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2 years ago

A chart of accounts lists the accounts and balances at a specific time. True False

1 answer:

8 0

A chart of accounts lists the accounts and balances at a specific time is the true statement, as it a digestible breakdown of all transactions.

<h3>What is a chart of accounts?</h3>

chart of accounts is a list of all the accounting records in a company's general ledger. In a nutshell, it's an organizational tool that breaks down all of a company's financial transactions into subcategories and presents them in an easily understandable format.

Thus, it is a true statement.

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The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income. Kitsch is owned equally by four shar

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Answer:

$82000
$20500
$750
Not taxable

Explanation:

with the information provided

A) how the entity's non separately stated income is $82000

to calculate the non separately stated income

(Total long term stated income) - (total short term stated income)

long term stated income

book value = $100000

long term capital loss/gain = $6000

book value + long term capital loss = $106000 ( total long term stated income )

short term stated income

tax exempt = $3000

dividends = $9000

1231 gain = $7000

net passive income = $5000

total short term stated income = 3000 + 9000 + 7000 + 5000 = $24000

hence non separately stated income = $106000 - $24000 = $82000

B) To show how one of he kitsch shareholder is bearing $205000 income or loss

Number of shareholder = 4

non separately stated income = $82000

non separately stated income / number of shareholder = 82000 / 4 =$20500

Tax exempt income = $3000

number of share holders = 4

hence Billings' share of tax exempt interest income = tax exempt income / number of share holders

= $3000 / 4 = $750

Billings income is not taxable this year because his taxable income this year is $20500

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3 years ago

Read 2 more answers

Suppose an economy has a law that requires all wages to be adjusted quarterly to reflect changes in the general price level. Thi

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Answer:

economic (or business) cycles are less severe.

Explanation:

If the wages follow the general price level, it means that they will follow the inflation rate. When the economy is strong and inflation might rise, then the wages should increase accordingly. When the economy is starting to enter a recession then the inflation rate will reduce, so wages will not increase as much (if any increase at all).

This type of economic policy favors expansion cycles since private consumption is the main component of the GDP and also helps when the economy enters a recession because the wages will follow inflation rate which will help make the recession less severe and hopefully shorter.

One basic concept for this to work is that inflation is always a positive number, countries rarely (if ever) go through deflation processes.

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3 years ago

Business activity monitoring called

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Answer:

Business activity monitoring called uses to make decisions about the operation of the business?

key performance indicators

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Business monitoring is a key performance indicator which helps to grow any business entity, it improves the business in such a way that lapses would be discovered and be totally corrected.

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3 years ago

A group of French tourists were touring the Smithsonian museums in Washington, DC. Which workers in the Smithsonian would the Fr

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A group of French tourists were touring the Smithsonian museums in Washington, DC. Which workers in the Smithsonian would the French tourists most likely need?
A) an interpreter and a tour guide
B) a chef and a travel agent
C) a hotel manager and a ticket taker
D) an event planner and an airport worker

The best answer is:
A) an interpreter and a tour guide

A tour guide (U.S.) or a tourist guide (European) is a person who provides assistance, information on cultural, historical and contemporary heritage to people on organized tours and individual clients at educational establishments, religious and historical sites, museums, and at venues of other significant interest. While an interpreter is a person who provides an oral translation between speakers who speak different languages.

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Under what temperature will the volume of the gas at 0°C double itself if

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Let the volume of the gas at 0°C = Vml.

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