Answer:
Liabilities
Explanation:
Liabilities are the debts and obligations that a business owes.
Answer:
The ending balance in the Allowance for Bad Debts is 20,500 CREDIT
Explanation:
The ending balance of Allowance for bad debts would be the 2.5% of sales
The adjustment is made to get the allowance for Bad Debt match the estimate uncollectible ammounts.
Notice it state <em>"company adjusted for bad debt expense"</em>
This means<u> it debit this account as much as it needed to be</u> to make allowance match the estimate allowance.
The write-off are transaction durign the period. They are irrelevant
So the ending balance is:
<em>2.5% of credit sales of 820,000 = $20,500</em>
It is important to remember that <u>Allowance is a counter-asset account</u>. His <em>normal balance is credit</em>, so the<u> final balance is credit.</u>
Curtis Williams is 69 years old. His wife, Mary Williams, is 67 years old. Curtis and Mary plan to file a joint return. Mary is legally blind. IRS provides high standard deduction to married couples who have age of 65 or above and blind or one of the partner is legally blind.
IRS states that if filling for joint return is done by married taxpayers in the year 2022 then normal standard deduction is $25,900. In this case Curtis and Mary both are over the age of 65 and Mary is blind too then as per IRS guidelines they will get $1,400 deduction per person for being above 65 plus Mary will get additional $1,400 deduction for being legally blind.
$25,900 + $1,400 + $1,400 + $1,400 = $30,100
Hence, Curtis and Mary's standard deduction is $30,100.
Read more about standard deduction on brainly:-
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Answer: the answer is 90.0
Explanation:
From the question above, we are given:
G = 11
I = 4
X = M = 0
Consumption function is:
C = k + cY
Where:
k = 3
c = 0.8
The GDP of a nation is given as:
Y = C + I + G + NX
By imputing the values into the GDP equation, we have:
Y = k + cY + 4 + 11 + 0
Y = 3 + 0.8Y +15
Y - 0.8Y = 18
0.2Y = 18
Y = 90.0
Answer:
$10,000
Explanation:
The maximum contribution you can made to SEP shall not exceed the lower of the following two limits for 2020:
1. 25% of total compensation paid to employee.
2. $57,000
By applying the above rule to the given scenario in question, the maximum contribution allowed by the Anthony to be made to SEP for Debra shall not exceed:
25% of total compensation=25%*40,000=$10,000
