The journal entry to be made to accrue wages expense at September
30 would be:
(Computation for the accrued salaries: 35,000/5 = 7,000 x 3
= 21,000)
Debit
Salaries and Wages Expense 21,000
Credit
Salaries and Wages Payable 21,000
At the next payday which is October 2, the entry would be:
Debit
Salaries and Wages Payable 21,000
Salaries and Wages Expense 14,000
Credit
Cash 35,000
No more than 36 credits will be required for graduation. Those whose majors require more than 16 credits may take correspondingly fewer than 20 outside the major. At least 16 of the 20 credits outside the major must be Arts and Sciences courses.
sole proprietorships, partnerships, and corporations.
<u>Solution and Explanantion:</u>
Prada has an excess business loss of $ 40000 . She may use $ 250000 of her share of $580000 LLC business loss to offset non business income.
As per new limit for IRS excess business loss will be for a single in excess of $250000. Any excess above this amount will be disallowed and treated as excess business loss which will be carried forward to next years
.
Now here as Prada is single she has $290000 share in total loss of $580000 as per new IRS limits she is allowed up to $250000 to set off against current years non business income and $40000 she can carry forward future years this excess business loss of $40000 is treated as part of the taxpayer's NOL carry forward
.
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Answer:
The law of diminishing marginal utility says that the marginal utility from each additional unit declines as consumption increases. 1. The marginal utility can decline into negative utility, as it may become entirely unfavorable to consume another unit of any product.
