Answer:
Corey’s adjusted gross income is <u>$25,300</u> and his total tax due will be <u>decreased</u> by the credit.
Explanation:
Add what Cory earned and his capital gain to make $25,300
Cory claimed the lifetime learning credit which decreases his total tax due
Answer:
Dr. Trading securities $4,800
Cr. Unrealized gain on trading securities $4,800
Explanation:
Trading securities are recorded reported on the fair market value. The gain or loss arise from the increase or decrease in the value of trading securities. There is a gain if the price of trading security increases and loss when the price of the trading security decreases. Unrealized gains are reported in the separate section of stockholders equity.
Gain on Trading securities = Fair value of security portfolio - Cost of security portfolio = $46,300 - $41,500 = $4,800
Answer:
$17,000
Explanation:
Amount Deposited into checking account = $1,700 cash
Required reserve ratio = 0.10
Money multiplier = 1 ÷ Required reserve ratio
= 1 ÷ 0.10
= 10
Change in money supply = Amount deposited × Money multiplier
= $1,700 × 10
= $17,000
Therefore, the increase in total money supply would be $17,000.
Answer:
A
Explanation:
Lower class can not usually afford store like this. Hence why they are called lower class
Answer:
Account Title Debit Credit
Raw materials inventory $52,000
Cash $52,000
Account Title Debit Credit
Factory Supplies $22,000
Raw materials $22,000
Account Title Debit Credit
Work in Process inventory $20,100
Raw materials $20,100
