Most community colleges have an open admissions policy.
Answer:
S/n General Journal Debit Credit
a Insurance expense $1,200
Prepaid Insurance $1,200
(To record insurance expired)
b Supplies expense $6,200
Supplies $6,200
($5,000 + $2,000 - $800)
(To record supplies used)
Answer: $36,000
Explanation:
When paying Income Tax, Reverend Isaiah will be allowed to deduct the money designated as rental allowance to pay utilities but when it comes to Self-employment taxes, he must include the entire salary he receives.
This means that the Reverend will have to include his entire annual salary of $36,000 when working out his Self-employment tax.
Answer:
Cash flow from operations will increase by $2,200.
Explanation:
The amount of increase in cash flow from operations can be calculated as follows:
Increase in cash flow from operations = Sales - Increase in accounts receivable + Increase in accounts payable …………… (1)
Sales = $2,500
Increase in accounts receivable = $800
Increase in accounts payable = $500
Substituting the values into equation (1), we have:
Increase in cash flow from operations = $2,500 - $800 + $500 = $2,200
Therefore, cash flow from operations will increase by $2,200.