Answer:
The amount of the allowance for the year to be reported in income statement is $6,500.
Explanation:
The amount of the allowance for the year to be reported in income statement can be calculated as follows:
Allowance for the year to be reported in income statement = Ending ending Allowance for Doubtful Accounts balance + Uncollectible written off during the year - Opening Allowance for Doubtful Accounts balance = $4,400 + $4,800 - $2,700 = $6,500
Therefore, the amount of the allowance for the year to be reported in income statement is $6,500.
When you file taxes or fill out tax forms for employment you are able to state how many people you claim in your household. When you claim them, that means you are their provider and they depend on you to provide for them. Out of the choices above: self, family dog, neighbor’s Uncle Fred and dependents. The only two valid claims would be self and dependents. You can claim yourself and the children living in your home. Your dog is not a person, therefore can not be claimed and your neighbors Uncle Fred does not live in your home.
The interest from an investment is calculated through the equation,
I = P x i
Where I is the interest, P is the principal amount and i is the
interest rate.
P = I / i
Substituting the known values,
P = ($9.99) / (0.018/100) =
$55,500
The answer to this item is therefore approximately $55,500.
Answer:
option (b) $4,200 gain
Explanation:
Data provided in the question:
Par value of outstanding bonds = $119,000
Carrying value of the bonds = $108,700
Price at which bond is called = $104,500
Now,
Gain on the retirement is calculated using the relation as;
Gain on retirement
= Carrying value of Bonds - Price at which bond is called
= $108,700 - $104,500
= $4,200
Since, the result is positive, therefore a gain will be recognized
Hence, correct answer is option (b) $4,200 gain
