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3 years ago

Why do you think it is important to choose the correct Business organization

1 answer:

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Not choosing the correct business organization to set up would become very costly for an individual hoping to start operations and this would result in business failure even before the business began operations.

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Parents may claim a $2,000 child tax credit for a dependent child who is 22 years of age at the end of the year if the child is

Nataliya [291]

Parents may claim a $2,000 child tax credit for a dependent child who is 22 years of age at the end of the year if the child is a full-time student. The Child Tax Credit is a refundable tax benefit claimed by filing Form 1040 claim a tax credit of $2,000 per qualifying dependent child under age 17

<h3>What is Child Tax Credit?</h3>

Different nations offer parents with dependent children a tax advantage known as the child tax credit (CTC). The credit is frequently correlated with the number of dependent children a taxpayer has, as well as occasionally with their income. For instance, only families in the United States who earn less than $400,000 year are eligible to get the entire CTC. Similar to the United States, only families earning less than £42,000 a year are eligible for the tax credit in the United Kingdom.

The federal child tax credit (CTC) in the United States is a tax credit that is only partially refundable for parents of dependent children. Subject to an earned income level and phase-in, it offers $2,000 in tax relief per eligible kid (with up to $1,400 of that amount being refundable).

To learn more about Child Tax Credit from the given link:

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1 year ago

On January 1, Applied Technologies Corporation (ATC) issued $550,000 in bonds that mature in 10 years. The bonds have a stated i

I am Lyosha [343]

Answer:

1. $550,000

Explanation:

1. It is given in the question that the stated interest rate and the market interest rate both are having the same rate, i.e, 12%.

Hence, the bonds are issued at the face value that is $550,000.

2. The Journal entries are as follows:

(i) On January 1,

Cash A/c Dr. $550,000

To bonds payable $550,000

(To record the bond issuance)

(ii) On December 31,

Interest Expense A/c Dr. $66,000

To cash A/c $66,000

(To record the first interest payment on December 31 assuming no interest has been accrued earlier in the year)

Workings:

Interest expense = $550,000 × 12%

= $66,000

7 0

2 years ago

The Fabricating Department started the current month with a beginning Work in Process inventory of $11,100. During the month, it

MaRussiya [10]

Answer:

a.$16,370.

Explanation:

beginning WIP cost: 11,100

cost added during the period

materials 77,100

direct labor 25,100

overhead 70% of DL = 17,570

total added 119,770

Total cost to be accounted for: 130,870

Cost assignned to

transferred out 114,500

ending WIP 16.370‬

Total cost assigned to 130,870

As the cost to be accounted and the cost assigned to should match we contruct that and solve for the ending WIP

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3 years ago

Does the market system result in productive efficiency? In the long run, perfect competition

docker41 [41]

Answer:

yes because you do to be equivalent to the total cost of the unit for all systems

7 0

3 years ago

United Apparel has the following balances in its stockholders’ equity accounts on December 31, 2018: Treasury Stock, $650,000; C

ahrayia [7]

Answer:

United Apparel Balance sheet as of December 31, 2018

Stockholders’ Equity section

Common Stock Capital ............................................$400,000

Preferred Stock Capital.............................................$1,600,000

Additional Paid-in Capital..........................................<u>$6,800,000</u>

Total Paid-in Capital....................................................$8,800,000‬

Retained Earnings.......................................................$1,200,000

Less: Treasury Stock...................................................<u>($650,000)</u>

Total Stockholders Equity..........................................$9,350,000

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3 years ago