 per month.
The maximum monthly disability benefit is $1362.30.
Krishna's entitlement to a CPP retirement benefit is $660 per month.
To calculate the disability benefit, we compare the retirement benefit to the flat-rate disability amount and the maximum monthly disability benefit:
The disability benefit will be the lesser of:
The retirement benefit ($660)The flat-rate disability amount ($496.36) plus the retirement benefit minus the flat-rate disability amount.Let's calculate the disability benefit based on the above formula:
Disability benefit = min(retirement benefit, flat-rate disability amount + retirement benefit - flat-rate disability amount)
= min($660, $496.36 + $660 - $496.36)
= min($660, $660)
= $660
Therefore, Krishna will receive a disability benefit of $660 under the CPP.
Option (a) 50, option (b) $865.94, option (c) $991.36, and option (d) $1156.36 are not correct based on the given information. The correct answer is that Krishna will receive a disability benefit of $660 under the CPP.
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Krishna is 56 years old; he has contributed to the CPP without interruption for over 30 years. While crossing the street, Krishna was struck by a bus and seriously injured. He is currently hospitalized and on life support and his doctors have informed Krishna's family that it is uncertain as to whether he will awaken from his coma. Assuming at the time of his accident, Krishna was entitled to a CPP retirement benefit of $660, the flat-rate disability amount is $496.36 per month and the maximum monthly disability benefit is $1362.30, how much of a disability benefit will Krishna receive under the CPP? a) $660 b) $865.94 C) $991.36 d) $1156.36
how do you finance hotel stays and what's the the growth schedule?
Answers
Answer:
I finance hotel stays through savings.
Explanation:
Every person has different sources of income. It is dependent on the person how he uses his income. If he saves some amount of money he can spend that money on the vacations. This is great source of getting relaxed and the person will feel refreshed again. The hotel stays can be funded through savings and other incomes.