Austin owns and operates a minimart. Which of Austins actions described below are business transactions? Explain why
Question:
1. Austin reduces the price of a gallon of milk in order to match the price offered by a competitor.
2. Austin pays a high school student cash for cleaning up the driveway behind the market.
3. Austin fills his son’s car with gasoline in payment for his son’s restocking the vending machines and the snack food shelves.
4. Austin pays interest to himself on a loan he made to the business three years ago.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
1 No this is not a business transaction because no economi...View the full answer
Answered By
Gabriela Rosalía Castro
I have worked with very different types of students, from little kids to bussines men and women. I have thaught at universities, schools, but mostly in private sessions for specialized purpuses. Sometimes I tutored kids that needed help with their classes at school, some others were high school or college students that needed to prepare for an exam to study abroud. Currently I'm teaching bussiness English for people in bussiness positions that want to improve their skills, and preparing and ex-student to pass a standarized test to study in the UK.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Question Posted:
Related Video
A diluted mixture of shampoo and water is ideal for the wiper washer reservoir. It cleans the damage owing to the heat and usage, wiper blades tend to get hard or worn out which may lead to scratches on your windshield. Soapy water helps the wipers to work smoothly and also helps to clean dust or smudges. It is too hard for the wipers to work properly.
Students also viewed these Accounting questions
-
A friend owns and operates a consulting firm that works for a single client under one consulting agreement. The consulting firm bills the client monthly for charges incurred. She asks you whether you...
-
A local government authority owns and operates a leisure centre with numerous sporting facilities, residential accommodation, a cafeteria and a sports shop. The summer season lasts for 20 weeks...
-
A plastic-manufacturing company owns and operates a polypropylene production facility that converts the propylene from one of its cracking facilities to polypropylene plastics for outside sale. The...
-
7. Please allocate the following terms to the different dimensions Heart sounds, volume, magnetic field changes, pressure, length, extinction/absorption, area, temperature, potential, partial...
-
The data shown in the accompanying table give measures of bending stiffness and twisting stiffness as determined by engineering tests on 12 tennis racquets. a. Calculate the rank correlation...
-
Victoria Company, Ltd.'s statement of financial position at December 31, 2016, is presented below. During January 2017, the following transactions occurred. Victoria uses the perpetual inventory...
-
The movie Avatar was given a rating of 4 stars on a scale of 5 stars. Determine which of the four levels of measurement (nominal, ordinal, interval, ratio) is most appropriate.
-
The GASB has established a 60-day rule for the recognition of property taxes in governmental funds. On what basis can you justify such a rule for property taxes but not for other revenues? Do you...
-
Y2 Explain what a sinking fund provision is, what methods a company can use to fulfill the requirements of this provision (two methods), and what determines the method they will use.
-
Calculate the pH of 0.010 M His if His is obtained from a monobasic acid. Note: His is an amino acid of histidine. Answer Choices: (A) 11.74 () 9.86 () 12.95 (D) 10.63
-
Match the descriptions that follow with the appropriate terms. 1. Preparation of financial statements that mislead the public. 2. An important underpinning of financial reporting. 3. A law that...
-
You have been asked to compare the sales and assets of four companies that make computer chips to determine which company is the largest in each category. You have gathered the following data, but...
-
Based on Worberg Bank's exposure to exchange risk identified in Exercise 3, corporate management decides to shield reported earnings from FX losses by actively managing its exposure in Israeli...
-
Starting on January 1, 2024, you put $125 every month into an account with an APR of 4.10%. Your last payment is on December 1, 2032. On January 1 of that year, the balance in the account, rounded to...
-
Suppose Hee Eun's employer provides a basic level of dental benefits through a group plan. The plan states a $100 annual deductible and a 25% coinsurance for basic services. If she incurs a dental...
-
Wilson Manufacturing incurred the following costs during the year: Costs Incurred For routine maintenance of production equipment $14,640 For purchase of trademark from another company 48,000 For...
-
Denis is president and 60% shareholder of Web Inc., a Website development company. The company owes much of its success to the expertise and contacts of Samuel, the computer engineer. Denis s wife...
-
Streadbeck Stuff Corporation has supplied the following data from its activity-based costing system: Activity Cost Pool Overhead Costs Activity Measure Total Activity for the Year Supporting direct...
-
In what ways does communication differ when it occurs in the digital format? What are the drawbacks of digital communication? What are some of the benefits of digital communication?
-
Assume a simple Keynesian depression economy with a multiplier of 4 and an initial equilibrium income of $3,000. Saving and investment equal $400, and assume full employment income is $4,000. a. What...
-
You own 2 million shares of IBM. The current price of IBM is $80 and the average daily volume of IBM is 4 million shares. How many days volume of IBM do you own?
-
Gulf Coast Corporation is a successful oil and gas exploration business in the southwestern United States. At the beginning of 2011, the company made investments in three companies that perform...
-
Rylander Corporation owns 35 percent of the voting stock of Waters Corporation. The Investment account on Rylanders books as of January 1, 2011, was $720,000. During 2011, Waters reported the...
-
Omar Corporation, which has begun investing in trading securities, engaged in the following transactions: Jan. 6 Purchased 7,000 shares of Quaker Oats stock, $30 per share. Feb. 15 Purchased 9,000...
-
Landscape, Inc., is a lawn and garden service. The company originally specialized in serving small residential clients; recently it has started contracting for work on larger office building grounds....
-
1. What is the amount of 20 equal semi-annual deposits that can provide ten semi-annual withdrawals, when a first withdrawal of $3,000 is made at the end of year 15, and subsequent withdrawals...
-
Suppose the dividends for the Seger Corporation over the past six years were $1.49, $1.57, $1.66, $1.74, $1.84, and $1.89, respectively. Assume that the historical average growth rate will remain the...
Study smarter with the SolutionInn App