Answer:
D) Todd should include the $500 in 2020 gross income in accordance with the tax benefit rule.
Explanation:
Since Todd is a cash basis taxpayer, he included the $1,500 insurance premium in his 2019 tax return. Cash basis taxpayer report revenues or expenses when the cash is received or paid, not when the service is provided.
Since he received a $500 refund in 2020, he should include it in his 2020 tax return. As a cash basis taxpayer, any money received is considered income.
Answer:
A. Debit Equipment and credit Cash.
- You purchase equipment and you pay in cash.
B. Debit Dividends and credit Cash.
C. Debit Wages Payable and credit Cash.
- You paid wages that you owed to your employees. Generally wages are paid at the end of the week and not all months end on a weekend. So you must record wages payable until you actually pay the wages.
D. Debit Equipment and credit Common Stock.
- You received equipment in exchange for common stock.
E. Debit Cash and credit Unearned Revenue.
- You received cash in advance for some food that you will deliver in the future.
F. Debit Advertising Expense and credit Cash.
- You incurred in advertising costs and you paid them in cash.
G. Debit Cash and credit Service Revenue.
- You sold meals and your clients paid you in cash.
The new ordinance will make a difference when the new wages will be binding.
<h3>How to depict the information?</h3>
It should be noted that the supply curve shows the relationship between the price and the quantity supplied.
Based on the information given, when the equilibrium wage is above the minimum wage, the ordinance won't make a difference.
On the other hand, when the equilibrium wage is below the minimum wage, it'll make a difference for the worker.
Therefore, joining the lowest of the two points will give the equilibrium.
Learn more about supply curve on:
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The journal entry on May 1 was:
A debit to Prepaid Insurance for 15,600
And a credit to cash for 15,600
Prepaid Insurance is the share of an insurance premium that
has been paid in early and has not finished as of the balance sheet date.
The monthly insurance payment for two years is computed by 15,600/24
months which is $650 per month.
At December 31 the adjusting entry would be:
A debit to Insurance Expense 5,200
And a credit to Prepaid Insurance for 5,200
5,200 is computed by:
650 x 8 months (starting from May 1 to December 31) = 5,200
Answer:
The amount of consolidated net income that will be assigned to the controlling interest for 2018 is $ 48,000.
Explanation:
In order to calculate consolidated net income profit and loss on intra group transactions are eliminated or not taken into account. So in order to calculate profit cost incurred by group is taken as cost of good sold and sales that is made to third party will be taken as revenue. Detail calculations are given below.
Revenue $ 100,000
COGS ($ 40,000) (50,000 *80%)
Profit $ 60,000-A
Consolidated net income controlling interest = A * 80% = $ 48,000
