Answer:
"B"
Explanation:
Depreciation is a practice of systematic allocation of the cost of an asset to the income generated over its useful life time , either on a straight line method or reducing balance.
As demanded by the matching concept of accounting , revenue are expected to be linked to associated expenses otherwise profit will end up being overstated and and management misinformed and wrong decisions likely to be taken
<span>A. Connecticut Community College</span>
Answer:
- Tax liability = $24,222.50
- Marginal rate = 24%
- Average rate = 19.35%
Explanation:
Question requires that we find the Tax liability, Marginal rate and Average rate.
Tax liability:
Chandler is in the $84,200 to $160,725 bracket.
= 14,382.50 + 24% * (125,200 - 84,200)
= 14,382.50 + 9,840
= $24,222.50
Marginal rate = 24%
Chandler's bracket is the 24% bracket.
Average rate:
= Tax/ Taxable income
= 24,222.50 / 125,200
= 19.35%
Answer:
The correct answer is letter "A": a physical inventory is taken at the end of the period.
Explanation:
When the general ledger is only updated by the end of a period it is said that the firm is using a periodic inventory system. This approach is implemented because physical inventories could be time-consuming. It is even more helpful for small businesses since their inventory is limited.
Answer:
Preferred stock for $500,000 and additional paid in capital for $200,000
Explanation:
Based on the information given The appropiate journal entry to record the stock issue will consist of a debit to cash for $700,000 and a credit to PREFERRED STOCK FOR $500,000 AND ADDITIONAL PAID IN CAPITAL FOR $200,000
Dr Cash $700,000
(10,000 shares *$70)
Cr Preferred stock $500,000
(10,000 shares *$50)
Cr Additional paid in capital $200,000
($700,000-$500,000)
