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katrin [286]
3 years ago
14

Which of the following is true about a "credit"? I. It is part of the double-entry procedure that keeps the accounting equation

in balance. II. It represents a decrease to assets. III. It represents an increase to liabilities. IV. It is on the right side of a T-account. I and II. IV only. I, II, and III. I, II, III, and IV.
Business
1 answer:
kipiarov [429]3 years ago
3 0

Answer:

III. I, II, III, and IV.

  • I. It is part of the double-entry procedure that keeps the accounting equation in balance.
  • II. It represents a decrease to assets.
  • III. It represents an increase to liabilities.
  • IV. It is on the right side of a T-account.

Explanation:

The debit-credit balance is necessary for maintaining the accounting equation in balance, i.e. all the debits must have a corresponding credit.

Asset accounts increase when they are debited and decrease when they are credited.

Liabilities accounts decrease when they are debited and increase when they are credited.

Debits are on the left side of a t-account and credits are on the right side.

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In 2019, Joshua gave $13,400 worth of Microsoft stock to his son. In 2020, the Microsoft shares were worth $27,000. What was the
baherus [9]

Based on the information given the gift tax in 2019 is $0.

Gift tax are tax that is imposed by the federal government on taxpayer for giving out gift.

The gift tax for 2019 is $15,000 annually which means that any taxpayer that gift someone else gift either as cash or property that is not above $15,000 will not be taxed or will not incurred any gift tax.

On the other hand any taxpayer that give out gift that is above $15,000 will  be taxed which means that the giver will have to file a tax return reason being that the gift is above the recommend yearly gift tax exclusion amount of $15,000.

Based on the given scenario the amount Joshua gave his son which is $13,400 is not above the yearly gift tax of $15,000 which means that Joshua will not  file a gift tax return.

Inconclusion the gift tax in 2019 is $0.

Learn more about gift tax here:brainly.com/question/7215286

7 0
2 years ago
Dagny taggart has just purchased a home and taken out a​ $400,000 mortgage. The mortgage has a 30minus−year term with monthly pa
Sophie [7]

First we have to calculate the monthly payment on the mortgage which is calculated as =PMT(rate,nper,pv) in excel

Monthly payment = PMT(0.054/12,30*12,400000) = $2,246.12

To calculate the amount of principal for the first three months, we construct the amortization table as shown below:

Month Payment Interest Principal Outstanding

0    400000

1  $2,246.12  1800  $446.12   $3,99,553.88  

2  $2,246.12  1797.992446  $448.13   $3,99,105.75  

3  $2,246.12  1795.975857  $450.15   $3,98,655.60  

Total Principal    $1,344.40  

The total amount of principal that dagny will pay during the first three months of her mortgage is closest​ to:  $1,344.40  


7 0
3 years ago
Select all that apply The three-step analysis to determine cash provided or used by investing activities includes: Multiple sele
Tomtit [17]

Answer:

identifying changes in investing-related accounts

reporting the cash flow effects

explaining the changes using T-accounts and reconstructed entries

Explanation:

In analysing cash flows in a business there are 3 types of cash flow: from operating activities, from investing activities, and from financing activities.

Cash flow from investing activities involves cash used for various investments over a particular period.

This can include purchase of property, equipment, acquisition of other businesses, and investment in marketable securities.

The three-step analysis to determine cash for investing activities includes:

- monitoring changes that occurs in investment related accounts

- reporting of cash flow as it relates to investment

- use of T accounts and reconstructed entries to explain changes in cash flow

3 0
3 years ago
Martha estimates that the fixed costs associated with opening her new hair salon are $100,000. She expects the salon to attract
Llana [10]

The Correct Awnser is (A) because when you do the math, thats what you come up with

4 0
3 years ago
Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2015. On that date, Paar’s equipment (10-year remaining life)
iogann1982 [59]

Answer:

The method the parent use will have no effect on consolidated total because it is only for internal reporting purpose.

Explanation:

Paar's equipment book value—12/31/15 of                   $294,000

Add Kimmel's equipment book value—12/31/15 of    $190,400

Add Original acquisition-date allocation to

Kimmel's equipment of ($400,000 − $272,000) =          $128,000

Less Amortization of Allocation

($128,000/10 years * 3 years) =                               ($38,400)

<h3>Equals Consolidated Equipment of     $574,000 </h3>

The method the parent use will have no effect on consolidated total because it is only for internal reporting purpose.

4 0
3 years ago
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