Answer:
A) Dr Supplies Expense $2,600
Cr Supplies $ 2,600
Explanation:
The supplies account had an opening balance of $ 2400. Purchases were made of $ 3000 so the total debit balance was $ 5400. The year end showed a debit balance of $ 2800.
So $ 5400- $ 2800= $ 2600 Supplies were used and credited .
An expense account would be used to show this so
Supplies Expense is debited with $ 2600 and
Supplies Account is credited with $ 2600 showing a net debit balance of $ 2800 at the end of the year.
Answer:
Company ABC and Emily, a single filing taxpayer
The maximum amount excludable from Emily's gross income for the dependent care expenses, which Emily can report on her tax return is $3,000.
Explanation:
a) Data and Calculations for Emily:
Dependent care flexible spending arrangement deduction = $4,500
Fair market value of the on-site dependent care used = $700
Form W-2 reported dependent care assistance = $5,200
Maximum amount excludable from Emily's gross income for the dependent care expenses Emily can report on her tax return is $3,000.
b) According to the IRS records, Emily can exclude or deduct dependent care benefits provided by a dependent care benefit plan, an amount not exceeding $3,000 if one qualifying person was cared for or $6,000 if two or more qualifying persons were cared for. Since the number of persons cared for is not disclosed, it is assumed that Emily cared for only one qualifying person. Therefore, $3,000 is the maximum she is allowed to deduct.
Answer:
$6,800
Explanation:
Calculation for How much of a tax deduction will Kaye be able to deduct (assume 10% floor for deduction)
Tax deduction=$11,600-(10%*$48,000)
Tax deduction=$11,600-$4,800
Tax deduction=$6,800
Therefore the amount of tax deduction that Kaye will be able to deduct (assume 10% floor for deduction) is $6,800
Answer:
minutes of grinding= 60,468 minutes
Explanation:
Giving the following information:
Grinding minutes per unit:
Product A= 3.80
Product B= 5.30
Product C= 4.30
Product D= 3.40
Monthly demand in units:
Product A= 4,260
Product B= 4,260
Product C= 3,260
Product D= 2,260
A total of 54,900 minutes is available per month on these machines.
minutes of grinding= Total product A + Total product B + Total product C + Total product D
minutes of grinding=4260*3.80 + 4260*5.3 + 3260*4.3 + 2260*3.4= 60,468 minutes
