Andrea's asset: $48,000
Assets is cash that she owns. Other assets include: property, equipment, furniture - which are all costs that she owns.
Deductions refers to her liabilities- Andrea's liabilities/ $7,500
which costs that she owes to companies, billing and Not that she owns. Such as: mortgage, bills, bank amount loans, expenses etc
Here is what Andrea as an accountant needs to do to find the annual gross: (steps are in order)
1) she lists all of the assets costs & total the assets
As for andrea she added all her assets costs which is $48,000
2) she then lists all the liabilities costs & totals the liabilities costs
Her liabilities costs which is $7,500
3) the last step- she must subtract the assets total & liabilities total
Ex. (Assets) $48,000 - (liabilities) $7,500 = 40,500
The answer is $ 40,500 is her gross pay.
Now you are probably thinking how can that be the answer?!?
An accountant always checks :)
Here is Andreas checking process in order..
1) the answer 40,500 is her gross pay which in accounting terms it's her owner's equity because it is her amount of cash that she owns not giving it away. Think of it as a safe that her storages the money in.
2) in order to determine the total liabilities & owner's equity she must add the total liabilities + the owner's equity that we found.
Ex (total liabilities) $7,500 + $40,500 = $48,000!!
That shows that our answer is correct we retraced our steps like an accountant and found that our answer equals (in accounting terms; balances) the total assets costs.
Here is how the balance sheets looks like: Andreas balance sheet
Assets Liabilities
Cash cost Bank loan costs
Furniture cost Mortgage costs
Property cost Health Costs
Expense costs
Assets total: Liabilities total:
$48,000 $ 7,500
Owners equity (Andrea's safe) $40,500 by
(Assets - liabilities)
Total liabilities & owner's equity (total liabilities + OE (owners equity for short) = $48,000
In accounting if your total assets which is for Andrea is $48,000 equals total liabilities & OE is $48,000 then your answer is correct. In accounting assets total Must equal total liabilities & OE
Hope this helps :)
Answer:
2018-unrealized loss of $2,000
2019 -gain on sale of investments of $8,500
Explanation:
As at December 31st 2018,the amount S& L would include in its pretax income as a result of the bond investment is the difference between the purchase of the bond of $875,000 and the fair value of the investment at year end of $873,000,effectively that gives an unrealized loss of $2,000($873,000-$875,000)
However, in the year 2019 ,the amount to be included in pretax amount in respect of the bond is the difference between the fair value in 2018 and the proceeds from the sale of investment of $881,500 i.e a gain of $8,500($881,500-$873,000)
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Answer:
The amount allowed in the year 2018 = $298,083
Explanation:
Provided information,
Asset value = $2,555,000
Life of asset = 5 years
Salvage value = $0
Since depreciation is not to be charged on bonus basis, the depreciation for each year = $2,555,000/5 = $511,000
Since the asset is put to use in June, the amount to be deducted will be for 7 months June to December.
= 
Thus the amount allowed in the year 2018 = $298,083
Answer:
A) Yes, as his conduct was intentional.
Explanation:
Since in the question it is mentioned that adam decided to play a joke with the linda who is a coworker. Due to the acts of adam the linda was too scared during the whole incident
So as per the given options, the first option is correct as the act done by the adam is intentionally just for his fun
So, the option a is correct
