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3 years ago

Imari Brown arrived at the following tax information:

Business

1 answer:

elena-14-01-66 [18.8K]3 years ago

4 0

Answer:

Total Taxable income $ 32,615

Explanation:

Gross salary $ 41,595

Adjustments (subtractions) to income $ 7,000

Standard deduction $ 12,000

Itemized deductions $ 14,350

Itemized Deductions are considered because they are higher than standard deductions.

Taxable income $ 20,245

Add business income $ 12,000

Interest earnings $ 255

Dividend income $ 115

Total Taxable income $ 32,615

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DS Unlimited has the following transactions during August.

m_a_m_a [10]

Answer:

See the journal entries below.

Explanation:

The journal entry will look as follows:

Date Account and explanation Debit ($) Credit ($)

Aug 6 Inventory (50 * $100) 5,000

Account payable 5,000

(To record inventory purchased on account.)

Aug 7 Inventory 300

Cash 300

(To record payment of freight charges associated with the August 6 purchase.)

Aug 10 Account payable (5 * $100) 500

Inventory 500

(To record the returns of defective five game devices to GameGirl.)

Aug 14 Account payable (w.1) 4,500

Cash (balancing figure) 4,455

Inventory (w.2) 45

(To record the payment of the full amount due to GameGirl.)

Aug 23 Account receivable (30 * $120) 3,600

Sales revenue 3,600

Cost of goods sold 3,170

Inventory 3170

(To record the Sales and cost of 30 game devices purchased on August 6.)

Workings:

w.1. Account payable = Purchases on account on August 6 - Defective inventory returned on August 10 = $5,000 - $500 = $4,500

w.2. Inventory = Discount received on account payable for paying within 10 days = w.1 * 1% = $4,500 * 1% =$45

7 0

3 years ago

Lapping is best described as the process of________.

Mamont248 [21]

Answer:

b. applying cash receipts to a different customer's account in an attempt to conceal previous thefts of cash receipts is the correct answer.

Explanation:

Lapping is best described as the process of applying cash receipts to a different customer's account in an attempt to conceal previous thefts of cash receipts.

Lapping is an illegal mode of allotting one consumer's cash to another consumer's account.

Lapping usually occurs in smaller businesses where a single person manages payment receipts and consumer billing.

Companies can stop and check lapping through conducting regular inspections of payment receipts and also by dividing cashier and billing tasks.

5 0

3 years ago

On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of

faltersainse [42]

Answer:

2021

revenue 2,666,667

we have cost for 2,000,000

income for 666,667

2022

revenue 3.278.400‬

cost 2,500,000

income 778.400‬

2023

revenue 2,054,933‬

cost 3,800,000

loss 1,745,067‬

Explanation:

2,000,000/ (2,000,000 + 4,000,000) = 1/3

in 2021 a third of the contract was complete therefore we recognize a third of revenue:

8,000,000 x 1/3 = 2,666,667

we have cost for 2,000,000

income for 666,667

2,500,000 / (2,500,000 + 3,600,000) = 0,4098

we recognize revenues for 40.98 of the total contract value.

8,000,000 x 40.98 = 3.278.400‬

cost 2,500,000

income 778.400‬

2023

we recognize the remaining revenue.

8,000,000 - 2,666,667 - 3,278,400 = 2.054.933‬ revenue

cost 3,800,000

loss 1,745,067‬

7 0

3 years ago

Which two features of quickbooks online advanced are not available to quickbooks online plus clients

vesna_86 [32]

Answer:

the techniques and the earth

Explanation:

so basically those techniques help you

8 0

3 years ago

Read 2 more answers

You missed a monthly payment on your mortgage. Your monthly payment is $1,278. Your mortgage holder places a 5% penalty on all t

balandron [24]

Answer:

A. $63.9

Explanation:

Your monthly payment is $1,278 => One-month payment is a fixed amount of $1,278

Your mortgage holder places a 5% penalty on all late payments so that the penalty cost for 1 month late would be 5% of one-month payment.

=> Penalty cost can be calculated as the following equation:

Penalty cost = One-month payment x 5%

= 1,278 x 5 / 100 = $63.9

So total penalty cost would be $63.9

3 0

3 years ago

Read 2 more answers