Answer:
Green Wave Company
T-Ledger Accounts:
1. Common Stock Account
Jan. 1 Cash Account $35,000
Cash Account
1. Jan. 1 Common Stock $35,000 3. Jan. 9 Equipment $8,300
5. Jan 18 Rental Fees $12,300 7. Jan. 31 Salaries $6,900
<u> </u> Jan. 31 Balance <u>$32,100</u>
<u> $47,300 </u> <u> $47,300</u>
Feb. 1 Balance $32,100
2. Land Account
Jan. 5 Note Payable $20,500
2. Note Payable Account
Jan. 5 Land $20,500
3. Equipment Account
Jan. 9 Cash $8,300
5. Rental Fees Revenue
Jan. 18 Cash $12,300
6. Office Supplies
Jan. 23 Accounts Payable $2,300
6. Accounts Payable
Jan. 23 Office Supplies $2,300
7. Salaries Expense
Jan. 31 Cash $6,900
Explanation:
T-Ledger accounts are ledger accounts in the form of the letter T. It has debit on the left-hand side and credit on the right-hand side. It is an accounting tool for determining balances.
Answer:
Total Cost of Recovery = $27200
Explanation:
Cost of business Use = 60%*60000 = $36000
As per section 179
Depreciation capped at $25,000 for SUVs, trucks, and vans with a gross vehicle weight rating of more than 6,000
Depreciation = $25000
As per MACRS
Additional First-year depreciation = (36000-25000)*0.20 = $2200
Total Cost of Recovery = $25000+$2200 = $27200
May be different for mega free galaxy or Milky Way
Sally works for Timber Products, Inc. The basis for her contribution under the Federal Insurance Contribution Act to help pay for benefits that will partially make up for her loss of income on retirement is her annual wage base.
Answer: Option B
<u>Explanation:</u>
The contribution that Sally, who is working for Timber Products incorporation, has to make for federal insurance contribution act is based on the amount of wage that Sally gets on an annual basis or the wage that she gets in a year.
A part of that wage which is a particular percentage is paid to the federal insurance contribution act who is going to benefit her in case she incurs any kind of loss of income.
Answer:
73 years
Explanation:
We can solve this problem by using the formula for the annually compounded interest:
where
A is the amount after time t
P is the principal
r is the interest rate
t is the time
In this problem, we have:
P = $2000 is the principal
r = 0.055 is the interest rate (equivalent to 5.5%)
We want to find the time t at which the amount invested will become
A = $100,000
Substituting these values into the formula and re-arranging it to make t the subject, we find:
Therefore, the time taken is 73 years.
