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3 years ago

15

Henry has a $10,000 car insurance policy with a $400 per claim deductible. Henry is involved in an accident, and his car sustain

s $7,000 worth of damage. How much will Henry pay? $400 $600 $3,000 $6,600

1 answer:

Sidana [21]3 years ago

5 0

$400. He is only responsible for the deductible. His insurance covers up to $10000 in damage

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Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowe

UNO [17]

Answer:

Since 2019, the deduction limit for interest expense deductions on qualified higher education loans is $2,500. In order to qualify for this deduction, the taxpayer's adjusted AGI must be less than $85,000 for single filers (Lionel's income is below the threshold).

So Lionel will be able to deduct $1,650 as interest expense (above the line deduction).

Lionel can also deduct $2,500 form the American Opportunity Tax Credit for higher education expenses.

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3 years ago

Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select

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Answer:

Explanation:

The adjusting entries are shown below:

1. Supplies expense A/c Dr $370

To supplies A/c $370

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies balance - supplies on hand

= $570 - $200

= $370

2. Insurance expense A/c Dr $190

To Prepaid Insurance $190

(Being prepaid insurance is adjusted)

3. Salaries expense A/c $1,280

To Salaries payable A/c $1,280

(Being salary is adjusted)

The salaries expense is computed by

= Total five days × number of days ÷ total number of days

= $3,200 × (2 ÷ 5)

= $1,280

4. Electricity expense A/c Dr $270

To electricity payable A/c $270

(Being electricity usage is adjusted)

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3 years ago

Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer

HACTEHA [7]

Answer:

Cost of goods sold= $7,395,300

Direct material cost= $3,727,200

Direct labor cost= $3,137,300

Explanation:

A. Calculation to Determine Cost of goods sold using this formula

Cost of goods sold = Sales - Gross Profit

Let plug in the formula

Cost of goods sold= $ 12,755,000 - 5,359,700

Cost of goods sold= $7,395,300

Therefore Cost of goods sold will be $7,395,300

B. Calculation to Determine Direct material cost using this formula

Direct material cost= Material purchased - Indirect materials - Material Inventory, end of period

Let plug in the formula

Direct material cost= 4,251,600 - 185,500 - 298,900

Direct material cost= $3,727,200

Therefore Direct material cost will be $3,727,200

c. Calculation to determine Direct labor cost using this formula

Direct labor cost= Total manufacturing cost - Direct material costs - other factory overhead - Indirect labor

Let plug in the formula

Direct labor cost= 8,122,000 - $3,727,200 - 834,900 - 422,600

Direct labor cost= $3,137,300

Therefore Direct labor cost will be $3,137,300

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3 years ago

Question 6 of 10 When making an ad, avoid using:

Alexeev081 [22]

Answer:

Its A

Explanation:

Because people dont like wierd ads and sketchy things

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3 years ago

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Upon completing an aging analysis of accounts receivable, the accountant for Rosco Works prepared an aging of accounts receivabl

andreyandreev [35.5K]

Answer:

-$7,270

Explanation:

Accounts receivable is the amount that is owed to the business by various parties that is due within a particular period.

In this instance there was an aging analysis done that estimated that $6,700 will be uncollectible. This will result in a bad debt expense of -$6,700.

Before now there was a balance of -$570 in allowance for doubtful accounts. Meaning there was a debit balance attributed to uncollected debt.

The total debt balance will now be -6,700-570 = -$7,270

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3 years ago

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