Answer:
a) The effect the rental activity has on Adelene's AGI is $0.
b) The total rental income is less than the total expenses for the year, so the reportable rental income is $0.
Explanation:
a)
particulars amount amount
rental income $5,000
property taxes $3,800
mortgage interest $7,500
utilities $3,700
insurance $2,500
repairs $2,100
depreciation $15,000
total deduction $34,600
AGI $0
Therefore, The effect the rental activity has on Adelene's AGI is $0.
b)
particulars amount
Real property taxes $3,800
mortgage interest $7,500
utilities $3,700
insurance $2,500
repairs $2,100
depreciation $15,000
total expenses $34,600
Therefore, The total rental income is less than the total expenses for the year, so the reportable rental income is $0.
Since the company is following a periodic inventory system, it has to use temporary accounts to record sales and purchases.
Transaction A
Purchases – Dr 860500
Accounts payable 860500
Transaction B
Accounts payable - Dr $111,600
Purchase returns $111,600
Transaction C
Accounts payable - Dr 748900
Discount received 14,978
Cash 733,922
Answer:
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Explanation:
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Answer:
a.Cash - $133 Net Income $ 0
b.Cash $0 Net Income -$133
c.Cash $0 Net Income $1,297
d.Cash $865 Net Income $0
e.Cash -$2,528 Net Income $0
f.Cash $ 0 Net Income - $610
Explanation:
Item b. The Supplies Expenses will be recognized out of supplies account and this will reduce the Net Income
Item c. Sales made on Account does not Affect cash but increases Net Income.
Item d. Receipts from Customers only affects Cash and no effect on Net Income.
Item e. Purchase of Equipment is a Capital Expenditure that only affects cash.
Item d. The depreciation expenses only affects Net Income.