Answer:
Cavalier Corporation
Aaron’s distribution that will be taxed as a dividend is:
= $25,000
Explanation:
a) Data and Calculations:
Amount received in distributions by Aaron and Michele each = $25,000
Proceeds from the sale of an appreciated asset = $60,000
Proceeds to be received 50% in the next year = $30,000
Proceeds to be received 50% in the second year = $30,000
Basis of asset = $15,000
Capital gains = $45,000 ($60,000 - $15,000)
Cavalier's current-year E & P = $40,000
Accumulated E & P = $0
Answer:
Self conscious about appearance
Explanation:
A minor is a usually adopted as term used to make distinction between an adult who can take up legal responsibilities and a child who legally below the specified age of the majority or adulthood. Distinction between minors and adulthood is usually based on the age of the individual. Person below the age of 18 in most countries are considered as minor. They possess certain characteristics which may include excessive consciousness about looks and trying to avoid eyes contact as much as possible.
Answer:
The answer for each requiremnt is given below.
1. Accounts Payable
both debit and credit entries-credit when buying good on account and debit when paying cash against it.
2. Accounts Receivable
both debit and credit entries-debit when selling good on account and credit when paying cash against it.
3. Cash
both debit and credit entries-credit when making payments and debit when receiving cash income.
4. Fees Earned
credit entries only- as fees is earned.
5. Insurance Expense
Debit entries only - as expense is incurred.
6. Steve Campbell, Drawing
Debit entries only - when Steve draws amount from business.
7. Utilities Expense
Debit entries only - as expense is incurred.
Answer:
a. $5
b. $4
c. $6
Explanation:
a. store A?
Beginning balance = $300
Ending balance = $300 - $100 = $200
Average balance = ($300 + $200) ÷ 2 = $250
Monthly APR = 24% ÷ 12 = 2%
June finance charge = Average balance × Monthly APR = $250 × 2% = $5
b. store B
June finance charge = (Beginning balance - Payments) × Monthly APR = ($300 - $100) × 2% = $4
c. store C?
June finance charge = Beginning balance × Monthly APR = $300 × 2% = $6
Answer:
2. $18,000
Explanation:
The computation of the amount of salaries allocated to grinding is shown below:
= Total salaries × grinding number of employees ÷ total number of employees
= $30,000 × 1,500 employees ÷ 2,500 employees
= $18,000
Simply we find out the allocated amount based on the number of employees
All other information which is given is not relevant. Hence, ignored it