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3 years ago

Journalize the entries to record the following.

Business

1 answer:

vredina [299]3 years ago

4 0

Answer:

Explanation:

The journal entries are shown below:

1. Petty cash A/c $1,100

To Cash A/c $1, 100

(Being the petty cash fund is established)

2. Office supplies A/c Dr $614

Miscellaneous selling expense A/c Dr $200

Miscellaneous administrative expense A/c Dr $145

Cash short and over A/c $26

To Petty cash A/c $985

(Being the expenses are recorded)

The Cash short and over is computed below:

= $1,100 - $115- $614 - $200 - $145

= $26

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Dole, the sole owner of Enson Corp., transferred a building to Enson. The building had an adjusted tax basis of $35,000 and a fa

faust18 [17]

Answer:

C. $40,000

Explanation:

For computing the amount of the gain recognized, first we have to calculate the gain recognized based on the adjusted basis

= Cash received + fair market value of the stock - adjusted cash basis

= $40,000 + $60,000 - $35,000

= $100,000 -$35,000

= $65,000

But the cash is received for $40,000. So, only $40,000 of gain would be recognized. As in the case of transfer, if the amount is received other than the stock so the amount which is received is recognized as a gain i.e $40,000

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3 years ago

An electronic firm invested $60,000 in a precision inspection device. It cost $4000 to operate and maintain in the first year an

Anon25 [30]

Answer:

$9,287.63

Explanation:

Data provided in the question:

Amount invested = $60,000

Operating cost for the first year = $4000

Operating and maintaining cost after 1 year = $3,000

Selling price = $60,000

Now,

Amount paid extra in the year 1 = $4,000 - $3,000

= $1,000

EUAC ($)

= $60,000 × A/P(10%, 4) + $3,000 + $1,000 × P/F(10%, 1) × A/P(10%, 4) - [ $60,000 × P/F(10%, 4) × A/P(10%, 4) ]

= [ $60,000 × 0.3155 + 3,000 + 1,000 × 0.9091 × 0.3155 ] - [ 60,000 × 0.6830 × 0.3155 ]

= [ $18,930 + $3,000 + $286.82 ] - [ $12,929.19 ]

= $9,287.63

5 0

3 years ago

In 2021, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married fil

serg [7]

Carson's tax liability for 2021 as a 23-year full-time student, who earns from the summer internship and part-time job and receives a qualified dividend is $645.

<h3>What is tax liability?</h3>

Tax liability refers to the amount that a taxpayer is obliged to pay.

The tax liability is a function of the taxpayer's taxable income, tax bracket, deductions, and applicable tax rate.

In this case, we have assumed a flat tax rate of 10% for both Carlson's earned income and the dividend income.

<h3>Data and Calculations:</h3>

Earned income = $14,000

Qualified Dividend income = $5,000

Adjusted taxable income = $6,450 ($19,000 - $12,550)

Tax liability = $645 ($6,450 x 10%)

Thus, Carson's tax liability for 2021 is $645.

Learn more about tax liabilities at brainly.com/question/7409145

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2 years ago

Tony works in purchasing for the Epic Electronics on the East Coast. He arrives at work at 6:00 a.m. and leaves by 3:00 p.m. He

Vikki [24]

A. the company is required to hire twice as many people and spend additional funds training these individuals.

B. there is a one-hour window of opportunity to talk with employees on the West Coast, who work 8:00 a.m. to 5:00 p.m.

C. morning workers are never as productive as afternoon workers.

D. this system will increase absenteeism.

There is a one-hour window of opportunity to talk with employees on the West Coast, who work 8:00 a.m. to 5:00 p.m.

Answer: Option B.

<u>Explanation:</u>

Flex time is the time that the company or the organisation offers to some of the employees of the organisation which is not the same as the regular working time of the other organisations. These employees who work for flex time sometimes pose to be a problem for the company.

Because of the organisation flex time that has been offered by the organisation to Tony, this will pose a disadvantage and a problem to the company. Tony will not be able to talk in the one hour window talking like the other employees of the company.

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3 years ago

Mr. Slake sold 1,580 shares of publicly traded DDL stock (tax basis $49,240) for $40,000 cash on February 13. He paid $43,000 ca

garik1379 [7]

Answer:

$9,240 loss recognized

$43,000 basis

Explanation:

Tax basis of share purchase is the cost of share together with any tax related to this purchase.

Mr. Slake's loss recognized on the February 13 sale is $9,240 = total cost of 1,580 share purchased in the past - total amount collected from sales of these share = $49,240 - $40,000 = $9,240

His tax basis in purchase of 1,600 shares on Mar 2 is $43,000, the total cost he paid to acquire 1,600 shares

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3 years ago