<span>A. It helps you to balance your risk across different types of investments</span>
Answer:
Using the adjusted balances, give the closing entry for the current year.
Explanation:
1
Db Insurance expense 6000
Cr Prepaid expenses 6000
2
Db Wages payable 4000
Cr Cash 4000
3
Db Depreciation expense 9000
Cr Accumulate depreciation 9000
4
Db Income tax expense 7000
Cr Tax payable 7000
Answer:
Explanation:
Comparative income statements for Williamson is presented below:
Particulars 2017 2016 2015
Income before income tax $180,000 $145,000 $170,000
Less:Income tax $54,000 $43,500 $51,000
Net income $126,000 $101,500 $119,000
The income tax is computed below:
For 2017
= $180,000 × 30%
= $54,000
For 2016
= $145,000 × 30%
= $43,500
For 2015
= $170,000 × 30%
= $51,000
Answer:
$13,000
Explanation:
Most property purchased during 2019 and beyond, may be expenses using Section 179 tax deductions. The limit for 2019 was $1 million and that is way more than $13,000. Section 179 is one of the few benefits that small business got from the Tax Cut and Jobs Act, and it can be really useful.
Businesses can deduct the full purchase price of qualifying equipment (used manufacturing equipment qualifies) as long as it was purchased after January 1, 2019. This is an incentive created to encourage businesses to buy more equipment and invest more.
For this problem, we are required to calculate the net operating income.
In order to answer the question, we will first calculate the impact of the changes on the Hardware department. Then we will add the remaining fixed costs that are currently charged to Linens that will continue.
To calculate net operating income, subtract operating expenses from the revenue generated by a property. Revenue from real Hardware department estate includes rental income, parking fees, service changes, vending machines, laundry machines, and so on.
Net income, also known as the bottom line, Hardware department indicates a business's profitability. It shows how much profit is left from revenue after accounting for expenses and liabilities. Net income is profit that can be distributed to business owners or shareholders or invested in business growth.
A corporation's positive net income causes an increase in the retained earnings, which is part of stockholders' equity. A net loss will cause a decrease in retained earnings and stockholders' equity.
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