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A good rule of thumb is to limit consumer credit payments to ____________ percent of your net monthly income.

frutty [35]

<span>A good rule of thumb is to limit consumer credit payments to 20% percent of your net monthly income.</span>

6 0

3 years ago

Oriole Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in j

Yuki888 [10]

Answer:

Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.

Merchandise $ 760 (debit)

Cash $ 560 (credit)

Equipment $200(credit)

Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.

Cash $270 (debit)

Dividend $530 (debit)

Salaries and Wages $ 800 (credit)

Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230

Account Payable $470(debit)

Cash $470 (credit)

Explanation:

Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.

Derecognise the $ 200 Equipment recored in error.The Cash figure was understated, therefore derecognise a further $560 to reflect the outflow of economic benefits. Lastly the Merchandise or Inventory Account must the recognised. This is the correct asset account to the original transaction.

Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.

Recognise an equity element - Divident. Assets of cash were overstated therefore recognise the overstated amount of $270. Salaries and Wages Account was recognised in error therefore de-recognise this expense account.

Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230

The transactions was recorded in correct accounts for the debit and credit but with wrong or understated amounts. Recognise a further $230 for Accounts Payable and a further 4230 for Cash

5 0

3 years ago

Jennifer and Jamar are married and live in a home with their 13-year-old dependent son, Oscar. This year, they had the following

julia-pushkina [17]

Answer:

d. AGI $151,088; taxable income $108,630.

Explanation:

First we need to calculate Gross Income

Gross Income = Salary Income + Business Income + Dividend Income

Gross Income = $60,000 + $95,000 + $2,800

Gross Income = $157,800

Now Calculate adjusted gross income

Adjusted Gross Income = Gross Income - Self Employment Tax

Adjusted Gross Income = $157,800 - $6,712

Adjusted Gross Income = $151,088

<u>Deduction</u> will be as follow

Higher of

Itemized Deduction = $19,200

Standard deduction = $24,400

So, Standard deduction will be made because it is higher

QBI deduction = $95,000 x 20% = $19,000

Taxable Income = Adjusted Gross Income - Standard Deduction - QBI deduction

Taxable Income = $151,088 - $24,400 - $19,000

Taxable Income = $107,688

3 0

4 years ago

Q 1.6: Ginni founded Waggstooth Manor Doggie Day Care and, after a year in business, formed a partnership with her husband, Warr

iris [78.8K]

Answer:

Both Ginni and Warren

Explanation:

Both Ginni and Warren, because both partners have unlimited personal liability. In any case of wimhich partner owns a larger percentage of the company, still both of them are equally liabile.

8 0

3 years ago

Every day we rely on the work of millions of other people to provide us with food, clothing, and shelter. People work for our be

beks73 [17]

Answer:

The correct answer is: they benefit by doing so.

Explanation:

Thanks to their interaction, human beings can satisfy their needs. People organize conveniently so their resources can be used to produce the goods and services they naturally demand -food, clothing, and shelter. This is the reason why governments must promote healthy living in societies so individuals can get the most of each other benefiting themselves.

6 0

3 years ago