Use the drop-down menu to complete each statement.

(Ownership or property) is the right to possess something.

(Private property or Public) is owned by the government, whereas

(Private or Public property) is owned by individual citizens.

On July 15, Piper Co. sold $24,000 of merchandise (costing $12,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions.

Yankee Candle Company offers customers candles that burn for 50-60 hours, much longer than most department store candle brands. Therefore, customers are willing to pay a higher price for these candles.

Janice started receiving an annuity payment of $1,500 per month when she turned 68 years old (expected return multiple for ordinary single-life annuity of 17.6).

Triad Children's Center (TCC), a non-profit organization, uses relevant cost analysis to determine whether new services are desirable.

4. Consider the following information for a closed economy. Y = $12 trillion, C = $8 trillion, G = $2 trillion, Spublic = $-0.5 trillion and T = $2 trillion. 1. What is private savings for this economy? 2.

On January 1, Whispering Winds Corp. had 90,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr.

On a 3-day fishing trip, 4 adults consumed food costing $60. for the same costs per person per day, what would be the cost of food consumed by 7 adults during a 5-day fishing trip?

Mona and her friends Jack and Bobby, all United States citizens, want to open a nail salon in Tennessee. They would all like to avoid personal liability for debts of the business and for wrongful acts of each other.

Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly.

Conversion occurs when a person or event is the catalyst for implementing major changes for a system to meet business changes.