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masha68 [24]
3 years ago
14

Which of these is a pro of being a wage earner?

Business
2 answers:
DerKrebs [107]3 years ago
4 0

You work regular hours

nikdorinn [45]3 years ago
3 0

Answer:

rugular horu

Explanation:

jju

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How to report sale of inherited property on tax return?
IrinaVladis [17]

Your share of the sales proceeds from the sale of a home you had inherited should be reported on Schedule D in the Investment Income section of TaxAct. You would enter "Inherited" as the date the property was acquired, then enter the cost basis, date of sale, and the sales proceeds.

3 0
2 years ago
Land was acquired in 2021 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a
Aleks [24]

Answer:

The land should be reported in the financial statements at $40,000

Explanation:

At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price

Since in the question, the land was purchased at $40,000 and moreover, it is assessed for the tax purpose for $27,000 and by other appraisers it was valued at $48,000 plus there is an offer of cash payment for $46,000

But at the time of recording, the balance sheet would show at the purchase price i.e $40,000

8 0
3 years ago
Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $ 194,000 R
Alinara [238K]

Answer:

Cost of land = $220,400

Cost of building = $0

Explanation:

The computation of the land and the cost of the new building is shown below:

Cost of land = Purchase price + Real estate commissions + Legal fees + Expenses of clearing the land + Expenses to remove old building

= $194,000 + $16,900 + $2,700 + $3,900 + $2,900

= $220,400

The cost of the new building would be zero as all the costs are allocated to the cost of the land. So, no cost is allocated to the cost of the new building

7 0
3 years ago
Why is the LRAS curve vertical?
frozen [14]
<h3>LRAS curve is vertical due to the rate of inflation does not impact real GDP </h3>

Explanation:

The long-run aggregate supply curve (LRAS) is vertical because the rate of inflation does not impact real GDP's long-run determinants, which include supplies of labor, capital, and natural resources. It is simply applying the classical dichotomy and monetary neutrality.

The long-run aggregate supply curve at potential GDP is vertical, which is the amount of GDP reached when the economy operates in full employment. It is expected that GDP will always reach this level in the long run as the economy is driven by full employment, as it is a level that is realistic and long-term sustainable.

5 0
3 years ago
Read 2 more answers
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transa
DochEvi [55]

Answer:

1.

(a) is the Actual Manufacturing Overhead Expense incurred for the year.

(b) is the Manufacturing overhead applied to Work in Process for the year.

(c) is the Cost of goods manufactured for the year.

(d) is the Cost of goods sold for the year.

2. Journal Entry:

Debit Cost of Goods Sold $81,408

  Credit Manufacturing Overhead $81,408

  To close the underapplied overhead to cost of goods sold.

3. Journal Entry:

Debit Work in Process $4,992

            Finished Goods $12,672

            Cost of goods sold $63,744

 Credit Manufacturing Overhead $81,408

 To close the underapplied overhead to the 3 accounts.

Explanation:

a) Data and Calculations:

1. T-accounts:  

Manufacturing Overhead

      Debit            Credit                      

a) 488,448 (b) 407,040

                   Bal. 81,408

Work in Process

      Debit            Credit  

Bal.    9,960  (c) 758,000

    302,000

       91,000

(b) 407,040

                     Bal. 52,000

Finished Goods

      Debit            Credit  

Bal.  38,000 (d) 664,000

(c) 758,000

                   Bal. 132,000

Cost of Goods Sold

      Debit            Credit  

(d) 664,000

2. Distribution of overhead applied to production:

Work in Process, ending $ 24,960

Finished Goods, ending     63,360

Cost of Goods Sold           318,720

Overhead applied         $ 407,040

3.  Allocation of Underapplied:

Work in Process, ending    $4,992 (24,960/407,040 * 81,408)

Finished Goods, ending      12,672 (63,360/407,040 * 81,408)

Cost of Goods Sold            63,744 (318,720/407,040 * 81,408)

4. The Underapplied overhead is $81,408.  This figure is stated as the balance on the Manufacturing overhead account.  It means that the applied overhead is less than the actual overhead incurred by $81,408.

6 0
3 years ago
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