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3 years ago

Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.

1 answer:

3 0

Assuming that you wanted to know how to journal this, it would be :

Dec. 31

Debit Credit
Income Summary $ 188,000
Retained Earning $ 188,000

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You go to a local car lot and buy a used car as is. After you have driven only a few miles, the check-engine light flashes urgen

ArbitrLikvidat [17]

Answer:

ask the mechanic to document their findings

get a vehicle-history report online to look for evidence of odometer tampering

write a letter or email to the dealer, with copies of relevant documents

report the incident to the Better Business Bureau and your state attorney general

Explanation:

First of all, tampering the odometer is a federal crime. The first thing you need to do is gather evidence and go to the police. You can do this by asking your mechanic to document any alteration and looking for other evidence online also helps. E.g. if you buy a car that is 10 years old and the odometer records only 10,000 miles, you should be suspicious (plain common sense).

I doubt that writing an email works, but you could be lucky and get a favorable response from the dealer. Or more importantly, it can be used as evidence that the dealer was aware of the fraud and didn't do anything to correct it.

Reporting this incident to the Better Business Bureau can help prevent that other people are tricked by the dealer, but as soon as you have evidence of what happened you should report the crime.

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2 years ago

An industry comprised of four firms, each with about 25 percent of the total market for a product is an example of:

photoshop1234 [79]

Equal investment, equal value.

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2 years ago

Vulcan Materials stock price soared in the days following the election of President Trump. Vulcan's products, such as asphalt an

aev [14]

Answer:

<h2>Spending on infrastructure projects is an example of <u>Discretionary Fiscal Policy</u> aimed at increasing real GDP and employment.</h2>

Explanation:

A discretionary fiscal policy basically refers to the manipulation or adjustment of various fiscal instruments by the government such as public taxes and government spending.
The aim of discretionary fiscal policy is to adjust the overall macroeconomic condition in any country based on the existing or current situation or scenario.
Now,infrastructural spending is part of fiscal policy or instrument to adjust the macroeconomic condition of the country as reflected by necessary modification in the GDP and employment level.Hence, higher infrastructural spending by the government would expectedly increase the residential and commercial construction projects in the country thereby,enhancing the GDP and the employment level in the country and boost the overall economy.

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3 years ago

What size hammer makes a good jig for finding the height of an outlet box?

V125BC [204]

The apt size of a hammer that can be used a s a jigsaw would be

16oz.

Explanation:

To see the size of hammer that would be necessary we must understand the size of the outlet box and how it would require the jig to be.

The average height of an outlet box is usually 12 inches from the floor and it is then attached to a secondary box above it which is 16 inches

So, to lift this piece by the jig we can see that the standard sized hammer of 16 ounces would be apt and would do the job completely well.

So this is the one that must be used.

3 0

3 years ago

In 2018, Wilma Way’s sole proprietorship, WW Bookstore, generated $120,000 net profit. In addition, Wilma recognized a $17,000 g

kiruha [24]

Answer:

A. $120,000 is subject to self-employment tax

B. Wilma’s 2018 self-employment tax is $16,955

C. Wilma's allowable Section 199A deduction is $21,500

D. The taxable income from her bookstore activity is $107,982

Explanation:

A. The income from normal business activities are eligible for self employment tax, therefore $120,000 is subject to self-employment tax.

B. To calculate Wilma’s 2018 self-employment tax we have to make the following calculation:

Wilma’s 2018 self-employment tax=($120,000×92.35%)×15.30%

Wilma’s 2018 self-employment tax=$16,955

C. Assuming $43,000 of W-2 wages and $90,000 unadjusted basis of tangible depreciable property, the computation of Wilma's allowable Section 199A deduction would be as follows:

In this case would be 50% of W2 wage, therefore:

Wilma's allowable Section 199A deduction=$43,000×50%=$21,500

D. The taxable income from her bookstore activity=Gross Income-50%self-employment tax-Wilma's allowable Section 199A deduction

Gross Income=$120,000+$17,000+$960=$137,960

50%self-employment tax=$16,955×50%=$8,478

Wilma's allowable Section 199A deduction=$21,500

Therefore, The taxable income from her bookstore activity= $137,960-$8,478-$21,500=$107,982

7 0

3 years ago