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Nutka1998 [239]
3 years ago
12

Jim and Sally are not married. They lived together all year. Sally had $5,000 in earned income during 2019. Jim earned $30,000 i

n wages. Jim and Sally have two children. Tyler is 10 years old, and Jamie is 8. Tyler and Jamie lived with Jim and Sally for all of 2019. Tyler and Jamie did not provide over half of their own support. Jim paid all the rent, utilities, groceries, and other household expenses, which totaled $16,000. Sally paid none of the household expenses. Jim and Sally agreed they would each claim one child on the individual tax returns. Jim, Sally, Tyler, and Jamie are all U.S. citizens with valid SSNs. What are the correct filing statuses for Jim’s and Sally’s individual returns?
Business
1 answer:
kap26 [50]3 years ago
3 0

Answer:

Jim could file as a head of household and qualify for higher deductions and earned income credit for one child.

Sally should file her taxes as a single filer since she has very low income so she falls under the first tax bracket, she can also file for earned income credit for one child.

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A petty cash fund of $500 is established on October 1. The entry to record the transaction is debit Petty Cash, credit Cash. deb
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The correct option is A) debit Petty Cash, credit Cash.

A petty cash fund of $500 is established on October 1. The entry to record the transaction is "debit Petty Cash, credit cash."

<h3>What is petty cash fund?</h3>

The petty cash fund would be a small sum of company money that is frequently kept on hand (for example, in a secured drawer or box) to cover unimportant or trivial expenses like office supplies or worker reimbursements.

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The correct question is -

A petty cash fund of $500 is established on October 1. The entry to record the transaction is

A) debit petty cash, credit cash.

B) debit cash, credit petty cash.

C) debit Petty cash expense, credit cash.

D) debit retained earnings, credit petty cash.

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