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4 years ago

Interest income received by a cash basis taxpayer is generally reported in the tax year it is received. True False

Business

1 answer:

FromTheMoon [43]4 years ago

5 0

Answer:

TRUE

Interest income received by a cash basis taxpayer is generally reported in the tax year it is received.

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On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the not

Andreyy89

Answer:

credit to interest revenue for $132

Explanation:

given data

face value = $8,800

interest rate = 6 %

time = 90 days

solution

if we see here journal entry that is

date particular debit credit

October 30 cash A/C $8932

to notes payable $8800

to interest revenue $132

( $8800× 6% × $\frac{90}{360}$ )

so here credit to interest revenue for $132

6 0

3 years ago

On July 10, 2020, Pronghorn Music sold CDs to retailers on account and recorded sales revenue of $635,000 (cost $508,000). Prong

mixas84 [53]

Answer:

(a)

Dr Accounts Receivable $635,000

Cr 7/10/2020 Sales Revenue $635,000

Dr Cost of Goods Sold $508,000

Cr Inventory $508,000

(b)

Dr Sales Returns & Allowances $82,700

Cr 10/11/2020.Accounts Receivable $82,700

Dr Returned Inventory $66,160

Cr Cost of Goods Sold $66,160

10/31/2020 No entries are needed as the return period has expired.

Explanation:

(a)

Dr Accounts Receivable $635,000

Cr 7/10/2020 Sales Revenue $635,000

Dr Cost of Goods Sold $508,000

Cr Inventory $508,000

(b)

Dr Sales Returns & Allowances $82,700

Cr 10/11/2020.Accounts Receivable $82,700

Dr Returned Inventory $66,160

Cr Cost of Goods Sold $66,160

($508,000 / $635,000) x $82,700= $66,160

10/31/2020 No entries are needed as the return period has expired.

8 0

3 years ago

Hi-Tech Inc. has several outdated computers that cost a total of $17,800 and could be sold as scrap for $4,600. They could be up

Goshia [24]

Answer:

c.$17,800

Explanation:

Sunk cost is a term that refers to money that has been spent and cannot be recovered or recouped.

$17,800 that was used by Hi-tech to purchase computers cannot be recovered. So ,it is the sunk cost.

4 0

3 years ago

(consider this) consumers might leave a fast-food restaurant without being served because:

Liula [17]

The reason why consumers leave without being served because the consumers must have felt mad or upset about the service being served to them-- causing them to leave their orders or to even wait for their time for their turn of having to get their menu taken.

4 0

4 years ago

An electronic ________ is essentially a collection of personal computers networked together with sophisticated software tools to

Lorico [155]

Answer:

The correct answer is letter "E": meeting system.

Explanation:

An Electronic Meeting System (EMS) is a form of a networking-based group in which its members are connected through computers so they collectively can take decisions, solve problems, discuss over certain topics, and provide anonymous valuable feedback. EMS is used as a meeting platform for large entities with centralized decision-making but a presence in different regions around the world.

<em>EMS disadvantage is relying on different internet connections for the meeting. If one of them is not stable the meeting is likely to be interrupted frequently.</em>

3 0

4 years ago