The $2000 contribution to an IRA should be treated as an An adjustment to income in arriving at adjusted gross income.
<h3>The reason Hall has to go with this option</h3>
The individuals that are not in a retirement plan of a company have the option of deducting their cash contributions to their own retirement accounts.
They are able to do this given that the money is 6000 dollars or a hundred percent of their gross income.
Taxes are not paid on interest in this type of account till the earnings from the retirement plan is distributed.
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Answer:
Expenses ; revenues ; adjusting
Explanation:
According to the expense recognition or matching principle, the expenses that are incurred in a particular period should be matched with the revenues that are earned in that particular period.
This principle major part is of the adjustments so that the adjustment entries are passed so that the financial statements represents the true and fair view to the users of the accounting information
Answer:
B) Debts can usually be erased in about 6 months.
Business firms that sell to retailers and other merchants, and/or to industrial, institutional, and commercial users-but which do not sell in large amounts to final consumers-are called wholesalers. These are businesses that would purchase product in very large amounts and sells them to other businesses or the retailers at a lower price whose target customers are the consumers.
