Carla Vista Company reported net income of $51,840 in 2020 and $76,800 in 2021. However, ending inventory was overstated by $5,760 in 2020.
Compute the correct net income for Carla Vista Company for 2020 and 2021.
2020 correct net income
$enter a dollar amount 2021 correct net income
$enter a dollar amount
Answers
The correct net income for Carla Vista Company in 2020 is $46,080.The correct net income for Carla Vista Company in 2021 is $76,800.
To compute the correct net income for Carla Vista Company in 2020 and 2021, we need to adjust for the overstated ending inventory in 2020.
In 2020, the reported net income was $51,840. However, ending inventory was overstated by $5,760. Since ending inventory is an asset, an over statement reduces the cost of goods sold (COGS) and increases net income. To correct this, we need to decrease net income by the amount of the overstatement.
The adjustment for the overstated ending inventory in 2020 would be:
Adjusted Net Income 2020 = Reported Net Income 2020 - Overstatement of Ending Inventory 2020
Adjusted Net Income 2020 = $51,840 - $5,760
Adjusted Net Income 2020 = $46,080
Therefore, the correct net income for Carla Vista Company in 2020 is $46,080.
In 2021, no adjustment is mentioned, so the reported net income of $76,800 can be considered as the correct net income.
Therefore, the correct net income for Carla Vista Company in 2021 is $76,800.
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Related Questions
the ___________ plays a role in making certain that checks clear and sellers get paid.
Answers
The banking system plays a role in making certain that checks clear and sellers get paid.
The banking system plays a crucial role in ensuring that checks clear and sellers get paid. When a buyer issues a check to a seller, the seller deposits the check into their bank account. The seller's bank then sends the check to the buyer's bank for payment.
The buyer's bank verifies that the funds are available in the buyer's account and deducts the amount from the account. The buyer's bank then sends the check back to the seller's bank for clearance.
During this process, the banking system ensures that the transaction is secure and that the funds are transferred efficiently. Banks use sophisticated computer systems and networks to process checks quickly and accurately. They also use various security measures to prevent fraud and protect their customers' financial information.
In addition to processing checks, banks also provide other financial services that help facilitate commerce and ensure that sellers get paid. For example, they offer electronic payment options such as wire transfers and online payments, which are faster and more convenient than traditional paper checks.
Overall, the banking system plays a critical role in facilitating transactions and ensuring that businesses and individuals can conduct their financial affairs securely and efficiently.
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To avoid debt, a new business owner should have enough projected revenue to cover expences for the first
A) 6 months
B) year
C) 2 years
D) 5 years
⚠️THIS IS FOR SCHOOL. NO TROLL ANSWERS OR LESS YOU WILL BE REPORTED.⚠️
Answers
Answer:
b) a year
Explanation:
Excited to buy her dream car, Molly rushes into her local Volkswagen dealership. Molly picks out a
car, sits down at the financing desk, and hears the following:
"Well, we ran your credit history. You've got a really thin file -- just a year's worth of student
loan payments. The deal you saw was for 'well qualified buyers. The best deal we can offer
you is 6.6% for 60 months. A little more bad news -- the cash allowance is also based on
credit history, so you don't qualify for $500. That said, you're excited about a Volkswagen,
and I want to see you driving one, so I can do $400 for you!"
9. Molly still has a $2500 down payment. How much loan does Molly need?
10. How much will Molly's monthly payment be using the Bankrate calculator?
11. How much total interest will molly pay using this plan?
12. How many is the total cost of her car after all together?
Answers
9. The amount of loan that Molly needs with a $2,500 down payment is $22,100.
10. Molly's monthly payment is $433.
11. The total interest Molly will pay under this plan is $3,907.
12. The total cost of Molly's car is $28,507.
Loan Amount:Required cash allowance = $500
Qualified cash allowance = $400
Down payment = $2,500 (typically 10% of value)
Total price of car = $25,000 ($2,500/10%)
Loan required = $22,100 ($25,000 - $2,500 - $400)
Interest and Periodic Payment:N (# of periods) = 60 months
I/Y (Interest per year) = 6.6%
PV (Present Value) = $22,100
FV (Future Value) = $0
Results:
PMT = $433.45
Sum of all periodic payments = $26,007
Total Interest = $3,907
Total Cost of the car to Molly:Down payment = $2,500
Total periodic payments = $26,007
Total cost = $28,507 ($26,007 + $2,500)
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what are classification of consumer goods
Answers
Answer:
Within the category of consumer products, there are four main classifications: convenience goods, shopping goods, specialty goods, and unsought goods
Explanation:
hope it will help
_________ bonds are considered the riskiest of all corporate bonds and thus offer the highest interest rates.
Answers
High-yield or junk bonds are considered the riskiest of all corporate bonds and thus offer the highest interest rates.
Because the issuing corporations' credit ratings are lower than those of other corporate bonds, high-yield bonds, commonly referred to as junk bonds, have a larger default risk than other corporate bonds. High-yield bonds provide higher interest rates as a result of this heightened risk to offset the likelihood of default. High-yield bonds can be more susceptible to hazards associated with the economy and certain industries, therefore investors who want to invest in them need to be prepared to accept greater levels of risk. High-yield bonds might potentially provide investors with better returns, but it's crucial to remember that in order to reduce total risk, they should only be included in a diversified investment portfolio.
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PILLAY MANUFACTURERS (PM) mutual agreement for work performed at night after 18:00 and before 6:00 the following day. Pillay manufacturers specialises in the manufacturing of fruit juice. Employees at PM have a normal rate. PM provided all black employees with learnerships and learning programmes. Black females are given opportunities to be included in shareholding in the business. Newly appointed employees were given access to the employment contract and were also inducted on different aspects. The induction programme included the following aspects: The tour of the premises, introduction to key people and immediate colleagues and a discussion of employee benefits. The business strives to set a code for ethical and effective leadership by the board of directors, by ensuring that all King Code principles are applied in all dealings. Employees have demonstrated some unprofessional business practices by taking extended lunch breaks to do their shopping. 1.1.1 PM needs to identify problems that affect their operations to make informed decisions. Brainstorming and force field analysis have been applied to enable them to solve complex business problems. Name TWO provisions of BCEA from the scenario above
Answers
Considering the scenario above, the two provisions of the BCEA would be:
The mutual agreement for night work after 6 pm and 6 am.The induction program that includes discussing employee benefits.What is the BCEA?Corresponds to an acronym for Basic Conditions of Employment Act, which is a South African labor law, which aims to provide decent standards and rights for local workers. Some of its principles are related to:
Working hoursOvertimeAnnual leaveLicensesTermination of the employment contractTherefore, BCEA is essential for labor regulation in South Africa, establishing rules on wages, child labor and other workers' rights.
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What is the difference between a unitary state a federal state and a confederate state?
Answers
In a confederation, the states hold a disproportionate degree of power, in contrast to a unitary federal power system where the national government has entire control.
A confederal system is one in which the states or regions maintain a high degree of autonomy and the federal government has minimal formal powers. In a confederate system, the central government is frequently set up by the states or regions and is only in charge of a small number of clearly defined tasks, such the military and foreign policy.
In a unitary system, the states or regions have little autonomy and the central government has more authority. The majority or all parts of governance are under the supervision of the central government in a unitary system, while the states or regions may have little to no decision-making power.
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Need help ASAP!
Select the described workplace culture from the drop-down menu below.
* workplace culture emphasizes everyone being in agreement
* workplace culture emphasizes development of new skills
* workplace culture emphasizes reacting quickly to change
* workplace culture emphasizes accomplishing goals
Answers
Answer:
The workplace culture emphasizes everyone being in agreement.
Explanation:
The workplace culture emphasizes everyone being in agreement.
An organization should have a good work condition that should be create a good relationship and employee-employee and employer-employer relationship.
It should helped to everyone to achieve their organizational target.
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✔ Consistency-oriented
workplace culture emphasizes everyone being in agreement.
✔ Involvement-oriented
workplace culture emphasizes development of new skills.
✔ Adaptive
workplace culture emphasizes reacting quickly to change.
✔ Achievement-based
workplace culture emphasizes accomplishing goals.
Explanation:
answer on edge
Which of the following statements about investing is TRUE?
1. Investing is a guaranteed way to make money.
2. Investing is best for short-term financial goals.
3. Investing is riskier than putting money in a savings accounts.
4. On average, putting money in a savings account earns a higher return than investing money in the stock market.
Answers
Answer:
3. Investing is riskier than putting money in a savings accounts.
Explanation:
Investing involves putting money in profits generating ventures. It is risky because the money invested may be lost should the venture make losses instead of profits. Investments activities include buying of shares and other marketable securities or starting and operating a business. Should the business or investment do well, the returns or profits can be attractive.
Saving is putting money aside for future consumption. Saving may be done through savings accounts that as safe and secure. Money saved is risk-free. The possibility of losing it is very minimal. Because money saved is kept safe, it does not generate much income for the owner.
If you borrowed $100 for one year And paid $110 at maturity, the interest rate youpaid would be 10 percent.
T or f
Answers
Answer:
True
Explanation:
Interest rate is calculated by the formula
I= P x r x t
In this case,
Interest = 10( amount - principal; $110 - $100= $10
P= $100
r ?
t=1
Therefore,
$10 = $100 x r x 1
$10 = $100r
r= $100/$10
r= 10%
Customer relationship management is used for all of the following EXECPT
Can anyone help me with this question? Please and thank you.
A. to target highly valued customers.
B. to identify all customers who shop with the company.
C. to develop strong customer relationships.
D. to create offers tailored to specific customers.
Answers
Answer:
The correct answer is B.
Explanation:
hope it help
What is promotional Mix? And how does it benefit the customers?:
Answers
Answer:
In marketing, the promotional mix describes a blend of promotional variables chosen by marketers to help a firm reach its goals. and it Improves communication with clients.
Explanation:
hope this helps
Answer:
The promotion mix is the blend of different methods and tools of communication you use in presenting your company, products or services to target customers. Effective promotion is a key component of the marketing mix, as it is the element that helps you attract customers, persuade them to buy, and generate loyalty.
A promotion mix is a key method for delivering a relevant promotion message via the most suitable channel for each segment. Improves communication with clients. Companies develop a promotion mix trying to speak their consumers' language. If prepared correctly, it helps build trust between the brand and its customers.
Explanation:
hope this helps i did my research
On January 2, 2020, Howdy Doody Corporation purchased 15% of Ranger Corporation's common stock for $56,000. Ranger's net income for the years ended December 31, 2020, and December 31, 2021, were $19,000 and $51,000, respectively. During 2020, Ranger declared and paid a dividend of $66,000. On December 31, 2020, the fair value of the Ranger stock owned by Howdy Doody had increased to $69,000. How much should Howdy Doody show in the 2020 income statement as income from this investment?
Answers
Answer:
The Total amount shown as an income from this investment $22,900
Explanation:
The computation fo the income from this investment is shown below:
Dividend received ($66,000 × 15%) $9,900
Increase in Fair value of Stock ($69,000 - $56,000) $13,000
The Total amount shown as an income from this investment $22,900
We simply added the dividend received and the increase in fair value so that the total amount could come
item7 item 7 in the long run, monopolistically competitive firms multiple choice charge prices equal to marginal cost. have excess capacity. produce at the minimum of average total cost. have excess capacity and produce at the minimum of average total cost.
Answers
Monopolistically competitive firms have excess capacity and produce at the minimum of the average total cost.
Monopolistic competitive firms exists whilst many groups offer competing products or services which might be comparable, however not perfect, substitutes. The limitations to access in a monopolistic aggressive enterprise are low, and the decisions of any person company do now not directly have an effect on its competition.
Monopolistic opposition is a type of market shape where many businesses are found in an enterprise, and they produce similar but differentiated products. none of the agencies revel in a monopoly, and each enterprise operates independently with out regard to the actions of different groups.
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Tamora has just graduated from college. when she entered college four years ago, she took out a $9,100 subsidized stafford loan, which has a duration of ten years. the loan has an interest rate of 5.4%, compounded monthly. if tamora makes monthly payments, how much interest will she have paid in total by the time the loan is paid off? round all dollar values to the nearest cent. a. $2,697.20 b. $1,574.00 c. $5,534.00 d. $3,888.08
Answers
For her subsidized stafford loan, Tamora has $2,697 of total interest paid for the last 10 years.
Total interest paid can be find from the remaining amount of the total payment made and the principal loan. To calculate the total interest paid of a loan, we have to find the total payment made within the period first.
To find the total payment, we need to know the monthly payment Tamora made or PMT. PMT can be find using the formula of:
PV = PMT ([1 - (1+r)^-n]/r)
PMT = PV / ([1 - (1+r)^-n]/r)
From the case, we know that:
PV = $9,100
r = 5.4% pa = 0.45% monthly
n = 12 x 10 years = 120 months
Tamora PMT should be:
PMT = PV / ([1 - (1+r)^-n]/r)
PMT = $9,100 / ([1 - (1+0,45%)^(-120)]/0.45%)
PMT = $98.31
Since Tamora has made 120 times payment, the total payment she made is:
Total payment = PMT x n
Total payment = $98,31 x 120
Total payment = $$11,797.03
Then, the total interest paid by Tamora is:
Total interest paid = Total payment - Principal loan
Total interest paid = $11,797.03 - $9,100
Total interest paid = 2,697.03
Total interest paid ≈ 2,697
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Answer:
A $2,697.20
Explanation:
^^
What best describes the main purpose of a budget
Answers
Explanation:
A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.
Define liability, collision, and comprehensive auto insurance.
I
Answers
liability insurance covers the costs you cause to others in an accident, collision insurance covers your vehicle in an accident, and comprehensive insurance covers non-collision damage to your vehicle.
Here is a concise explanation of each term:
1. Liability insurance: This type of auto insurance covers the costs of bodily injury and property damage that you cause to others in an accident. It is mandatory in most states and is divided into two components:
a. Bodily injury liability: Covers medical expenses, lost wages, and other costs related to injuries you cause to others.
b. Property damage liability: Covers the costs of repairing or replacing property you damage, such as another person's vehicle or a fence.
2. Collision insurance: This optional coverage helps pay for the repair or replacement of your own vehicle after an accident, regardless of who is at fault. It covers your car when it collides with another vehicle or object (e.g., a tree or guardrail).
3. Comprehensive insurance: Another optional coverage, comprehensive insurance covers damage to your vehicle caused by events other than collisions. Examples include theft, vandalism, natural disasters, fire, and damage from animals.
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Which of the following symptoms is NOT associated with an allergic reaction?
Trouble breathing
Anxiety
OOO
Fainting
Screaming
Answers
When one is having an allergic reaction to something, one symptom that is not expected is Screaming.
An allergic reaction usually leads to the following:
Person has trouble breathing Person develops anxiety Person might faintIt is not a usual thing that a person will scream as a result of an allergic reaction.
We can therefore conclude that screaming is not associated with allergic reactions.
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accounts receivable is classified on the balance sheet as a
Answers
Accounts receivable is classified on the balance sheet as a current asset.
In the context of accounting and finance, "balance" refers to the state of equilibrium or equality between two sides or components. It commonly refers to the equality between total assets and total liabilities in the accounting equation:
Assets = Liabilities + Equity
When the values on both sides of the equation are equal, it is said that the balance is maintained. This represents the fundamental principle of double-entry bookkeeping, where every financial transaction must maintain the balance between these elements. Additionally, "balance" can also refer to the remaining amount in an account after credits and debits have been recorded, or the amount of money available in a bank account.
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Why might working on a commission basis make dealing with finances more difficult?
(need a few sentences)
Answers
What refers to the study of your strengths and weakness and the identification of your area of interest?
Answers
Answer:
Personality inventory
Explanation:
What is the total cost to conduct a market research survey will $500 base fee plus $3 per question and 1.25per person surveyed? The survey has 13 questions and will be sent to 300 people.
Answers
answer: The survey has 12 .
Explanation:
PLEASE HELP I'LL GIVE THE BRAINLIEST
Select the correct answer. Which of the following correctly matches the banking term with the appropriate definition?
A. A deposit is the total amount of money you have in the bank.
B. A withdrawal is an amount of money you take out of the bank.
C. Your balance is the money you put into the bank.
D. All of the above
Answers
Answer:
its answer is B a withdrawal is an amount of money you take out of the bank
the spread between the interest rates on bonds with default risk and default-free bonds is called the:
Answers
The spread between the interest rates on bonds with default risk and default-free bonds is called the risk premium.
A default-free bond is a bond in which the bond issuer would not miss scheduled payments of either the coupon or principal. Bonds issued by the government are generally considered to be default-free. This is because the government can print money to make payments.
A bond with a default risk is a bond in which the bond issuer can miss scheduled payments of either the coupon or the principal. Bonds issued by private individuals are generally considered to be bonds with default risk.
Bondholders usually demand a compensation for holding bonds with a default risk. This compensation is known as risk premium.
Risk premium = return on bonds with default risk - return on default- free bond.
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surplus mining company has leased a machine from craft machinery company. the annual payments are $6,000 and the life of the lease is 8 years. it is estimated that the useful life of the machine is 9 years. how would surplus mining record the acquisition of the machine? surplus mining company has leased a machine from craft machinery company. the annual payments are $6,000 and the life of the lease is 8 years. it is estimated that the useful life of the machine is 9 years. how would surplus mining record the acquisition of the machine? the machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for 9 years. the machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for 8 years. the company would not record the machine as an asset but would record rent expense of $6,000 per year. the machine would be recorded as an asset with a cost of $48,000.
Answers
The correct way in which surplus mining company would record the acquisition of the machine is that "The machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for 8 years.
When a company leases a machine, the lessee records the lease as an asset, the value of which is equal to the present value of the future lease payments, calculated using the lessee's incremental borrowing rate as the discount rate.In the case of surplus mining company, it has leased a machine from Craft Machinery Company. The annual payments that it has agreed to make are $6,000, and the life of the lease is 8 years. The estimated useful life of the machine is 9 years.
This means that surplus mining will have to make lease payments for eight years.The amount of lease payments that the company will make over the eight-year period can be calculated as follows:
Total lease payments = Annual lease payments × Number of years
= $6,000 × 8
= $48,000
The present value of the future lease payments, calculated using the lessee's incremental borrowing rate as the discount rate, can be calculated as follows:
Present value of lease payments = Total lease payments × Present value factor (8 years, lessee's incremental borrowing rate)
= $48,000 × 0.78
= $37,440
The machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for 8 years. Therefore, the correct option is: "The machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for 8 years."
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Huron Corporation generated total sales of P10,000,000 during the year with 80% representing credit sales. Huron assumes that 2% of its credit sales are potentially uncollectible. As of year-end, Huron prepared the aging of its accounts receivable with the corresponding probability of collection as shown below. Days outstanding Amount Probability of collection Less than 16 P450,000 99% 16 to 30 150,000 94% 31 to 45 75,000 80% 46 to 60 45,000 65% 61 to 75 15,000 50% Over 75 15,000 0% Assuming the company records bad debts expense based on the aging of accounts receivable, what amount should be recorded as bad debts expense for the year?
Answers
To determine the amount of bad debts expense to Corporation be recorded for the year, we need to calculate the potential assumes uncollected amount for each
category in the aging of accounts receivable and multiply it by the corresponding probability of collection. Potential uncollectible amount for each category: Less than 16 days: P450,000 × (1% - 99%) = P4,500 16 to 30 days: P150,000 × (6% - 94%) = P-4,200 (negative amount, no credit sales potential uncollectible) 31 to 45 days: P75,000 × (20% - 80%) = P-45,000 (negative amount, no potential uncollectible) 46 to 60 days: P45,000 × (35% - 65%) = P-13,500 (negative amount no potential uncollectible) 61 to 75 days: P15,000 × (50% - 50%) = P0 (no potential uncollectible) Over 75 days: P15,000 × (100% - 0%) = P15,000 The bad debts expense for the year is the sum of the potential uncollectible amounts: Bad debts Huron Corporation expense = P4,500 + P0 + P0 + P0 + P15,00 Bad debts expense = P19,500 Therefore, the amount to be recorded as bad debts expense for the year is P19,500.
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On JAN 15, 2022 TTZOP longed the APRIL2023 and shorted the MARCH 2023 on the same underlying asset. The spread was - USD1.90/unit. 4.1 Based on the info above, what did TTZOP expect will happen to the spread? Explain. 4.2 TTZOP kept the spread open and on AUG 15, 2022 the above spread was at -USD2.50/unit. Did this present TTZOP with a profit or a loss on it's spread position? Explain. 4.3 On AUG 16, 2022 the above spread changed to - USD1.70/unit. Given that on AUG 16, 2022 the APR 2023 futures settlement price increased by 35 cents (relative to the settlement price on AUG 15, 2022), calculate the change in the settlement price of the MAR 2023 delivery.
Answers
When TTZOP longed the APRIL2023 and shorted the MARCH 2023 on the same underlying asset, the spread was - USD1.90/unit. A negative spread indicates that the price of the MARCH 2023 contract was higher than the price of the APRIL 2023 contract. Therefore, TTZOP expected the spread to decrease or narrow over time.
On AUG 15, 2022, the spread was at -USD2.50/unit. A negative spread widening to -USD2.50/unit suggests that the price of the MARCH 2023 contract decreased more than the price of the APRIL 2023 contract. Since TTZOP initially shorted the MARCH 2023 contract, this spread widening would result in a profit for TTZOP on its spread position.
On AUG 16, 2022, the spread changed to -USD1.70/unit. Given that the APR 2023 futures settlement price increased by 35 cents relative to the settlement price on AUG 15, 2022, we need to calculate the change in the settlement price of the MAR 2023 delivery.
The change in the settlement price of MAR 2023 can be calculated as the difference between the previous spread (-USD2.50) and the new spread (-USD1.70) divided by the number of units in the spread, which is 1.90. Thus, the change in the settlement price of MAR 2023 is (1.70 - 2.50) / 1.90 = -0.42.
Therefore, the settlement price of MAR 2023 decreased by 42 cents.
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Which of the following is not a step in the decision making process
a.Identify Choices
b. MAKE a decision
c.Consult a career coach
d. DEFINE your needs and wants
Answers
Career Coach is wrong (Pretty sure)
Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $17,000. While the roof was under repair, the couple had to live in a nearby hotel for three days. The hotel bill amounted to $320. Assuming the insurance company settles claims using the replacement value method, what amount will the insurance company pay for the damages to the roof
Answers
The amount that the insurance company pay for the damages to the roof is :$16,500.
Amount Insurance company paid for damageTotal expenses incurred from the windstorm=$17,000 + $320
Total expenses incurred from the windstorm=$17,320
Insurance covered amount=$17,000 − $500 deductible
Insurance covered amount= $16,500
Inconclusion the amount that the insurance company pay for the damages to the roof is :$16,500.
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Which asset type would be most useful as part of an income investment
strategy?
Answers
The asset type that would most fit an income investment strategy is C. Real estate.
Investment in real estate can come in several forms such as:
Investments in selling houses Investments in commercial propertyInvestment in rental private propertyInvestments in commercial property and rental private property will lead to a person getting regular income when rent is paid so it would be part of an income investment strategy which calls for regular income.
In conclusion, income investment strategy would best be achieved with real estate.
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Answer:
C
Explanation:
real estate