Answer: $90
Explanation: closing stock as at November ending is 3, consisting of:
1 DVD bought on 1st June @ $47
1 DVD bought on 1st Nov @ $43
1 DVD bought on 30th Nov @ $36
using FIFO (First in first Out) inventory method, 2 of the DVD was sold as at the end of December.
Cost of goods sold in the month of December is $47 +$43 = $90
Answer:
Each year, the employer awards its top salesperson an all-expense-paid trip to Jamaica.
- This should be considered as part of the employees' compensation (and the employee should be taxed), therefore, the company can deduct 100% of it.
The employer has a cafeteria for its employees where meals are furnished at cost.
- Cafeteria meals are not included in the 50% deduction.
The employer sponsors an annual Labor Day picnic for its employees.
- This is considered a recreational activity paid by the employer, so the 50% deduction does not apply.
Every Christmas, the employer gives each employee a fruitcake.
- It is a fringe benefit, although I doubt that the employees are taxed for receiving a fruit cake. There is no 50% deduction. (referred to as de minimis fringe benefit)
The taxpayer gives business gifts to her clients at Christmas.
- Business gives are not subject to a 50% deduction, instead they are subject to a $25 limit.
Answer:
$30,000
Explanation:
A supplemental disclosure of cash flow information requires that all the cash paid in interest during the period must be disclosed.
In Ash's case:
beginning balance interest payable account $15,000
+ interest expense during the year $20,000
<u>- ending balance interest payable account ($5,000) </u>
supplemental disclosure = $30,000
Answer:
लेख्नुहोस। नयाँ ब्यब्साय विभिन्न विधि हरु ब्य्ख्य गर्नुहोस
Explanation:
