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3 years ago

Gordon is over 65. how does that affect his tax return?

1 answer:

7 0

Gordon is over 65, his age "increases his standard deduction", according to the IRS, people over 65 years of age are included in the deductions program, both for those who are single or married, only the amount varies a little, depending on their marital status, in the first case the amount to deduct is $ 1250 and the second is $ 1550.

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Inventory should be reported as follows except a.according to the chosen cost flow assumption. b.at lower of cost or market. c.a

Gnom [1K]

Answer:

c.as a long-term asset on the balance sheet.

Explanation:

The inventory has come under the current asset as it is converted into cash within one year. Like other current assets i.e account receivable, prepaid insurance, etc contains high liquidity and they get converted into cash in less than one year

It also recorded at cost or market value whichever is lower plus it also chosen as cost flow consumption but it is not reported as a long term asset as it is classified as a current asset, not the long term asset

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3 years ago

Which cell address indicates the intersection of the first row and the first column in a worksheet?

Luden [163]

Answer: A1

Explanation: The columns are arranged alphabetically and the rows are ordered numerically. The cell address states the column, a letter, followed by the row, then a number.

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3 years ago

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On May 10, 2020, Cullumber Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay t

Likurg_2 [28]

Answer:

Date Particular Debit Credit

May 10, 2020 No Entry (Note 1) $0 $0

(To record contact entered into)

June 15, 2020 Account Receivable A/c $1,810

To Sales Revenue A/c $1,810

(To record Sales)

June 15, 2020 Cost of goods sold A/c. $1,050

To Inventory A/c $1,050

(To record cost of goods sold)

July 15, 2020 Cash A/c $1,810

To Account Receivable A/c $1,810

(To record payment received)

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2 years ago

The board of directors of Capstone Inc. declared a $0.90 per share cash dividend on its $2 par common stock. On the date of decl

Bas_tet [7]

Answer:

A. Dividends 11,700 Dividends Payable 11,700

Explanation:

The journal entry to record the dividend declared is shown below:

Dividend A/c Dr $11,700

To Dividend payable $11,700

(Being the dividend is declared)

The computation is shown below:

= (Number of shares issued - treasury stock) × cash dividend per share

= (20,000 shares - 7,000 shares) × $0.90

= 13,000 shares × $0.90

= $11,700

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3 years ago

In order to make sure that audiences can correctly identify which words you are using, it is necessary to make sure you have cor

Vladimir [108]

In order to make sure that audiences can correctly identify which words you are using, it is necessary to make sure you have correct Pronunciation.

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3 years ago

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