Answer: $0
Explanation:
Layla qualifies for $8,000 in housing credits.
These are withdrawn at $500 for every $1,000 she earns above the wage limit of $26,500
Layla's annual income = 35,000 + 7,500
= $42,500
Amount earned above limit = 42,500 - 26,500
= $16,000
Amount of housing credit withdrawn is $500 per thousand so for $16,000, $8,000 will be withdrawn from her housing credit.
Housing credit = 8,000 - 8,000
= $0
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Answer:
$133,100
Explanation:
Given that,
Finished goods inventory, April 1 = $33,400
Finished goods inventory, April 30 = $27,300
Total cost of goods manufactured = $127,000
Cost of goods sold:
= Cost of goods manufactured + Beginning Finished goods inventory - Ending Finished goods inventory
= $127,000 + $33,400 - $27,300
= $133,100
Therefore, the cost of goods sold for April is $133,100.
Answer:
(C) Debit Cash, credit Unearned Revenue.
Explanation:
The journal entry is shown below:
Cash A/c Dr $2,000,000
To Unearned revenue A/c $2,000,000
(Being the receipt of cash is recorded)
Since the cash is received so we debited the cash account as it increases the current assets and credited the unearned revenue account as it is a current liability account so the same is to be credited
