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3 years ago

When the petty cash fund depletes, it is replenished. A journal entry is passed to record this transaction.

Business

1 answer:

Semenov [28]3 years ago

4 0

Answer: Cash/Bank

Explanation:

The fund is moved from cash or Bank to the petty cash.

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Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a par

Sliva [168]

Answer:

Timothy has an excess business loss of $ 0. He may use $ 290,000 of his share of the $580,000 LLC business loss to offset non-business income .

Prada has an excess business loss of $40,000. She may use $250,000 of her share of the $580,000 LLC business loss to offset non-business income .

Any excess business loss is treated as part of the treated as part of the taxpayer's net operating loss (NOL) carry-forward.

Explanation:

1. Nonincome loss is claimed when there is no income and therefore no tax will be deducted. The is conditional on the provision of the details of income on which non-income loss is claimed.

2. Taxpayer's net operating loss (NOL) carry-forward is relevant here because it is often used to offset the tax payments in other tax period through the tax authority when allowable deductions is higher than taxable income.

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3 years ago

Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year

emmasim [6.3K]

Answer:

Given:

Contributed $12,000 cash in exchange for capital,

Paid $1,000 for equipment to be used for plumbing repairs,

Borrowed $11,000 from a local bank and deposited the money in the checking account,

Paid $200 in rent for the year,

Paid $300 for plumbing supplies to be used on various jobs next year,

Completed a plumbing repair for a law firm and received $2,900,

The plumbing supplies of $ 300 are left at the end of the year.

<u><em>Total assets at the end of the first year = $25,700</em></u>

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2 years ago

An industrial oven and fryer is an example of which factor of production?

Ad libitum [116K]

Answer:

I believe this is C. capital

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3 years ago

Read 2 more answers

If a bank is offering a higher interest rate of return to investors, the MOST LIKELY impact on borrowers from the same bank is

umka21 [38]

The answer is D. An increased interest rate.
The bank will increase the interest rates on loans to get a return on their expenses.

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3 years ago

On small-budget films, what qualities or qualifications might a filmmaker seek in a production sound mixer?

slavikrds [6]

A filmmaker will seek a sound production mixer who has the qualities and qualifications that is responsible for ensuring that dialogue recorded during filming is suitably clear, tries to avoid unwanted noises and works around the camera which might hamper the placement of microphones. A production sound mixer who has his or her own equipment as this choice can save the filmmaker a considerable amount of money in sound equipment rental, and the mixer is likely to be skilled in using his or her own equipment.

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3 years ago