Limited Company - A limited company (LC) is a general form of incorporation that limits the amount of liability undertaken by the company's shareholders.
Answer:
$25
Explanation:
Premise 1: the $1,500 withheld by the employer qualifies as a prepayment because it will be remitted to the government
Premise 2: Since Tiffany is not married, she is allowed the $2000 child tax credit for her qualifying child.
Therefore
1. Income Tax Liability for Tiffany $3,525
2. Any other Tax 0
3. Child tax credits ($2,000)
4. Withheld By Employer in tax prepayment ($1,500)
Tiffany's tax due with returns $25
Answer:
Option A. Debit unrealized holding gain or loss for $400,000 and credit estimated liability on purchase commitment for $400,000.
Explanation:
According to the Accounting Principles losse are always debited and gains are always credited. This means that the notional loss or gain due to the decrease or increase in the value of the contract must be recorded in the current year by debit or credit respectively.
The notional gain or loss at the end of fiscal year, can be calculated by taking the difference of the Agreed value and the current market value of the contract.
The agreed value of the contract is $2,000,000 and the Market Value is $1,600,000, which means that the unrealized losses are $400,000 ($2,000,000 - $1,600,000).
The double entry would be recording the losses of $400,000 due to technologically decrease in the value:
Dr Unrealized Loss $400000
Cr Estimated liability on Purchase Commitment $400000
Answer:
Monica should First examine Brian's feet and toenails.
Explanation:
One of the things people dealing with nails otherwise known as nail technicians does is not all about doing pedicures and manicures for their clients alone they also learnt about Bacteriology and nail diseases so they can give advice on nails management to their numerous clients.
Monica, after the examination should advice Brian to get a new pair of shoes in order to inhibit fungal growth. If Brian do not do this, he will likely get a tinea pedis later. After the advice, Monica should massage Brian's feet. Below are the steps Monica should follow:
=> Examine the feet and toenails.
=> Give advice and Massage.
=> Deep the feet into cool water for some minutes .
Answer:
Income tax expense of $14 million should report in the income statement
Explanation:
Southeast Airline should report the income on the basis of their earning in the year.
Earning Before Tax = $30 Million
Tax on Earning Before Tax = $30 Million x 40% = $12 million
Gain on disposal = $5 million
Tax on Gain on disposal = $5 million x 40% = 2 million
Total Income tax = $12 million + $2 million = $14 million
Another way
Total Income tax = ( $30 million + $5 million ) x 40% = $14 million
