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Marysya12 [62]
3 years ago
8

Judy, looks after Kaelyn's four-year-old twins so Kaelyn can go to work (she drops off and picks up the twins from Judy's home e

very day). Since Judy is a relative, Kaelyn made sure, for tax purposes, to pay her mother the going rate for child care ($6,360 for the year). What is the amount of Kaelyn's child and dependent care credit if her AGI for the year was $36,60
Business
1 answer:
MrRissso [65]3 years ago
4 0

Answer:

$1,440

Explanation:

Judy is not a dependent relative of Kaelyn, therefore the expenditures are qualified up to $6,000 (for two qualifying persons).

Thus the applicable percentage is 24%.

($6,000×24%)

=$1,440 allowable credit

Therefore the amount of Kaelyn's child and dependent care credit if her AGI for the year was $36,600 will be $1,440

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If you borrow money from a bank, you are the ____________. A. Creditor B. Lender C. Debtor D. Investor
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Mapleleaf Industries declared a $0.85 per share cash dividend. The company has 130,000 shares authorized, 51,000 shares issued,
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Answer:

Mapleleaf Industries

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Credit Dividends Payable $40,800

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This journal entry shows the two accounts involved and how they are recorded when a cash dividend is declared (declaration date).

Calculation of cash dividends is based on 48,000 shares of common stock outstanding and not on the issued shares nor the authorized.  Usually, dividends are only payable to shareholders of record, who appear on the register of the company as holders of the shares on the specified date (date of records).

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A petty cash fund of $500 is established on October 1. The entry to record the transaction is debit Petty Cash, credit Cash. deb
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The correct option is A) debit Petty Cash, credit Cash.

A petty cash fund of $500 is established on October 1. The entry to record the transaction is "debit Petty Cash, credit cash."

<h3>What is petty cash fund?</h3>

The petty cash fund would be a small sum of company money that is frequently kept on hand (for example, in a secured drawer or box) to cover unimportant or trivial expenses like office supplies or worker reimbursements.

Some key features of petty cash fund are-

  • Petty cash is a minuscule sum of money that is always on hand to cover small expenses that don't warrant submitting a check or paying with a credit card.
  • Each department could possess its own petty cash pool in larger corporations.
  • A petty cash fund could be utilized to pay for office supplies, greeting cards for clients, flowers, catered lunches for staff members, and employee expense reimbursement.
  • The key benefits of using petty cash are its speed, convenience, and simplicity.
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To know more about the petty cash fund, here

brainly.com/question/6893535

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The correct question is -

A petty cash fund of $500 is established on October 1. The entry to record the transaction is

A) debit petty cash, credit cash.

B) debit cash, credit petty cash.

C) debit Petty cash expense, credit cash.

D) debit retained earnings, credit petty cash.

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Answer:

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10) Notes to the financial report : FINANCIAL SECTION (F)

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