Solution:
For order to apply to a child as a minor, the child must be either under the age of 19 or under the age of 24.
If the taxpayer or his spouse is deemed dependent on another tax return, the standard deduction which can be granted on the return of the taxpayer is usually limited to the higher of:
1. $1,050 or
2. The individual's earned income for the year plus $350(subject to standard deduction amount of $6,350, in general)
Here while preparing the tax returns of Adam and Amy, they have included April as a dependent. Therefore,April can be taken as a dependent in the tax return since April is still living on the support of her parents. But Adam can get standard deduction as limited as per the law in the return, disclosing April's income.
The standard deduction available is higher of
1. $1,050 or
2. $18,000+$350 but subject to $6,350
Therefore Adam can get a deduction of $6,350.
Answer:
Option C.
1. No
2. No
Explanation:
The rights are unissued common stock yet hence no double entry would be passed. The double entry will only be passed when the rights are exercised.
The double entry when the rights are exercised would be:
Dr Bank A/c XX
Cr Common stock XX
Cr Additional paid-in capital XX
Answer:
Explanation:
Cost = 68500
Date = January 1, 2017
December 31, 2019
Cost = 68500
Acc. Depreiciation = -34,250 (68500/6)*3
book Value = 34,250
Exchanged asset cost = 35000
Trade in gain = 750
Accounting Entries
Asset 35000
Accumulated depriciation 34250
Asset 68500
Gain on Exchange 750
We can record a capital expenditure using the debit asset
Answer:
b. Australia, Swaziland, and the United States.
Explanation:
The three industrialized nations that do not provide paid maternity leave by law are Select one: Australia, Swaziland, and the United States.
The United States has been said to be the stingiest of all developed nations as it leads the way as the richest developed country but still don't guarantee paid maternity leave.
Most others including Canada, mandates paid time off to women after they give birth.
