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Anni [7]
2 years ago
5

After a business meeting with a prospective client holly took the client to dinner and the theatre. holly paid $290 for the meal

and $250 for the theatre tickets, amounts that were reasonable under the circumstances. what amount of these expenditures can holly deduct as a business expense?
Business
1 answer:
Mumz [18]2 years ago
5 0

In this instance, Holly would be able to deduct all of these expenses if she is not reimbursed from her employer.

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7 0
2 years ago
Pastore Inc. granted options for 1 million shares of its $1 par common stock at the beginning of the current year. The exercise
harina [27]

Answer:

$5,500,000

Explanation:

Total fair value of the options = Number of shares in the option × Estimated fair value per option = 1,000,000 × $5.50 = $5,500,000

Therefore, the total compensation indicated by these options would be $5,500,000.

5 0
2 years ago
You have two options to repay a loan. You can repay $6,000 now and $5,940 in one year; or you can repay $12,000 in 6 months. Fin
Brums [2.3K]

Answer:

We will consider positive interest rate which is i=0.21 or i=21%

Explanation:

The formula for Future value is:

FV=PV(1+i)^n

The present value will become:

PV=FV(1+i)^{-n}

where:

n is the number of years

Since the condition is same present value,so the given data form the equation:

6000+5940(1+i)^{-1}=12000(1+i)^{-1/2}

Divide above equation by (1+i)^{-1}

6000(1+i)+5940=12000(1+i)^{1/2}

Let z=(1+i)^{1/2}\\. Above equation will become:

6000z^2+5940=12000z

Rearranging above equation:

5940-12000z+6000z^2=0

Solving the quadratic equation:

z=1.1,    z=0.9

Let z=(1+i)^{1/2}\\ will become:

z=(1+i)^{1/2}\\\\z^2=1+i

i=z^2-1

For z=1.1

i=(1.1)^2-1\\i=0.21

For z=0.9

i=(0.9)^2-1\\i=-0.19

we will consider positive interest rate which is i=0.21 or i=21%

7 0
2 years ago
Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March Marc
san4es73 [151]

Answer:

1. Prepare general journal entries to record these transactions using the following titles:

March 1

Dr Cash (101) 175,000

Dr Office Equipment (163) 26,000

    Cr Common Stock (307) 201,000

March 2

Dr Prepaid Rent (131) 6,000

    Cr Cash (101) 6,000

March 3

Dr Office Equipment (163) 3,800

Dr Office Supplies (124) 2,200

    Cr Accounts Payable (201) 6,000

March 6

Dr Cash (101) 4,500

    Cr Services Revenue (403) 4,500

March 9

Dr Accounts Receivable (106) 10,900

    Cr Services Revenue (403) 10,900

March 12

Dr Accounts Payable (201) 6,000

    Cr Cash (101) 6,000

March 19

Dr Prepaid Insurance (128) 6,400

    Cr Cash (101) 6,400

March 22

Dr Cash (101) 4,000

    Cr Accounts Receivable (106) 4,000

March 25

Dr Accounts Receivable (106) 5,330

    Cr Services Revenue (403) 5,330

March 29

Dr Dividends (319) 5,400

    Cr Cash (101) 5,400

March 30

Dr Office Supplies (124) 1,700

    Cr Accounts Payable (201) 1,700

March 31

Dr Utilities Expense (690) 1,400

    Cr Cash (101) 1,400

2. Post the journal entries from part 1 to the ledger accounts.

Account      Description                                  Debit         Credit

101               Cash                                           175,000

                                                                                           6,000

                                                                          4,500

                                                                                           6,000

                                                                                           6,400

                                                                          4,000

                                                                                           5,400

<u>                                                                                             1,400  </u>

101               Cash                                           158,300

106              Accounts Receivable                 10,900        

                                                                                           4,000

<u>                                                                          5,330                     </u>

106              Accounts Receivable                 12,330

124              Office Supplies                            2,200

<u>                                                                          1,700                        </u>

124              Office Supplies                            3,900

128              Prepaid Insurance                       6,400

131               Prepaid Rent                                 6,000

163              Office Equipment                        26,000

<u>                                                                            3,800                      </u>

163              Office Equipment                        29,800

201              Accounts Payable                                              6,000

                                                                           6,000

<u>                                                                                                 1,700    </u>

201              Accounts Payable                                               1,700

307             Common Stock                                               201,000

319              Dividends                                       5,400

403             Services Revenue                                              4,500

                                                                                              10,900

<u>                                                                                                 5,330    </u>

403             Services Revenue                                             20,730

690             Utilities Expense                            1,400

3. Prepare a trial balance as of April 30.

Account      Description                                  Debit         Credit

101               Cash                                           158,300

106              Accounts Receivable                  10,900        

106              Accounts Receivable                  12,330

124              Office Supplies                             3,900

128              Prepaid Insurance                        6,400

131               Prepaid Rent                                 6,000

163              Office Equipment                        29,800

201              Accounts Payable                                               1,700

307             Common Stock                                               201,000

319              Dividends                                       5,400

                   Retained earnings                                             11,000

403             Services Revenue                                             20,730

690             Utilities Expense                            1,400

<u>                                                                                                                 </u>                

TOTAL                                                           234,430       234,430                                              

6 0
3 years ago
In the decision-making process, after you have chosen the right solution, what is the next step? A. Act on your decision. B. Ref
krok68 [10]
I’m not pretty sure about this answer but in my opinion it’s B
4 0
3 years ago
Read 2 more answers
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