No, because her monthly fees are currently less than $10.50.
Hello! Here are the answers:
Blank 1 = Nonrival.
Blank 2 = Nonexcludable.
Blank 3 = Can.
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Answer:
insurance expense 1,250 debit
prepaid insurance 1,250 credit
Explanation:
the insurance contract is for 2 year so, 24 months
3,000 is the value of 24 month of insurance:
3,000 / 24 = 125 per month
From March 1st, 2018 to December 31th,2018 --> 10 months
125 x 10 = 1,250
This is the case of an accrued expense.
Our prepaid insurance will decrease by this amount and we will recognize the 1,250 insurance expense.
Answer: File it electronically
Explanation:
Form 1040 is an Internal Service Revenue tax form that is utlized for the returns of the personal federal income tax that are filed by the residents of the United States.
Form 1040 calculates the taxpayer's total taxable income and then determines the amount that'll be paid or the amount that the government would refund.
Based on the information given, the procedures that should be used would be to prepare a Form 1040-X and then file it electronically so that Hector can make his claim.
Answer:
To gain access to low-cost input of production