Answer:
a. Presuming that Roberta is a cash basis and calendar year taxpayer, how much can she deduct as a charitable contribution for 2020?
Roberta can deduct ($200 x 4) - ($35 x 4) = $800 - $140 = $660. She cannot deduct the check because it was not mailed before December 31.
b. Would the amount of the deduction be any different if Roberta was an accrual basis taxpayer? Explain.
As an accrual taxpayer, she could deduct $660 + $4,000 = $4,660. She had already written the check and the fact that it was mailed on January 3 doesn't make a difference for an accrual taxpayer.
Answer:
310-10-50-8
Codification citation for trade receivables that do not accrue interent until a specified period has elapsed, non accrual status would be the point when accrual is suspended after the receivable becomes past due.
Explanation:
Accounting standards codification is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to non governmental entities.
Answer:
C) Drawer
Explanation:
A drawer is an individual or institution that issues and signs a bill of exchange instructing a bank or drawee to pay the specified amount to the payee. The drawer is the person who writes and signs a cheque to a third party or payee. In a situation where the cheque is to pay oneself, the drawer is the same as the payee.
Rover and Associates is the drawer. The law firm issues the cheques instructing Portris Bank to pay the office manager the amount stated in the cheque. The office manager is an employee of Rover and Associates. The cheque may be written to Rover and Associates. If that is the case, Rover and Associates is first the drawer and the then the payee. Portis bank is the drawee.
Answer:
$ 726.80
Explanation:
Gross payment means the total amount of money made by an employee or received by an employee before any deductions such as taxes, insurance, social security and others is removed.
Total amount received by the by employee = $ 62 + $ 45.06 + $ 10.54 + $ 12.40 + $ 596.80 = $ 726.80
Answer:
A
Be direct with your response and don't beat around the bush, because that will make the person who has requested something bored and anticipating what has taken you so long to get to the point.
