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kiruha [24]
3 years ago
15

Susan's salary is​ $44,000 and she received dividends of​ $600. She received a statement from SJ partnership indicating that her

share of the​ partnership's income was​ $4,000. The partnership distributed​ $1,000 to her during the year and​ $600 after​year-end. She won​ $2,000 in the state lottery and spent​ $50 on lottery tickets.
Requirement
Which amounts are​ taxable? ​(Complete all answer​ boxes.)
a. Salary, $44,000 (Yes/No)
b. Dividends received, $600 (Yes/No)
c. Share of partnership income, $4,000 (Yes/No)
d. Partnership distribution in the current year, $1,000 (Yes/No)
e. Partnership distribution in the following year, $600 (Yes/No)
f. State lottery winnings of $2,000 (Yes/No)
Business
2 answers:
atroni [7]3 years ago
4 0

Answer:

a. Yes b. Yes c. Yes  d. No e. No f. yes

Explanation:

Taxable income is the amount of an individual's income that is used to calculate taxes owed in a year. it  includes salaries, bonuses, tips, investment income and unearned income

We will identify which amounts are taxable below

a. Salary (yes)

b. Dividends received (yes)

c.Share of partnership (yes)

d. Partnership distribution in the current year (yes)

e. partnership distribution in the following year

f. State lottery winnings (yes)

EastWind [94]3 years ago
3 0

Answer:

Income Tax is referred to as the amount of money an individual is required to report and remit to the tax agencies for earning revenues. Also, it is the federal government's share from the individual's earnings which would be used for their public works projects such as building railways and sewage treatment.

The following amounts are taxable and not.

a. Salary, $44,000 (Yes )

b. Dividends received, $600 (Yes )

c. Share of partnership income, $4,000 (Yes)

d. Partnership distribution in the current year, $1,000 (No)

e. Partnership distribution in the following year, $600 (No)

f. State lottery winnings of $2,000 (Yes)

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On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash
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Answer:

8. Adjusting for Rent    

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Prepaid Rent            575

9. Adjusting for suppliers    

Supplies Expense 4,100  

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10. Adjusting for Unearned Revenue    

Unearned Revenue; 3425  

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11. Adjusting for salaries payable    

Salaries Expense     5590  

Salaries Payable           5590

12. Closing Revenue accounts    

Service Revenue   29225  

Income Summary            29225

13. Closing expense accounts  

Income Summary    18665  

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Rent Expense        575

Explanation:

8. Rent per month is $575. Since the month ended, the advance payment was expired. Therefore, prepaid rent for the first month becomes credit, and rent expense is debit. Prepaid rent is an advance payment paid to the owner for using the store temporarily. Generally, rent has to be paid at the beginning of the month. Therefore, whenever the month ends, the advance payment becomes an expense for a company.

9. Supplies Expense calculations for the month of January:

Beginning supplies      = $3,400

Add: Purchase              <u>= $3,800</u>

Total supplies at hand  = $7,200

Less: Ending supplies   <u>= $3,100</u>

Total Supplies expense= $4,100

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Unearned Revenue for the month of January            = $4,000

Service provided by the company during the month = $3,425

Unearned Revenue at the end of the month               = $   575

Since the company provided services for which they took advance payment, the unearned revenue (a liability account), reduced. Therefore, unearned revenue is reversed to debit.

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3. Provided service to the customer = $25,800

10. (ADD): Service provided to the customer who paid in advance = $ 3,425

Total: $(25,800 + 3,425) = 29,225.

13. Since the expense accounts deduct from income, therefore, income summary needs to be debit, and expense accounts need to be a credit to close the account. Therefore, all the expense accounts (Rent, salary, and supplies expenses) must be a credit to close them. Adding all the items, we can get the income summary balance.

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Total Product Cost and Per-Unit Product Cost Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint,
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Answer:

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Unit cost per hockey=  $240

Explanation:

Total product cost is the sum of direct material cost, direct labour and  overhead

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Direct labour : the cost of the man hours used directly for the purpose of production.  wages of carpenters working on the chairs. It is arrived as <em>active hours used for production × wage rate per hour.</em>

Overhead :Sum of the indirect costs. indirect costs. These include expenditures on materials , labour and expenses incurred not specifically for a particular product. Examples are, cost of detergent for cleaning the toilets, salaries of the accountant, rent of the factory, e.t.c.

Total product cost for last week

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Answer:

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