Answer:
A. $153,000
Explanation:
The Journal Entry is shown below:-
Property Dr, $1,173,000
To Treasure stock $1,020,000
To additional paid-in-capital $153,000
The computation is given below:-
For Property
= 25,500 × $46
= $1,173,000
For Treasure stock
= 25,500 × $40
= $1,020,000
For Additional paid-in-capital
= $1,173,000 - $1,020,000
= $153,000
Please see attached image to see the
given data.
The trial balance
totals of the debits and credits are $2,250 debit, $2,250 credit.
<span>$1000 (cash) +
$500 (Equipment) + $750 (Salaries Expense) = $2,250 Debit
$350 (Accounts Payable) + $900 (Capital) + $1000 (Service Fees) = $2,250 Credit</span>
<span>Which choice is the correct statement about "comprehensive" insurance?
B. Comprehensive insurance provides you coverage for both collision and physical damage.
Question 2
If I make a lot of claims on my insurance, my insurance cost will probably go up. TRUE
Question 3
What are some of the obligations you must fulfill for an insurance policy to be in effect? C. Both A and B.
What is collision insurance? B. Collision insurance is the coverage your insurance company gives you that only covers physical damage to a vehicle. Collision insurance usually has a "deductible" which means that the company will not pay 100% of damages.
All insurance companies charge the same rates for insurance coverage. FALSE
What is an insurance "deductible"?
D. An insurance deductible is what you pay yearly for car insurance if you don't have accidents.
What is an insurance policy?
B. An insurance policy is a document that tells you what you must pay for insurance coverage and what the insurance company is - and is not - covering.
What is the purpose of insurance?
D. Both B and C.
Life insurance can be most valuable in which of these cases?
D. Both B and C.
It is always smart to compare insurance costs between different companies. Insurance agents are usually good people. But remember that the job of insurance agents at most companies is to sell you their insurance policies. Their job is not to tell you that another company has a better and less-expensive policy. True.
What are some of the factors that would influence your insurance costs?
C. The type of car you drive.
In which cases does property insurance normally give you coverage?
D. All of the above.
Some insurance usually has a higher price for younger people because younger people have more accidents.FALSE
Health insurance is designed to cover some or all of your expenses related to accidents and some health issues.TRUE
Which actions will many insurance companies take if you receive a DUI?
C. Both A and B.
</span>
Answer:
A) Katie's maximum deduction is $200,000 x 20% = $40,000
But we must check that her deduction meets 3 requirements:
- cannot exceed 50% of her earned wages = $300,000 x 50% = $150,000 ✓ requirement met
- cannot exceed 25% of her earned wages + 2.5% of qualified property = ($300,000 x 25%) + ($150,000 x 2.5%) = $78,750 ✓ requirement met
- cannot exceed 20% of taxable income = $400,000 x 20% = $80,000 ✓ requirement met
B) Katie's maximum deduction is $400,000 x 20% = $80,000, but since her net business income is higher than her taxable income, she must calculate 20% x $350,000 (taxable income) = $70,000 (same as requirement 3 in previous answer)
