<em>Answer:</em>
<em>A drug cartel is a criminal organization with the intention of supplying drug trafficking operations. They range from loosely managed agreements among various drug traffickers to formalized commercial enterprises.</em>
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Answer:
A. Work-in-Process Inventory
Explanation:
What a credit to finished goods inventory actually means is that there was an increase in the number of finished goods. If finished goods increased, it means that the number of goods still being worked on (Work-in-process inventory) has decreased (debit). Thus, this transaction must be accompanied by a debit to Work-in-Process Inventory.
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:
Oak Interiors
Matching each account number with its most likely account in the list:
12 - Cash
13 - Accounts Receivable
17 - Land
21 - Accounts Payable
31 - Fred Biggs, Capital
32 - Fred Biggs, Drawing
41 - Fees Earned
51 - Supplies Expense
52 - Wages Expense
53 - Miscellaneous Expense
Explanation:
a) Data and Classifications:
Digits and Accounts:
1—assets
12 - Cash
13 - Accounts Receivable
17 - Land
2—liabilities
21 - Accounts Payable
3—owner’s equity
31 - Fred Biggs, Capital
32 - Fred Biggs, Drawing
4—revenues
41 - Fees Earned
5—expenses
51 - Supplies Expense
52 - Wages Expense
53 - Miscellaneous Expense
b) The chart of accounts of Oak Interiors is where the financial accounting is organized into five major categories. These categories are called accounts. They include assets, liabilities, equity, revenue, and expenses. This implies that all business transactions that are recorded in accounts are summarized under any of these five major headings.
Answer:
$9,000
Explanation:
Bad Debts Written off $22,000
Uncollectible accounts-recovered $(8,000)
Allowance for doubtful accounts reversed
(opening-closing $40,000-$35,000*) ($5,000)
Bad Debt Expense for the year $9,000
*270,000-235,000 =35,000
