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3 years ago

Since the matthews did not itemize for 2018 their state refund is not reported on form 1040.a. Trueb. False

Business

1 answer:

astraxan [27]3 years ago

3 0

Answer:

The correct answer is letter "A": True.

Explanation:

Some State income tax refunds may in some cases be taxable income, according to the Internal Revenue Service (IRS). These must be recorded in the Form 1040 only in the situation where the taxpayer sought a deduction of the previous year's state and local taxes if they were itemized. Generally, state and local income tax deductions are not specified when standard deductions are filed.

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Joan Demers launched a professional services firm on March 1. The firm will prepare financial statements at each month-end. In M

adell [148]

Answer:

the net operating income is $19,000

Explanation:

The computation of the net operating income is shown below:

As we know that

Net Operating Income = Revenue - Costs

= $10,000 + $20,000 - $5,000 -$6,000

= $19,000

Hence, the net operating income is $19,000

we simply deduct the cost from the revenue so that the net operating income could come

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3 years ago

A company launched four new products. The market price, in dollars, of the four products after different number of years is show

iragen [17]

anonymous 2 years agoA company launched four new products. The market price, in dollars, of the four products after different number of years is shown below: The price of which product will eventually exceed all others?

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4 years ago

Read 2 more answers

"Prepare the issuer's journal entry for each of the following separate transactions.

Charra [1.4K]

Answer:

Dr cash $303,500

Cr common stock $133,500

Cr paid in capital in excess of par value $170,000

Second issue of shares:

Dr cash $74,000

Cr common stock $74,000

Explanation:

The cash received from the issuance of 44,500 at $3 par value is $303,500 which is to debited to cash and credited to common stock for$133,500 ($3*44,500) while the balance of $170,000 ($303,500-$133,500) is credited to paid in capital in excess par value account.

On the issuance of no par value common stock for cash of $74,000,the cash account is debited as usual with $74,000 while the common stock account is credited with same amount.

3 0

3 years ago

On January 1, Miami Gold Exchange paid cash of $64,800 for computers that are expected to remain useful for six years. At the en

Dmitry_Shevchenko [17]

Answer: See explanation

Explanation:

The amount of depreciation for the month of January using the straight line depreciation method will be:

= (Cost - Salvage Value) / Life of Assets / 12 Months

= ($64,800 - $0) / 6 Years / 12 Months

= $10800/12

= $900 per month

The adjusting entry for depreciation on January 31 will be:

Dr Depreciation Expense - Computer Equipment $900

Cr Accumulated Depreciation-Computer Equipment $900

(To record the depreciation expense)

4 0

3 years ago

Avon Products, Inc., located in New York City, is one of the world’s largest producers of beauty and related products. The compa

kvv77 [185]

Answer:

a) Accounts Receivable 2015 = $443,000 2014 = $515,600

b) Bad Debt Expense = $144,100

c) Gross sales = $6,083,300

d) Cash collected from Customers = $6,005,000

Explanation:

a and b are given.

c) Gross Sales = $6,076,500 + $6,800 = $6,083,300

d) Cash collected = opening balance in Account receivable + credit Net sales - Bad debt - Closing balance in Accounts Receivables

= $515,600 + $6,076,500 - $144,100 - $443,000

=$6,005,000

4 0

3 years ago