D) Salaries
Revenue is the income for your business so you make a profit from fund raisers, donations and fees charged per child. You are losing revenue when you have to pay your workers salaries
i will say its c since it come close and touches thats one
Answer:
Specific Identification
Cost of goods sold = $8,596
Closing Inventory = $1,406
Explanation:
COGS
01 Jan 57 *44 = $2,508
05 May 82*43=$3,526
03 Nov 61 * 42 = $2,562
Total =$8,596
Closing Inventory
05 May 20*43=$860
03 Nov 13*42=$546
Total = $1,406
Answer:
Explanation:
1.August 6.
Account Receivable-Ds Unlimited (64*170) Dr.$10,880
Sales Revenue Cr.$10,880
Cost of Goods Sold ($150*64) Dr.$9,600
Inventory Cr.$9,600
2.August 10.
Inventory/Sales Revenue (4*170) Dr.$680
Account Receivable-Ds Unlimited Cr.$680
3. August 14.
Cash (10,880-680)*99% Dr.$10,098
Cash Discount Dr.$ 102
Accounts Receivable Cr.$ 10,200
Note:
The gross method of discount is used which means at time of receipt, discount impact is taken. In this question 1/10 means 1% discount allowed if payment made within 10 days of sale. This means DS unlimited qualifies for cash discount as payment is received on 14 August
Answer: $185,196
Explanation:
To calculate Barnaby's basis at the end of the tax year, we do the following.
First we find out the Initial basis after excluding debt in this manner,
= Initial basis including debt - debt
= $151,800 - $15,180
= $136,620
Now that we have done that we then add the following,
= Initial basis after excluding debt + share of the partnership's income + share of debt + share of the partnership's nontaxable income
= $136,620 + $60,720 + $22,770 + $3,036
= $223,146
From this figure we will then subtract cash distributions received to find out his tax basis for the year.
= $223,146 - $37,950
= $185,196
Barnaby's basis at the end of the tax year is $185,196
