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zhannawk [14.2K]
3 years ago
9

IRS regulations govern the computation of gross profit for GAAP. computation of net income for GAAP. computation of net income f

or the SEC. computation of net income for tax purposes.
Business
1 answer:
tankabanditka [31]3 years ago
8 0

Answer:

The correct answer is letter "D": computation of net income for tax purposes.

Explanation:

The Internal Revenue Service (IRS) is the federal agency in charge of collecting citizens' and companies' taxes in the U.S. The IRS was founded in 1862 and since then it has been in charge of setting and enforcing the regulations on paying taxes. Those rules are calculated based on individuals' and organizations' net income but deductions are offered to promote them meet their liabilities.

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Wilson company paid 6,700 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The ba
Angelina_Jolie [31]

Answer:

Given that,

Total prepaid insurance = $6,700

Monthly insurance:

= Total prepaid insurance ÷ 4 months

= $6,700 ÷ 4 months

= $1,675

Insurance expense for two months:

= $6,700 - $1,675

= $5,025

Therefore, the adjusting entry required on December 31 is as follows:

Insurance expense A/c Dr. $5,025

          To Prepaid insurance           $5,025

(To record the adjusting entry for the insurance)

6 0
3 years ago
What fact or facts support a situation where trade is advantageous?
geniusboy [140]
What were the choices
3 0
3 years ago
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What are two things you need to maintain if you assist a person with banking and bill paying?
Anton [14]

Answer:

transaction record and a reconciliation of the transactions

An adequate bank balance and a budget.

Legal guardianship of the person and power of attorney

Your documentation as payee for the person you support and the bankbook

8 0
3 years ago
What is business office ? why is it established . Give 8 reason​
jarptica [38.1K]

Answer:

Hope it helps

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5 0
3 years ago
Hong invested his savings in two investment funds. The 5000 that he invested in Fund A returned a 3% profit. The amount that he
Snowcat [4.5K]

Answer:

amount invest in B is 2000

Explanation:

given data

invested in Fund A = 5000

return profit A = 3%

return profit B = 10%

both together returned profit =  5%

solution

we consider here amount invest in B = x

so profit from fund B is

profit from fund B =  10% ×  x = 0.1 x

and

profit from fund A = 5000 × 3% = 150

so total profit = 0.1x + 150

and total profit = 5%

so we can say

5%  = \frac{0.1x+150}{5000+x}

solve it we get

x = 2000

so amount invest in B is 2000

3 0
3 years ago
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