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3 years ago

Selected transactions from the journal of Monty Corp., are presented below:

Business

1 answer:

iogann1982 [59]3 years ago

7 0

Answer:

Aug. 1 Cash 37,800

Common Stock 37,800 (Investment of cash for stock)

Dr.Cash 37,800

Cr. Common stock 37,800

10 Cash 17,010

Service Revenue 17,010 (Received cash for services performed)

Dr. Cash 17010

Cr. Service Revenue 17010

12 Equipment 31,500

Cash 5,040

Notes Payable 26,460 (Purchased office equipment for cash and notes payable)

Dr. Office Equipment 31500

Cr. Cash 5040

Cr. Account Payable 26460

25 Account Receivable 10,080

Service Revenue 10,080 (Billed clients for services performed)

Dr. Account Receivable 10080

Cr. Sales 10080

31 Cash 5,544

Accounts Receivable 5,544 (Receipt of cash on account)

Dr. Cash 5544

Cr. Account Receivable 5544

T account are prepared in the attached MS Excel File, Please find that.

Download xlsx

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Which of the following items are allowed when calculating an individual taxpayer's alternative minimum tax?a. Standard deduction

blsea [12.9K]

Answer:

The correct answer is letter "D": All of the above.

Explanation:

Alternative Minimum Tax (AMT) is an action taken by the Internal Revenue Service (IRS) to encourage every taxpayer to pay at least the minimum amount possible out of the income received. This includes a series of deductions that are not limited to standard deductions, personal exemptions, medical and dental expenses, charitable donations, qualified taxing interest, and casualty losses.

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3 years ago

Parsons Company is planning to produce 2,900 units of product in 2020. Each unit requires 2.00 pounds of materials at $7.00 per

olga55 [171]

Answer:

Results are below.

Explanation:

First, we need to calculate the total cost of producing 2,900 units:

Total cost= direct material + direct labor + allocated overhead

Total cost= (2*7)*2,900 + (0.5*16)*2,900 + [(0.5*16)*0.6]*2,900

Total cost= 40,600 + 23,200 + 13,920

Total cost= $77,720

Now, the unitary standard cost:

Unitary cost= total cost/number of units

Unitary cost= 77,720 / 2,900

Unitary cost= $26.8

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3 years ago

You were left $100,000 in a trust fund set up by your grandfather. The fund pays 6.5% interest. You must spend the money on your

pickupchik [31]

Answer:

The answer is 27,408.71

Explanation:

Solution

Recall that:

You were left with a trust fund of =$100,00

Interest rate = 6.5%

Money with drawled = 4 installments

Now,

The step to take is to find you could withdraw currently at the start of each of the next 3 years with a zero account to end up with.

Now,

100, 00 = X (1 - (1.065)^-4/.065/1.065

We now solve for X

Thus

X =7,408.71

By applying or using a financial calculator

We arrange it to an annuity due setting - [2nd] [BGN] then [2nd] [Set] this will set it to mode "BGN"

So,

N = 4

I/Y = 6.5

PV = -100,000

FV = 0

CPT PMT

The payments are known to to be 27,408.71

Note : Kindly find an attached copy of the Financial calculator below

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3 years ago

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The owner of a car wash wants to see if the arrival rate of cars follows a Poisson distribution. In order to test the assumption

Ludmilka [50]

Answer:

4.832

Explanation:

See attached file

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3 years ago

Executives at southwestern construction have noticed that the company's construction team in the phoenix office is more efficien

Debora [2.8K]

Answer:

Leveraging the experience of one group to help another group.

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Southwestern Construction is hoping to use (leverage) the knowledge of the team in one office by sharing the knowledge with another office and hoping that the second office will also become more efficient simply by adopting the new strategies.

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3 years ago