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Dominik [7]
3 years ago
5

Justin Peter earned a salary of $30,000 during the current year. During the current year, he was required by his employer to tak

e several overnight business trips, and he received an expense allowance of $1,500 for travel and lodging. In the course of these trips, he incurred the following expenses: Travel $1,100 Lodging 500 Entertainment of customers 400 What is Justin’s adjusted gross income if he does not account to his employer for the expenses? A. $29,500 B. $29,900 C. $30,000 D. $31,500
Business
1 answer:
nikitadnepr [17]3 years ago
6 0

Answer:

$31,500

Explanation:

Given:

Earned a salary = $30,000

Expense allowance received for travel and lodging = $1,500

The expenses incurred by an employee over business expenses do not need to be deducted from gross income or included in the gross income.

Hence, the gross salary of Justin Peter  

= Earned a salary + Expense allowance received for travel and lodging

= $30,000 + $1,500

= $31,500

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Han Cho has served in the US Army Reserves for two years. He is currently on active duty, stationed outside of the U.S. and is g
sashaice [31]

Answer:

Once Han returns to the US, his civilian employer is required to take him back.

Soldiers who are no longer in active duty and return to civil life again, have the right to return to their previous civilian jobs. Serving in the military is a very important task and soldiers should not be economically hurt because they served their country and employers are required to give them back their old job.

5 0
3 years ago
A problem with creating team incentive plans is that:
Leni [432]

Answer:

The answer is (B) not all teams are created alike.

Explanation:

This is important since different teams might be composed of differently skilled individuals which might impact their ability to complete the target tasks assigned. When teams that are composed of different skill levels are given similar incentive regardless, it does not reward individual effort and create a stagnant condition.

7 0
3 years ago
Mapleview Inc. has the following budgeted sales:
Irina18 [472]

Answer:

Total cash= $265,000

Explanation:

Giving the following information:

Sales:

July $200,000

August $300,000

September $250,000.

40% of the sales are for cash, and 60 percent are on credit. For the credit sales, 50 percent are collected in the month of sale and 50 percent the next month.

We need to determine the cash collection for September:

Cash collection:

Sales in cash September= 250,000*0.4= 100,000

Sales on account September= (250,000*0.6)*0.5= 75,000

Sales on account August= (300,000*0.6)*.5= 90,000

Total cash= $265,000

7 0
3 years ago
A property is being appraised using the income capitalization approach. Annually, it has an estimated gross income of $48,000, v
lions [1.4K]

Answer:

$368,000

Explanation:

In order to appraise the property using the capitalization approach, we must first determine a net cash flow:

net cash flow = $48,000 - $3,600 - $15,000 = $29,400

Now we calculate the property value using the perpetuity formula:

property value = net cash flow / capitalization rate = $29,400 / 8% = $367,500 which we must round up to $368,000

A property is being appraised using the income capitalization approach. Annually, it has an estimated gross income of $48,000, vacancy and credit losses of $3,600, and operating expenses of $15,000. Using a capitalization rate of 8%, what is the property's value (rounded up to the nearest $1,000)?

4 0
3 years ago
On October 1, 20X1, Paige Turner Publishing received $55,200 in cash for monthly subscriptions covering one year, recording the
Ket [755]

Answer:

c. Debit Unearned Subscriptions $13,800; credit Subscriptions Income $13,800

Explanation:

Based on the information given the correct appropiate adjusting entry at December 31, 20X1, is to Debit Unearned Subscriptions $13,800 and Credit Subscriptions Income $13,800

December 31, 20X1

Debit Unearned Subscriptions $13,800

Credit Subscriptions Income $13,800

(3/12*$55,200=$13,800)

(October 1 to December 31 will gives us 3month)

6 0
3 years ago
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