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Mkey [24]
3 years ago
12

The balance sheet of the Algonquin Company reported assets of $50,000, liabilities of $22,000 and common stock of $15,000. Based

on this information only, the amount or balance for retained earnings must be:
Business
1 answer:
OleMash [197]3 years ago
4 0

Answer:

$ 13.000

Explanation:

The accounting equation states that :

Total Assets = Total Liabilities + Equity

To accomplish this equation is needed a total value of retained earnings of $13.000 , in this manner you have the equation complete:

$50.000 = Liab. ($22.000) + Equity ($15.000 +$13.000)  

Retained earnings is a component of the Equity next to common stock.

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Ramon, a single taxpayer with no dependents, has adjusted gross income for 2021 of $98,000 and his itemized deductions total $9,
Nutka1998 [239]

The taxable income will Ramon show in 2021 is $89,000

What is taxable income?

The taxable income of a taxpayer means the income upon which tax would be charged in the tax year, it is determined as the adjusted gross income minus the itemized deductions of the taxpayer.

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It is the tax authority way of providing succor to taxpayers by granting certain exemptions.

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And this is the correct answer:

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