This is an illegal question. You may ask about a person's convictions for drug related charges, but you should not ask about treatment. This could also be classified as a needless question, but mostly illegal.
Answer:
c Claim their expenses as deductions for AGI.
Explanation:
Their costs are specified in Schedule C, not Form 2106 (Option). Although subject to Social Security tax, they are not subject to income tax withholding (option). Legitimate employees are not common law employees (selected). Costs for AGI will be reduced
Answer:
Esquire Comic Book Company
Income Statement
For the Year Ended December 31, 2016
Operating income $1,000,000
<u>Restructuring costs ($80,000)</u>
Income from continuing operations b/ Taxes $920,000
<u>Income tax expense ($368,000)</u>
Income from continuing operations $552,000
Discontinued operations:
- Operating income $500,000
- Loss on disposal ($350,000)
- <u>Income tax on discontinued operations ($60,000)</u>
Income from discontinued operations $90,000
<u>Net income $642,000</u>
Explanation:
Income from discontinued operations must be reported separately, but any restructuring costs must be included as operational expenses.
Answer:
D) budgets are a total amount and standards are a unit amount.
Explanation:
For each given choice in the question explanation is provided below as to why its or its not the correct answer.
A) only budgets contribute to management planning and control.
Both budgets and standards contribute in the planning and control are of the company. Therefore, this option is incorrect.
B) budgets but not standards may be used in valuing inventories.
Once gain both are used for valuing inventory, this is due to the fact that budget contains details gathered in standard costing. Therefore, this option is incorrect.
C) budgets but not standards may be journalized and posted.
Both the budget and standard are journalized and posted in the accounting system. Therefore, this option is incorrect.
D) budgets are a total amount and standards are a unit amount.
As standards are unit amounts which contributes in preparing the budget which are total amounts.
Hence, option D is correct.
Answer:
Cash flow from operating activities
Cash Receipts from Customers 6,840,000
Cash Paid to Suppliers and Employees (5,900,000)
Net Cash from Operating Activities 940,000
Explanation:
Cash Receipts from Customers Workings
Total Debtors T - Account
Debit :
Sales 6,840,000
Totals 6,840,000
Credit:
Cash Receipts 6,840,000
Totals 6,840,000
Cash Paid to Suppliers and Employees
Cost of goods sold 4,730,000
Add Other Expenses
Selling expenses 460,000
Administrative expenses 710,000
Cash Paid to Suppliers and Employees 5,900,000
