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Maslowich
3 years ago
13

During the year, Eleanor earns $120,000 in wages as an employee of an accounting firm. She also earns $30,000 in gross income fr

om an outside consulting service she operates. Deductible expenses paid in connection with the consulting service amount to $6,000. Eleanor also has a recognized long-term capital gain of $1,000 from the sale of a stock investment. She must pay a self-employment tax on:
a. $145,000
b. $144,000.
c. $31,000.
d. $30,000.
e. $24,000.
Business
1 answer:
madam [21]3 years ago
5 0

Answer:

Self employment tax will be $24000

So option (e) will be correct option

Explanation:

We have given that earning from outside consulting service = $30000

Deductible amount paid in connection with consulting service = $6000

We have to find the self employment tax

Self employment tax is the difference of earning from outside source and deductible amount

So self employment tax = $30000 - $6000 = $24000

So option (e) will be correct option

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When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when A. a customer’s accou
MaRussiya [10]

Answer:

Option D. management estimates the amount of uncollectibles

Explanation:

When the company estimates the bad debts, reflects it in the balance sheet through a Debit entry in the Bad Debt Expenses againts the asset account Allowance for Doubtful Accounts as a Credit.

When the bad debt are confirm as uncollectible the loss is reflected in the Account Receivable as a Credit with the correspondent debit entry in the Allowance for Doubtful Accounts.    

7 0
3 years ago
In an enterprise resource planning (ERP) system, the _____ component provides information on production costs and pricing.
posledela

Answer: manufacturing

Explanation:

In an enterprise resource planning (ERP) system, the manufacturing component provides information on production costs and pricing.

Enterprise Resource Planning is the gathering and organization of business data by using an integrated software suite.

It should be noted that ERP software typically contains applications that helps in automating certain business functions such as sales quoting, production, accounting etc

5 0
3 years ago
You eat an entire box of cookies the night before you attend a weight watchers meeting. this is an example of
oee [108]

The behavior of having to eat the entire box of cookies before attending the weight watchers meeting is an example of having the feeling of overwhelmed by obligations that the person would likely execute conflict. It is seen above as because the person has the obligation of having to have his or her weight to be monitored, he or she has felt the need or urge of having to do some things that he or she wasn't able to do because of it, that is why he or she has arise in the conflict of having to do something that he or she wasn't supposed to do such as eating the box of cookies.

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8 0
4 years ago
Jackson Fabricators Inc. machines metal parts for the automotive industry. Under the traditional manufacturing approach, the par
Soloha48 [4]

Answer and Explanation:

The computation is shown below:-

<u>Particulars </u>               Traditional Philosophy     Manufacturing

                                         <u> Lean                        Philosophy</u>

Value added                 2 + 6 = 8                                 8

Non value added        8 × (50 - 1) = 392                   8 × (6 - 1) = 40

Total lead time                   400                                  48

Value-added ratio

(as a percent)              8 ÷ 400 × 100 = 2%                 8 ÷ 48 × 100 = 16.17%

5 0
3 years ago
Without the cost concept, accounting reports would become unstable and unreliable.
Ann [662]
A. True. i believe the answer is A
8 0
3 years ago
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