Answer:
b. Long-term care insurance is allowed as a deduction, subject to a dollar limitation.
Explanation:
Long-term care insurance is designed to provide daily benefit to the holder when he is in need of assistance do some activities related to daily living such dressing, eating, bathing, and among others.
It is possible for self employed to qualify to deduct 100% of the premium paid for long-term care insurance subject to the maximum of 2020 age-based eligible premium amounts as provided below:
Age 40 and below = $430
Age 41 - 50 = $810
Age 51-60 = $1630
Age 61-70 = $4350
Age 71 and over = $5430
It is the Continuous Flow Production Process. It is a stream creation strategy used to fabricate, deliver, or process materials without intrusion. Consistent generation is known as a persistent procedure or a nonstop stream process in light of the fact that the materials, either dry mass or liquids that are being prepared are constantly in movement, experiencing synthetic responses or subject to mechanical or warm treatment. Persistent handling is diverged from group generation.
Employment is the act of working in exchange for an income.
Employment is a relationship between two parties,
usually based on a contract where work is paid for, where one
party, which may be a corporation, for profit, not-for-profit organization, co-operative or
other entity is the employer and the other is the employee.
Answer:
Assets = Liabilities + Owner’s Equity (Capital – Drawing + Revenues – Expenses) = $17,017
Explanation:
Note: See the attached xlsx file for the effect of each transaction on the individual accounts of the expanded accounting equation and the report of the total of each element.
In the attached xlsx file, transaction (c) is treated in such a way that the insurance for the month of October 20—is accounted for under the following:
Prepaid Insurance = One-year insurance premium - (One-year insurance premium / Number of months in a year) = $1,000 - ($1,000 / 12) = $1,000 - $83 = $917
Expenses = One-year insurance premium / Number of months in a year = $1,000 / 12 = $83
