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3 years ago

No journal entries are required for the reconciling items on the bank side because

1 answer:

5 0

No journal entries are required for the reconciling items on the bank side because companies are required to record those transactions on the company ledger. The company keeps their ledger and records are transactions over the life of the company. The ledger is an extremely important asset because it holds all of the information to do with the finance and monetary value the company has and holds.

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Nancy sold her personal residence on June 30 of this year under an agreement in which the real estate taxes were not prorated be

meriva

Incomplete question. Here's the full question:

Nancy paid the following taxes during the year:

Tax on residence (for the period from March 1 through August 31) =$5,250

State motor vehicle tax (based on the value of the personal use automobile) =$430

State sales tax =$3,500

State income tax =$3,050

Nancy sold her personal residence on June 30 of this year under an agreement in which the real estate taxes were not prorated between the buyer and the seller. What amount qualifies as a deduction from AGI for Nancy? a. $9,180b. $9,130c. $7,382d. $5,382 e. None of the above

Answer:

c. $7,328

Explanation:

Remember, Nancy transferred ownership of her personal residence on June 30, but she received tax on residence for 2 extra months (July and August).

The amount that qualifies for tax deduction therefore is;

121 days (Four months of her stay) / 184 days (six months period) × $5,250

$430

$3,500] = $7,382.

She likely deducts from the state sales tax with a higher amount than from the state income tax.

4 0

3 years ago

If a corporation offers 1,000 shares of stock and you buy 300 shares:

LuckyWell [14K]

you own 30% of the shares issued.

5 0

3 years ago

revorrow Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets a

nlexa [21]

Answer:

$9,906 F

Explanation:

Calculation as follows:

Budget Income Statement

Particular $

Revenue (28.4 x 7,000) 198,800

Direct Labor (2.8 x 7,000) (19,600)

Direct Material (10.7 x 7,000) (74,900)

Manufacturing Overheads

(38,000 + [1.5 x 7,000] ) (48,500)

Selling and administrative Expenses

(23,600 + [0.3 x 7,000] ) (25,700)

Net Operating Income 30,100

Actual Income Statement

Particular $

Revenue 205,320

Direct Labor (18,974)

Direct Material (72,252)

Manufacturing Overheads (48,320)

Selling and administrative Expenses (25,768)

Net Operating Income 40,006

Activity variance for net operating income = Net operating income actual - Net operating income budgeted

Activity variance for net operating income = 40,006 - 30,100

Activity variance for net operating income = $9,906 F

8 0

3 years ago

All of the following are characteristics of perfect competition EXCEPT Group of answer choices many buyers and sellers. lack of

Greeley [361]

Answer:

The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit. The efficient market equilibrium in a perfect competition is where marginal revenue equals marginal cost.

6 0

2 years ago

On January 1, 20X4, Polar Corp. paid $104,000 for $100,000 par value, 9% bonds of Seal Corp. Seal had issued $300,000 of the 10-

Eddi Din [679]

Answer:

$14,000

Explanation:

Amount of interest expense = [(Bond issued by 'S' company x 9%) - Amount of

premium x (unsold bonds / Bonds issued)]

= (300,000 x 0.09) - 60000/10 x 200,000/300,000

= (27,000 - 6000) x 0.66667

= 21,000 x 0.66667

= $14,000

7 0

3 years ago