Answer:
$300
Explanation:
When insurance is paid in advance, the entries required are
Debit Prepaid Insurance
Credit Cash account
As time elapses and the insurance expires,
Debit Insurance expense
Credit Prepaid Insurance
Amount of insurance expense as at 31 December (6 months between 1 July and 31 December)
= 6/12 * $600
= $300
The insurance expense on the annual income statement for the first year ended December 31 is $300.
Incidents and diseases, although normally considered confidential, that must be reported to federal, state, or local agencies come under the heading of Mandatory disclosure.
Mandatory disclosure requires each party in the dissolution of a marriage to disclose records that paint an accurate portrait of each party’s finances. This requirement ensures the judge divides assets between the two parties fairly and equitably. If one party requests support from the other, the judge will also need a clear picture of the parties’ finances so he or she may calculate a fair award.
If one party requests support from the other, the judge will also need a clear picture of the parties’ finances so he or she may calculate a fair award. At WiseLieberman, PLLC, our Boca Raton divorce lawyers ask clients to provide us with the required financial documents so are able to better help them throughout the property division proceedings. Armed with the appropriate information, our lawyers have better insight into a couple’s financial situation and take the necessary steps toward a favorable outcome.
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Answer:
Explanation:
Because land never depreciates, Western Bank & Trust wanted to distribute a higher percentage of the purchase price to the building, rather than the land. By allocating 90% of the purchase price to the building, rather than a more accurate 70%, Western Bank & Trust increases the depreciation amount of the building each year. For tax purposes, the IRS requires that the Modified Accelerated Cost Recovery System (MACRS) be used as the depreciation method used by companies. Under this method, the IRS specifies the useful life for a specific asset. MACRS also ignores residual value of an asset at the end of its useful life. By stating that the building was worth 90% of the total purchase price, Western Bank is attempting to increase its tax deduction from the IRS, because only the building depreciates, not the land. This improper allocation of the total purchase amount violates GAAP principles, which require that accounting information be “relevant and have faithful representation.” The information must be “complete, neutral, and free from error” (Nobles, Mattison, & Matsumura, 2014). For Western Bank to provide complete, neutral, and free from error information, it should record the transaction honestly: 70% to the building, 30% to the land. This dishonest representation is harmful to the federal government in that it is allowing Western Bank to take more money than what it is owed. If these kinds of situations happen on a large scale, it could have a huge impact on the economy in general. Source: Nobles, T., Mattison, B., & Matsumura, E. M. (2014). Horngren's Accounting, 10th Edition. Pearson Education, Inc. Student 2
Answer:
$2700 supplies in hand
$3600 Supplies expense
Explanation:
As you can see in question data Sheldon has already counted the supplies in hand so, we only have to calculate supplies expense by doing some minor workings
WORKINGS
Supplies Expense = Opening + purchases - payment made
Supplies Expense = $1600 + $4700 - $2500
Supplies Expense = $3600
Most of the countries have a similar proportion of men and women in the early stage of Entrepreneurship.
<h3><u>
What is Entrepreneurship?</u></h3>
- An individual who starts a new firm, taking on the majority of the risks and reaping the majority of the gains, is known as an entrepreneur. Entrepreneurship is the practice of starting a business.
- The entrepreneur is frequently viewed as an innovator, a source of fresh concepts for products, services, businesses, and operational methods.
- Entrepreneurs are essential to any economy because they have the knowledge and drive to foresee requirements and sell viable new ideas.
- Entrepreneurship that succeeds in assuming the risks involved in founding a firm is rewarded with money, notoriety, and chances for future growth. Failure in entrepreneurship leads in losses and diminished market presence for individuals engaged.
An economic growth engine are entrepreneurs. Entrepreneurs of both sexes can stimulate innovation, generate jobs, raise productivity, increase competitiveness, and increase wealth.
Therefore, Most of the countries have a similar proportion of men and women in the early stage of Entrepreneurship.
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