Presented below is information related to Bonita Corp. for the year 2017.

Cali Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first

victus00 [196]

Answer:

The preparation is presented below:

Explanation:

The preparation of the retained earnings statement for the year ended July 31, 2018 is presented below:

Cali Communications'

Retained Earning statement

For the year ended July 31, 2018

Beginning balance of retained earning $0

Add: Net income $5,150

Less: Cash Dividend paid -$0

Ending balance of retained earning $5,150

6 0

3 years ago

Bruno and Diana are trying to calculate their gross income. Which of the following items should they exclude from their gross in

arsen [322]

Answer: $15,000 gift from Diana’s mother for the down payment of their new house

Explanation: under the US code 102- Gifts and other inheritances. Gross income does not include the value of property acquired by gift. Money given as gifts to purchase a property are not taxable.

4 0

3 years ago

Identify an expansionary fiscal policy. increasing personal taxes increasing government spending buying government securities in

Greeley [361]

An example of an expansionary fiscal policy is INCREASING GOVERNMENT SPENDING. An expansionary fiscal policy refers to a policy that is used to increase the money supply in an economy. Expansionary fiscal policy come in form of tax cuts, transfer payments, increased government spending and rebates.

6 0

3 years ago

In 2019, Laureen is currently single. She paid $2,800 of qualified tuition and related expenses for each of her twin daughters S

Anastaziya [24]

Answer:

Answers below

Explanation:

a) Laureen's AGI - $45,000

For 2 daughter - AOTC is - (2000*2child)+(800*25%+2child)

=4000+400

=4400

For Ryan - 1900

AOTC - 6300

Laureen lifetime learning credit - Eligible is 2000 (The amount of the credit is 20 percent of the first $10,000 of qualified education expenses or a maximum of $2,000 per return)

so in above case it is - 1200*20% =240 (Since AGI is below clip of 56000 he can claim same)

=6300+240 = 6540 is eligible deduction

b)

Since AGI is 95000

AOTC can't be calimed if AGI is above 90000 and hence AOTC is zero and Lifetime learning credit can't be claimed if AGI is above 56000.. Hence it is zero education credit

c)

For Daughter it is same as a above i.e. 4,400

For Ryan it is = 2000+(10000*25%) or maximum 4000

=2000+2500 or 4000

so 4000 is allowed

so AOTC total of 8400 and LLC of 240 so claimed is 8640

3 0

4 years ago

Consider two straight-line PPFs. They have the same vertical intercept, but curve I is flatter than curve II. The opportunity co

Fynjy0 [20]

Answer:

c) is the same along both curves.

Explanation:

Two straight-line PPFs have the same vertical intercept, but curve I is flatter than curve II. The opportunity cost of producing the good on the horizontal axis is the same along both curves.

3 0

3 years ago