1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Levart [38]
3 years ago
7

Donald operates an accounting firm and has an annual summer party for the employees and their families. He believes the party be

nefits his employees. The cost of the food and beverages served at the party is $5,500. Donald also pays a band $500 to play at the party. How much of the total cost can Donald deduct?
Business
2 answers:
user100 [1]3 years ago
7 0

Answer:

$6,000

Explanation:

Total cost includes all that was expended on the party. This includes the cost of the food and the band.

Total cost = $5,500 + $500 = $6,000

I hope my answer helps you

Vsevolod [243]3 years ago
5 0

Answer:

$6000

Explanation:

Accordingly, the costs associated with throwing a party for employees and their families (spouses and significant others) are fully deductible (100%) as long as the party is hosted primarily for the employees. In this case, the party is for the employees as it is seen to benefits them, thus, total cost Donald can deduct equals cost of beverages and food plus cost of band,

That is,

= 5500 + 500

=$6000

You might be interested in
Your coin collection contains 59,1952 silver dollars. If your grandparents purchased them for their face value when they were ne
Korvikt [17]

Answer:

The collection is worth $37,525.78.

Explanation:

Giving the following information:

Your coin collection contains 59 1952 silver dollars.

Interest rate= 6.6%

Number of years= 2053 - 1952= 101 years

To calculate the value of the collection today, we need to use the following formula:

FV= PV*(1+i)^n

FV= 59*(1.066^101)

FV= $37,525.78

7 0
3 years ago
A major difference between financial statement auditors and fraud examiners is that most financial statement auditors: a. match
Oksi-84 [34.3K]

Answer: Option A

       

Explanation: An auditor refers to an individual who is certified by an authority to perform an audit. The auditor provides an independent opinion as if the statements of the company are prepared as per the accounting and auditing standards.

Fraud examiners are the individuals who investigates an activity which is concluded to be a fraud already.

The difference between the two is, the auditor initially ascertains if there is a fraud while the fraud examiner tries to ascertain who is guilty of performing the fraud.

Hence from the above we can conclude that the correct option is A.

7 0
2 years ago
The Constitution sets out the authority and the limits of the branches of the government.
kotegsom [21]

Answer:

The correct answer is c. ​each branch has some power to limit the actions of the others.

Explanation:

The separation of powers or division of powers is a political principle in some forms of government, in which the legislative, executive and judicial powers of the State are exercised by distinct, autonomous and independent organs of government. This is the fundamental quality that characterizes representative and presidential democracy.

Montesquieu argued that “every man who has power is inclined to abuse it; He goes until he finds limits. So that the power cannot be abused, it is necessary that, by the disposition of things, the power stops the power ».3 In this way, the vigilance of the three powers among themselves is entrusted as each one watches, controls and stops the excesses of others to prevent, by their own ambition, that some of them predominate over others. It can be contrasted with the fusion of powers and separation of functions in parliamentary systems, where the executive and the legislature are unified, because the legislature appoints the executive.

3 0
2 years ago
Adjusting entries are Select one: a. usually required before financial statements are prepared b. not necessary if the accountin
Flauer [41]

Answer:

Correct option is (a)

Explanation:

Adjusting journal entries are passed before financial statements are prepared to so as to confirm if revenue recognition and matching principles are complied with. Adjusting entries are required to be passed if transactions is spread over multiple financial periods. For example, adjusting entry is passed if goods are received this year but payment will be made next year.

Before income statement and balance sheet is prepared, these entries are passed. Thereafter, adjusting trial balance is prepared and finally financial statements are prepared.

4 0
2 years ago
Jamie is single. In 2020, she reported $108,000 of taxable income, including a long-term capital gain of $5,800. What is her gro
svetoff [14.1K]

Answer:Jamie's gross tax liability is $19,572.50

Explanation:

Since Jamie is single with taxable income of $108,000 which  includes $5,800 long term capital gain.

Therefore  $102,200 (108,000 -5,800) will be taxed under normal tax rates and $5,800 would be under long term capital gain tax rate.

With regards the 2020 tax schedule,  Since her ordinary income is  $102,200, Jamie falls under 24% rate tax bracket under filing for single status.

qd

Tax liability on ordinary income =$14,382.50 plus 24% of any income you made above $84,200

14,382.50 + 0.24 (102,200 - 84,200)

14,382.50 + 0.24 x 18000

                 = 14,382.50 + 4,320

                 = $18,702.50

Also, according to her income, longterm capital gain tax applicable in 2020 is 15%

Tax on long term capital gain = 5,800 × 0.15

                                              = $870

Jamie's gross tax liability is $18,702.50 + 870 = $19,572.50

6 0
3 years ago
Other questions:
  • The manager of a fast food franchise will establish ________ in regard to how many hamburgers to cook each hour.
    7·1 answer
  • While specialization allows firms to produce many goods and services at lower production and transaction costs than individuals
    10·1 answer
  • What is the similarity between the separation of powers, the system of checks and balances, and federalism?
    5·1 answer
  • A budget should include a balance sheet and a(n)
    13·2 answers
  • A stock has a price of 100. It is expected to pay a dividend of $2 per share at year-end. An at-the-money European put option wi
    5·1 answer
  • Stop and Go has a 4 percent profit margin and a 43 percent dividend payout ratio. The total asset turnover is 1.65 and the debt-
    6·1 answer
  • Plano Co. 12/31/2021
    15·1 answer
  • To achieve organizational goals in large, complex organizations, which components must function together
    14·1 answer
  • Al’s Automotive started the year with total assets of $250,000 and total liabilities of $180,000. During the year, the business
    6·1 answer
  • Katniss works for the Panem Bureau of Economic Analysis. Panem produces three goods: bread and axes, as well as wheat, which is
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!