Answer:
the bad debt expense reported is $113,300
Explanation:
The computation of the bad debt expense that should be reported in the first year income statement is shown below:
= Allowance for uncollectible accounts + write off account receivable
= $82,700 + $30,600
= $113,300
Hence, the bad debt expense reported is $113,300
<span>The focus in system testing is testing the interactions between components.
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Answer:
Explanation:
a. The computation of the adjusted basis for the land and building is shown below:
For land = $100,000
For building = $80,000
b. Gerald's basis for gain:
Gerald's adjusted basis for the land is $100,000
Gerald's adjusted basis for the building is $80,000
Gerald's basis for loss:
Gerald's adjusted basis for the land is $87,000 (fair value)
Gerald's adjusted basis for the building is $65,000 (fair value)
Since all the values are given in the question we simply put them in the correct items
Answer:
$63.70
Explanation:
The computation of the total employer payroll tax expense is shown below:
But before that we need to determine the gross salary which is shown below:
= 40 hours × $10 + 8 hours × $15
= $400 + $120
= $520
Now the total payroll tax expense is
= Gross salary × (social security and Medicare tax rate + federal tax + state unemployment tax rates)
= $520 × (7.65% + 0.8% + 3.8%)
= $63.70
