Answer:
By honoring child support responsibilities
Explanation:
A credit score communicates a person's reliability in paying debts. The credit score ranges from 300 to 850. The higher the score, the better for an individual. Obtaining a high score requires one to be responsible in the use of credit facilities. One has to be disciplined and prompt in meeting their obligations. In other words, one has to have a good credit history.
Obligations include debts and court-imposed payments such as child support. If Sam makes timely and full child support payments, his credit history will not reflect any misses payments. His credit score will not be affected in any way.
-animal control
-local road maintenance
-police protection
-fire service
-sewage treatment
-safe drinking water
-safe building regulations
Answer: $28,000
Explanation:
Jonathan can deduct both the real estate taxes and the state income taxes but the Tax Cuts and Jobs Act cut the deduction one can claim on State and Local taxes to $10,000 from 2018 to 2025.
The total deduction Jonathan can claim is therefore:
= Real estate taxes + Capped state income tax
= 18,000 + 10,000
= $28,000
Answer:
a. The $25,000 is deductible as a current expense.
b. The $25,000 is still deductible as a current expense.
Explanation:
a.They open a bagel shop in the city?
The $25,000 spent on travel, surveys, and financial forecasts will be treated as an an ordinary and necessary business expense. The reason is that it is spent to carry out an investigation necessary for expanding their already existing business. Therefore, the $25,000 is deductible as a current expense.
b. They decide not to open a bagel shop in the city?
It does not matter whether they open the bagel shop in the city or not. The $25,000 spent on investigation will still be treated as an an ordinary and necessary business expense, since it is spent to expand existing active business. The $25,000 is still deductible as a current expense.
Answer:
B. Cash 150,000 Notes Payable 150,000
Explanation:
Sr Account Dr Cr
Jan 1 Cash $ 120,000
Notes Payable $ 120,000
This entry would be made in the books of Guarantee Company. As the interest has not yet accrued so no entry regarding the interest expense or interest payable would be made.
Choice A is not correct because it accounts for interest expense which has not yet accrued from the cash received.
Choice C is also incorrect because the actual amount of cash received is $ 150,000.
Choice D is also incorrect because Cash is debited with an increase and liabilities increase with a credit and this is reverse.
Best Choice is B