Answer:
$0
Explanation:
Based on the information given what will be the amount of his qualified pension income that is taxable by California will be $0 amount reason been that the income amount he received was from is formal Florida employer which will be received the following year, therefore that means that there would not be tax on the pension amount received.
very much indeed. thanks for the points
Answer:
Explanation:
In the income statement, the total revenues and the total expenses are recorded.
If the total revenues are more than the total expenditure then the company earns net income
And, If the total revenues are less than the total expenditure then the company have a net loss
This net income or net loss would reflect in the statement of the retained earning account.
The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:
Answer:
The depreciation expense to be recognized for 2019 is $54,400
Explanation:
The company uses straight-line depreciation method, Depreciation Expense each year is calculated by following formula:
Annual Depreciation Expense = (Cost of equipment − Salvage Value )/Useful Life
The high tech equipment was purchased at a cost of $320,000 and has estimated useful life of 5 years, the salvage value of $48,000.
Annual Depreciation Expense = ($320,000 - $48,000)/5 = $54,400
Newman Co. purchased the equipment in January 2019.
The depreciation expense to be recognized for 2019 is $54,400
Answer:
B. No.
Explanation:
We do not need to give a journal entry for a non-economic event. Non-economic event means where there are no monetary transactions. As the company hires new employees who will start working on March 6, it is an event, but we cannot value this event in monetary form. Therefore, no journal entry is required to post.
