Answer:
$103,000
Explanation:
W-2 taxable income = gross salary - employee contributions to 401-K - flexible spending account savings - health insurance paid by employee
W-2 taxable income = $120,000 - $12,000 - $2,000 - $3,000 = $103,000
Form W-2 records all the employee's taxable income including wages, salary, tips, bonuses, and other taxable compensation. It also includes all the deductibles that employees can make including 401-K contributions, health premiums and flexible spending accounts.
Answer and Explanation:
Journal entry to record the issuance of the bonds.
A.
Jan 1
Dr cash $500,000
Cr bonds payable $500,000
B. Journal entry to record the accrual of the interest
Dec 31 2020
Dr Interest expense $25,000
Cr Interest Payable $25,000
C. Journal entry to record the payment of interest on January 1, 2021.
Dr Interest expense $25,000
Cr Cash $25,0000
Interest expense $500,000×10%×1/2=$25,000
Answer:
Option (D) is correct.
Explanation:
Given that,
During a year,
Firm's gross investment = $2,000
Firm's net investment = $1,600
Firm's depreciation = ?
Therefore,
Gross investment = Net investment + Depreciation
$2,000 = $1,600 + Depreciation
$2,000 - $1,600 = Depreciation
$400 = Depreciation
Hence, the firm's depreciation is $400.
Answer:
$480,000
Explanation:
Data provided as per the question below:-
Net income = $380,000
Depreciation = $70,000
Decrease in accounts receivable = $30,000
The computation of cash provided by operating activities is shown below:-
= Net income + Depreciation + Decrease in accounts receivable
= $380,000 + $70,000 + $30,000
= $480,000
Therefore we applied the above formula.
Answer:
$15,708
Explanation:
Calculation to determine What is the amount of the aftertax lease payment
Using this formula
Aftertax lease payment=Leased equipment(1-Tax rate)
Let plug in the formula
Aftertax lease payment = $23,800 (1 - 0.34)
Aftertax lease payment=$23,800(.66)
Aftertax lease payment = $15,708
Therefore the amount of the aftertax lease payment is $15,708
