Answer:
Cash donations to public charities are limited to % of a taxpayer's AGI? Cash donations can be deducted to a maximum of 60% of your AGI.
Donations of capital gain property to public charities are generally limited to % of a taxpayer's AGI? If you hold the assets (whether stock or property) for more than one year, donations can be deducted (at fair market value) to a maximum of 30% of your AGI.
Donations of certain capital gain property to private non operating foundations are limited to % of AGI? When you donate short term capital gain property to private non operating foundations you can deduct up to 30% of your AGI.
The justification for a company initially recording prepaid rent in either an income statement or balance sheet account is that a<u>t the end of each year, the</u><u> account balances </u><u>are revised so that they accurately represent the c</u><u>urrent situation.</u>
This is further explained below.
<h3>What is
an income statement?</h3>
Generally, When a business first records its prepaid rent, it should do so in either an account on its income statement or one on its balance sheet.
The reason for this is because, at the end of each year, the balances of these accounts should be revised so that they more accurately reflect the situation at the moment.
In conclusion, An income statement, also known as a profit and loss account, is one of the financial statements that a business maintains.
It details the revenues and costs that the firm incurred during a certain time period. It describes the process through which the revenues are converted into the company's income or profit after taxes.
Read more about income statements,
brainly.com/question/28035395
#SPJ1
<u></u>
Answer:
A. No, because of NAFTA, you would expect the export of goods to Canada and Mexico to be substantial.
Explanation:
Even though exists a lot of debate surrounding the benefits of NAFTA to the US, trade agreements tend to increase more than proportionally the commercial exchange between parties. In this case, Canada and Mexico are both parts of NAFTA, so being the most important commercial partners of Ohio should not be a surprise.
Answer:
d. $720,000 asset.
Explanation:
At 2014 David Company reported a loss for 2,400,000 which, for taxes purposes wasn't recognized.
Thus, there is a temporary diffrence in favor of the company,
as is paying more income tax today (the 2,400,000 loss is not recognzied thus, more income taxes are being paid)
and then, will pay less than the accounting net income (latter will pay taxes including this loss, thus less income tax)
This is a deffered income tax asset for: 2,400,000 x 30% = 720,000
tax deffered(assets) 720,000 debit
income tax expense 60,000 debit
cash 780,000 credit
