Answer:
Maximum amount that can be given to family (including the sons- and daughters-in-law) without using unified transfer tax credit is $390,000.
Explanation:
Given the data in the question;
Nathan and Diana are married and they have 3 married children, meaning Nathan and Diana also have 3 daughters/sons in law married to their children. In addition, they have 7 minor grand children.
Number of donees will be ⇒ 3 + 3 + 7 = 13
Now, we know that; The annual gift tax exclusion for 2019-2020 is $15,000 per donee or individual for every tax payer while that of married couple is $30,000.
Meaning Nathan and Diana can give $30,000as a gift to each of their family members without using any of their unified transfer tax credit.
Hence,
Maximum amount that can be given to family (including the sons- and daughters-in-law) without using unified transfer tax credit will be;
⇒ 13 × $30,000
= $390,000.
Answer:
The following are the adjusting entries and the amounts entered are supposed and imaginary.
Explanation:
Date Account Titles and Explanation Debit Credit
Mar. 31 Supplies Expense Dr 10,000
Supplies Account Cr 10,000
When supplies are expensed out. If supplies have a balance of 30000 and 10000 is used up.
Mar. 31 Depreciation Expense Dr 5000
Accumulated Depreciation Cr 5000
Depreciation expense amounts to 5000 for the current year
Mar. 31 Unearned Service Revenue Dr 3000
Service Revenue Cr 3000
Unearned Service Revenue is a liability of the person or company.
Mar 31. Salaries and Wages Expenses Dr 2000
Cash Cr 2000
Slaries and wages paid in full by cash to 2000
Answer:
in my best defence, the answer is 22
Explanation:
Answer:
a. N = 7, I/Y = 4, PV = -37,000
Explanation:
In financial calculator % is already written in the calculator so we have to write only number in calculator.
Option b incorrect because it has included a number with % ( 4% ) sign that we dint do usually in calculator.
Option c is incorrect because it has taken pv as positive
Option d is incorrect because it has written 4% that we don't put in calculator as well as it has inserted positive pv which is also wrong.
