Answer:
Date Account Title Debit Credit
April Factory Overhead $16,720
Indirect materials $10,500
Wages payable $4,000
Utilities payable $ 500
Accumulated Depreciation $ 620
Small tools $ 370
Equipment rental $ 730
The most credit score that he may also declare on his tax go back is
Option B ( $5000 American Opportunity Credit )$2500 Per student * child's= $5000
The required details for tax return in given paragraph
A tax go back is a shape or paperwork filed with a tax authority that reviews income, expenses, and different pertinent tax facts. Tax returns permit taxpayers to calculate their tax liability, time table tax payments, or request refunds for the overpayment of taxes. In maximum countries, tax returns should be filed yearly for an character or enterprise with reportable income, consisting of wages, interest, dividends, capital gains, or different profits.
In the United States, tax returns are filed with the Internal Revenue Service (IRS) or with the country or local tax series agency (Massachusetts Department of Revenue, for example) containing facts used to calculate taxes. Tax returns are commonly organized using paperwork prescribed with the aid of using the IRS or different applicable authority.
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Answer:
1. Journal - Closing Entries
Date Account Titles Debit Credit
Sales Revenue $970,000
Income summary $970,000
(Closing of revenue account)
2. Closing the expenses accounts as necessary
Journal - Closing Entries
Date Account Titles Debit Credit
Income summary $888,000
Cost of goods sold $670,000
Salary expenses $150,000
Rent expenses $47,000
Interest expenses $21,000
(Closing of expenses account)
3. Closing net Income
Journal - Closing Entries
Date Account Titles Debit Credit
Income summary $82,000
Retained earning $34,000
Dividends $48,000
(Closing of net income)
Answer:
Paying bills individually is more expensive
Explanation:
Paying bills by transaction is more expensive and a damaging to a person's financial health. Bill payment should be organized and planned to avoid unnecessary cost that comes with paying each bill individually.