Answer:
D) Todd should include the $500 in 2020 gross income in accordance with the tax benefit rule.
Explanation:
Since Todd is a cash basis taxpayer, he included the $1,500 insurance premium in his 2019 tax return. Cash basis taxpayer report revenues or expenses when the cash is received or paid, not when the service is provided.
Since he received a $500 refund in 2020, he should include it in his 2020 tax return. As a cash basis taxpayer, any money received is considered income.
Answer:
$328,000
Explanation:
As we all know that:
Ending Equity = Opening Equity + Share Issues + Net Income – Net Loss – Dividends Paid
Here,
Opening Equity is $293,000
Money raised through Shares Issuance was $24,000
Net Income would be $69,000
Dividends paid were $58,000
There were no losses as their is Profit for the year (Net Income).
By putting values, we have:
Ending Equity = $293,000 + $24,000 + $69,000 - $58,000
= $328,000
Answer:
Waco Travel Agency
Journal entry
Date Account and explanation Debit Credit
Dec 31 Bad debt expense (800,000 * 1%) $8,000
Allowance for uncollectible accounts $8,000
(To record uncollectible account expense)
Waco Travel Agency
Balance Sheet
<u><em>Current assets</em></u>
Account receivable $93,000
Less: Allowance for uncollectible account <u>($8,870) </u>---- ($8,000 + $870)
<u>$84,130</u>
That would be true in a true or false scenario. It's better to be safe than sorry - they can mess up your credit, and burn bridges for opportunity for you.
That's another reason why you should guard a social security number with your life and only give it when something's 100% authentic - they can steal your identity from those numbers!
Good luck, rockstar!
I hope you pass, and that this helps!
Answer:
b. fixed
Explanation:
-Dependent refers to a valariable that changes when other factors change.
-Fixed cost refers to a cost that doesn't change when the amount of goods produced increases or decreases.
-Opportunity cost refers to the benefit that you would have received from the option that was not chosen.
-Marginal cost refers to the change in the cost when you produce an additional unit.
According to this definitions and as the statement refers to a cost that doesn't change, the answer is that as output is increased or decreased, these fixed costs remain unchanged.
