Waste that comes from the production of consumer goods, mining, agriculture, and petroleum extraction and refining is

At the end of May, the following adjustment data were assembled.

777dan777 [17]

Answer and Explanation:

The adjusting entries are as follows:

a. Insurance expense $275

To Prepaid insurance $275

(To record the insurance expense)

b. Supplies expense $785 ($1,500 - $715)

To Supplies $785

(To record the supplies expense)

We assume the balance of supplies before adjustment is $1,500

c. Depreciation - office equipment $330

To Accumulated depreciation $330

( To record the depreciation expense)

d. Salary Dr $325

To Accrued salary $325

(To record the accrued salary)

e. Rent expense $1,600

To Prepaid rent $1,600

(To record the rent expense )

f. Unearned fees $790

To Fees revenue $790

(To record the unearned fees is recorded)

We assume the balance of unearned fees before adjustment is $4,000

Therefore, $790 is arrive from

= $4,000 - $3,210

= $790

7 0

2 years ago

Janice is the sole owner of Catbird Company. In the current year, Catbird had operating income of $100,000, a long-term capital

Ahat [919]

Answer / Explanation:

To answer this question considering the tax entity and how Janice will report this information on her individual tax return, We need to consider the fact that different tax entity are categorized by its unique report and information.

So to properly answer these question, we will have to assume three (3) different scenario which are: (1) Is it a Limited Liability Company, Is it a Small business corporation, Is it an AC Corporation.

We should also note that this segregation is need as each type of corporation tax are dealt with differently thus enabling us treat the question properly in respect to tax entity and as regards to how Janice will report the information on her individual tax return.

Consequentially,

a. If Catbird Company is an LLC: A single-member LLC is taxed as a proprietorship. Thus, Janice will report the $100,000 operating income (Schedule C), $15,000 long-term capital gain (Schedule D), and if she itemizes, $5,000 charitable contribution (Schedule A) on her tax return. The $70,000 withdrawal would have no effect on Janice's individual tax return.

b. If Catbird Company is an S corporation: An S corporation is a tax reporting entity (Form 1120S), and its income, gains, deductions, and losses are passed through to and reported by the shareholders on their tax returns. Separately stated items (e.g., long-term capital gain and charitable contribution) retain their character at the shareholder level. Consequently, Janice will report the $100,000 operating income (Schedule E), $15,000 long-term capital gain (Schedule D), and if she itemizes, $5,000 charitable contribution (Schedule A) on her tax return. The $70,000 withdrawal would have no effect on Janice's individual tax return.

c. If Catbird Company is a C corporation: A C corporation is a separate taxable entity, and its taxable income has no effect on the shareholders until such time a dividend is paid. When dividends are paid, shareholders must report dividend income on their tax returns. Thus, Catbird Company will report taxable income of $110,000 ($100,000 operating income + $15,000 LTCG - $5,000 charitable contribution) on its Form 1120. Corporations receive no preferential tax rate on long-term capital gains. Janice will report dividend income of $70,000 (Schedule B) on her individual tax return.

8 0

3 years ago

How did speculative investing weaken the stability of the stock market?

tiny-mole [99]

Heavy speculation is a bad idea in any market since it has a tendency to inflate prices to unrealistic levels. That is basically what many investors prior to the Great Depression did when they thought the market would keep going higher and higher. They borrowed money, sold their houses, etc.. to buy into the stock market thanks to that kind of speculation without even considering the underlying reasons for why the market is there in the first place.

7 0

2 years ago

During the annual fundraising drive, the Cancer Society raised $900,000 in pledges of financial support for their general operat

mylen [45]

Answer:

The amount to be reported as net amount of revenue in the current year from the pledge drive is $870,000 option B

Explanation:

The net amount amount of revenue the society should recognize in the current year from this pledge drive is the actual collected plus the remainder of the pledge which is $300,000 minus the provision for uncollectible pledge i.e 10%*$300,000

The net amount of revenue=$600,000+$300,000-(10%*$300,000)=$870,000

The correct option is B,net amount of revenue of $870,000 recognized

6 0

2 years ago

Suppose that you are available to go to work but have not looked for a job for at least the last four weeks because you believe

My name is Ann [436]

Suppose that you are available to go to work but have not looked for a job for at least the last four weeks because you believe that there aren't any jobs available. You would be counted as discouraged worker

Explanation:

Suppose that you are available to go to work but have not looked for a job for at least the last four weeks because you believe that there aren't any jobs available. You would be counted as

A discouraged worker is an individual who has given up looking for employment even though they are perfectly eligible to take up a job but to the repeated failure in finding a job they have then ceased their search for finding an employment.

Discouraged workers have stopped looking for employment opportunities because they feel that their is no job that suits their qualifications

Since they have stopped searching they are not included in the labor force hence when we see the statistics for unemployment these people are not included there also .So they are called Discouraged Workers

The correct formula for calculating the unemployment rate

(

D) Neither formula is used to calculate the unemployment rate

The formula for Unemployment rate is

==> U=Unemployed People/Labor force*100

7 0

3 years ago