Answer: See explanation
Explanation:
a. Which of these expenses can Robert deduct?
From the question, the deductible expenses will include the property taxes and the mortgage interest.
b.Can Anne deduct the $1,500 of property taxes?
Anne cannot deduct the $1,500 of property taxes because the $1500 has already been paid by Robert who is his father.
c.Are the deductions for AGI or from AGI (itemized)?
The deductions are from AGI itemized.
d.How could the tax consequences be improved?
The tax consequences be improved when a cash gift is given to Anne by his father Robert and then pay for her expenses.
Answer:
The bad debts would be debited with $5,000.
Explanation:
The bad debts under the allowance method is calculated by either as a percentage of accounts receivables or as a percentage of sales.
Percentage of Sales method:
In the percentage of sales method the allowance is calculated as below:
Allowance for doubtful debts = Sales * Percentage for doubtful debts
Allowance for doubtful debts = $500,000 * 1% = $5,000
Now always remember that this amount will be used only and their is no need to include the allowance for doubtful accounts balance.
Whereas on the other hand, in the percentage of accounts receivable method the allowances are included in the amount calculated.
The entry would be:
Dr Bad Debt Expense $5000
Cr Allowance for Doubtful Debts $5000
The supplier because the tax will decrease demand bcause it is elastic.
Answer:
Adjustments are made at the end of the accounting period because making them on a daily basis would be inefficient.
Explanation:
Adjusting entries are adjustments made on accounts to recognize revenue or expenses that were not properly recorded before. They are usually done at the end of the month or the end of the accounting period to balance debit and credit records.
While you record daily transactions the same day in which they occur.
Answer:
Consumer international
Explanation:
Consumer international is am organisation that have members that are consumer groups around the world.
Presently they have members of 250 consumer groups in 120 countries around the world.
The headquarters not the organisation is in London. While it has branches in Latin America, Asia Pacific, Africa, and the Middle East.
They focus on consumer protection. Ensuring that member groups get the best products at the cheapest rates
