Answer:
A. Dr Wages expense 4,000
Cr Wages payable 4,000
B. Dr Interest receivable 1,500
Cr Interest revenue 1,500
Explanation:
Preparation of Journal entries
A. Based on the information given we were told that the company employees earned wages of the amount of $4,000, which will be paid on in January of next year which means that the Journal entry will be:
Dr Wages expense 4,000
Cr Wages payable 4,000
B. Based on the information given we were told that the company had earned the amount of $1,500 as interest revenue which means that the Journal entry will be recorded as:
Dr Interest receivable 1,500
Cr Interest revenue 1,500
Answer:
keeping all of the money she earns except for taxes required to pay.
Explanation:
From the above question, Amelia is a sole proprietor. A sole proprietor is an individual that is the sole or exclusive owner of a business. As a sole proprietor, Amelia is entitled to keep all profits after tax payments and is also solely liable for any losses.
Cheers
Answer:
Helmut's basis at year-end is $3,900.
Explanation:
Beginning Basis = $2,000
Add: January 1 Liabilities at the rate of 10% = $20,000 × 10% = $2,000
Add: Increase in liabilities by the rate of 10% = $5,000 × 10% = $500
Less: Loss incurred at the rate of 10% = ($6,000 × 10%) = $600
Basis at the end of the year = $2,000 + $2,000 + $500 - $600
Basis at the end of the year = $3,900.
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