$6824.00...multiply 2.80 by 580=1624.00$ + 5200.00= 6824.00$
Answer:
The answer is B.
Explanation:
Prepaid expense is an expense that has been paid for but the benefits or satisfactions have not been fully derived. They are yet to be recorded as an expense.
Prepaid expense is an asset to a business or firm. For example, a business has paid for an insurance that will last for a year or has paid for a rent that will last a year.
As the benefit is being enjoyed, the business will recognize it as an expense and prepaid expense account in the balance sheet will decrease by the same amount.
The correct answer is B. prepaid expense has not yet been recorded as expenses but have been paid for.
Answer:
<u>Interlocking corporate director</u>
Explanation:
Interlocking corporate director refers to an individual serving as a director on the board of multiple companies.
Interlocking directorship is not considered illegal if the companies of which the same individual serves as a director, are not competing firms.
In the given case, an individual serves on the board of a bank, also serves the board of a computer manufacturing company that usually borrows from the bank.
Here, the independence and objectivity of the director would be impaired and this may lead to a situation of conflict of interests as the director exercises sizable influence in framing the lending policies of the bank.
Thus, such a situation would be in violation and the director may have to step down from the board of one of the companies.
Answer:
John's standard deduction for 2019 is $12,200 (plus $2,950) = $15,150
Explanation:
Standard deduction is a way reducing taxable income by neglecting a portion of an individual's income.
In John's case, in 2019, he is Over 65 and blind which gives him $1,300 more deduction. He is also unmarried as his wife is dead so that gives him another $1,650 deduction more.
In total, he has the the standard deduction of $12,200 + his conditional deduction of ($1,300 + $1,650)
= $15,150
Cheers.