Answer:
D) Only $7,000 of the office expenses can be deducted; the remaining $1,000 can be carried forward to future tax years.
Explanation:
Since Gene's profit before home expenses is only $7,000, he can only deduct up to $7,000 for this year. That way his net profit will be $0. The remaining $1,000 must be carried forward so that he can use them in the future, probably next year he will add them to his deductions. If a business losses money, the government pay you anything, taxes only work one way, you have to pay.
Her daily periodic interest rate is 0.05%, her monthly periodic interest rate is 1.58%, and her semiannually periodic interest rate is 9.5%.
APR stands for the annual percentage rate of an interest rate of a person. The periodic interest rate is the portion of an annual percentage rate based on a specified period such as daily, monthly, and semi-annually. The Periodic interest rate is calculated by dividing the APR by the specified period such as 365 for the daily period, 12 for the monthly period, and 2 for the semi-annual period<span>.</span>
Answer:
C. Spencer will win because regardless of whether Glen was acting within the scope of his employment, Sally is liable for his negligence
Explanation:
Spencer will win the lawsuit and Sally is liable for negligence.
This is because, Sally was the person originally hired to do the roofing job.
She hired other workers to help her with the job, so she's liable to their actions and inactions.
Sally is operating under a working agreement (contract) and has already charged a fee of $10,000 so any punitive damages would be her responsibility.
Spencer was moving around and Glen threw some roofing shingles without any word of warning to people that might be in harm's way. So for Glenn's actions, Sally is liable for his negligence.
Answer:
Anne Mullens committed embezzlement.
Explanation:
Embezzlement is defined as misappropriation of funds by someone with whom funds have been entrusted.
It is a theft as the money does not belong to the perpetrator. The perpetrator is only entrusted with funds.
One of the conditions for embezzlement is an existence of a fiduciary (trust) relationship between parties.
In the given case, Anne Mullens pocketed $57 cash from recorded amount instead of recording 57$ customer's payment via check. Instead she included the customer's check in the money to be taken to bank.
This is embezzlement of funds by Anne.
Answer:
The correct answer is c) $9,000
Explanation:
If net credit sales are $300,000 and bad debt expense is estimated at 3% of net credit sales.
$300,000 x 3%= $9,000
or
$300,000 x 0.03= $9,000
The amount of the adjusting entry to record the estimated uncollectible accounts receivables is $9,000
