Answer:
the depreciation expense recorded is $680
Explanation:
The computation of the depreciation expense under the straight-line method is shown below:
= (Purchase cost - residual value) ÷ (estimated life)
= ($17,500 - $1,180) ÷ ( 4 years)
= $4,080
Now the 2 months depreciation is i.e. from November to December
= $4,080 × 2 months ÷ 12 months
= $680
Hence, the depreciation expense recorded is $680
Answer:
a. What are the Bateses trying to accomplish?
To have their itemized deductions exceed the standard deduction.
In 2019, the standard deduction was $24,400, so in order for itemizing to make sense, the total amount itemized must be above that threshold.
b. What would the Bates' total itemized deductions be if all three church pledge payments were made in 2019? Assume that the itemized deductions of $20,000 already included one year of the church pledge payments. $ 12,000 What will be the Bates' tax saving if their marginal tax bracket is 24% for all three years? (Assume that the standard deduction amounts for 2019 and 2020 are the same.) By concentrating their charitable contributions, their tax savings becomes $ 2,000 X.
total itemized deductions = $20,000 + $4,000 + $4,000 = $28,000
tax savings = ($28,000 - $24,400) x 24% = $864
Answer:
presents the revenues and expenses for a specific period of time.
Explanation:
The total revenues and total expenditures are reported in the income statement.
When the total income exceeds total expenditure then the company earns net income And if the total income is less than the total expenditure then the company has a net loss.
This net income or net loss is shown in the retained earnings account statement.
Answer: 15
Explanation:
40 hours
For covered, nonexempt employees, the Fair Labor Standards Act (FLSA) requires overtime pay (PDF) to be at least one and one-half times an employee's regular rate of pay after 40 hours of work in a workweek.
Overtime | U.S. Department of Labor
https://www.dol.gov/general/topic/workhours/overtime