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podryga [215]
3 years ago
8

Supplies at the beginning of the year totaled $2,000. During 2021, additional supplies of $18,000 were purchased, and the entire

amount was debited to Supplies. Supplies remaining at the end of the year total $4,000. Record the adjusting entry for supplies at its year-end of December 31.
Business
1 answer:
lbvjy [14]3 years ago
3 0

Answer:

supplies expense    16,000 debit

             supplies                     16,000 credit

Explanation:

beginning supplies

<u>+ purchase of supplies</u>

available for use

<u>-ending supplies (supplies at hand)</u>

used supplied

2,000 + 18,000 = 20,000

ending supplies:    4,000

supplies expense 16,000

we will decrease the supplies account and declare the expense.

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A federal unemployment tax is levied on
Leya [2.2K]

Any business with employees are subject to a payroll tax under the Federal Unemployment Tax Act (FUTA).

Payments of unemployment compensation to workers who have lost their jobs are made possible by the Federal Unemployment Tax Act (FUTA), which works with state unemployment systems. Most businesses are required to pay both federal and state unemployment taxes. Visit the U.S. Department of Labor's Contacts for State UI Tax Information and Assistance for a list of state unemployment tax agencies. FUTA tax is not taken out of an employee's paycheck; it is only paid by the employer.

Therefore, it is imposed on any business with employees

To know more about federal unemployment tax click here:

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6 0
2 years ago
Match the definition with the correct type of unemployment. Not all of the terms will be used. 1.Unemployment caused by recessio
ivann1987 [24]

Answer:

The answer is:

1. Cyclical Unemployment

2. Frictional Unemployment

3. Natural Unemployment

Explanation:

1. Unemployment caused by recessions - cyclical unemployment. It is caused by reduction in total spending, low activities in the economy. Coronavirus pandemic is already causing cyclical unemployment.

2. Unemployment that normally occurs due to turnover as workers switch jobs - frictional unemployment.

This happens when a worker leaves a job to search for another. The unemployment between the time gap is frictional unemployment.

3. The unemployment rate that exists when the economy is operating at potential - Natural Unemployment.

Unemployment caused by replacement of obsolete technology or lack of required skills are called natural employment.

6 0
3 years ago
On January 10 of the current year, Mary transfer to Green Corporation a machine purchased three years ago for $100,000. On the t
BaLLatris [955]

Answer:

First of all, I believe that their is a mistake on the question, since the FMV of the machine should be $100,000, not $10,000, or else it wouldn't make much sense.

a. What are the amount and character of Mary's recognized gain or loss?

ordinary income of $10,000

The two year note is considered boot and therefore, Mary must report it as ordinary income.

b. What is Mary's basis in the stock and note? When does her holding period begin?

Mary's basis in the stock is $60,000 (the basis of the machine), and $0 for the note (recognized as ordinary income). Her holding period began three years ago when the machine was purchased.

c. What are the amount and character of Green's gain or loss?

Under a carryover basis limit rule (for a section 351 exchange), Green Corporation's basis is reduced, but it not considered a loss or a gain. The basis of the exchanged stock must equal the carryover basis of the property given in exchange.  

d. What is Green's basis in the machine? When does Green's holding period begin?

Same as Mary's, the basis is $60,000 and the holding period is 3 years. Since Mary owns 100% of Green Corporation as a result of the exchange, her basis and the corporation's basis will be the same.

5 0
3 years ago
Which type of business constituent has titles such as President and CEO?
Brums [2.3K]

Answer:       s corporations

Explanation:

hope this helps.         With an S corporation that has a single shareholder, he or she can be called the president, CEO, or another title. S corporations with more than one shareholder can issue titles at the time of formation.

6 0
3 years ago
Economists define "programmed spending behavior" as being spending that is frequent and is done with relatively little thought.
Alexandra [31]

Answer: D) buying coffee in the morning

3 0
3 years ago
Read 2 more answers
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