Answer:
Expense & revenue summary a/c (credit balance) = $3500
Explanation:
1. Dr Expense & revenue summary 52500
Cr Sales discount 1500
Cr Sales return & allowance 3000
Cr Depreciation expense 25000
Cr Salaries expense 23000
(Close expenses to expense & revenue summary a/c)
2. Dr Sales 56000
Cr Expense & revenue summary 56000
(Close sales to expense & revenue summary a/c)
3. Dr Expense & revenue summary a/c 3500
Cr Retained earning a/c 3500
(To close expense & revenue summary a/c)
4. Dr Retained earning 2000
Cr Expense & revenue summary 2000
(Close dividend to expense & revenue summary a/c)d
Answer and Explanation:
Adjusted gross income abbreviated AGI is the tax payers gross income minus deductions used in arriving at taxable income(AGI less allowable deductions)
Please find attached calculations for gross income and AGI for the couple
Answer:
<em>Net operating income $8,950</em>
Explanation:
<em>The overall impact on the net operating income is the amount of increase in contribution from the addtional sales less the increase in monthly advertising budget. </em>
<em> $</em>
Contribution = ($75 × 190) = 14,250
Fixed cost - advertising <u> ( 5,300) </u>
Net operating income <u> 8950</u>
Please, note that the fixed costs of $194,000 per month are not relevant for this decision. Simply because they would be incurred either way and that are not completely traceable to the increase sales.
Answer:
Ruth, a cashier at a private bank, strongly believes that no matter how much effort she puts in or how many hours she works overtime, she will not be offered a promotion in the next 10 years. In this scenario, Ruth's beliefs are in accordance with the expectancy theory.
