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Misha Larkins [42]
3 years ago
5

In its 20X3 financial statements, Cris Co. reported interest expense of $85,000 in its income statement and cash paid for intere

st of $68,000 in its cash flow statement. There was no prepaid interest or interest capitalization either at the beginning or end of 20X3. Accrued interest at December 31, 20X2, was $15,000. What amount should Cris report as accrued interest payable in its December 31, 20X3, balance sheet?
a) $2,000b) $15,000c) $17,000d) $32,000
Business
1 answer:
IgorLugansk [536]3 years ago
3 0

Answer:

The answer is: D) $32,000

Explanation:

In 20x3, Cris. Co. paid in cash $68,000 for interest, including $15,000 of interest from 20x2.

The amount of cash paid for 20x3 interests = $68,000 - $15,000 = $53,000

Interest payable = interest expense 20x3 - cash paid for 20x3 interests

interest payable = $85,000 - $53,000 = $32,000

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g Tax advantages of being self-employed (rather than being an employee) include: a.Job-related expenses are deductions for AGI.
kvv77 [185]

Answer:

The correct answer is letter "A": Job-related expenses are deductions for AGI.

Explanation:

There are several tax benefits self-employed have but, in general, job-related expenses can be deducted from their <em>Adjusted Gross Income</em> (AGI). You can deduct half of your self-employed tax paid in Medicare and Social Security from your income. Essentially, the IRS treats the employer's share of the employment tax as a business expense and allows for an appropriate deduction.

Home office deductions may be complex. The cost of any work base used regularly and exclusively for business can also be the cost of the home office. This includes expenses on utilities, too.

3 0
3 years ago
Why do you think that most consumers focus on the monthly payment instead of the overall cost of the car?
LenKa [72]

Answer:

Income and bills

Explanation:

Probably how it will fit in with they’re monthly bills

5 0
2 years ago
The Blossom Company purchased $10030 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an i
ICE Princess25 [194]

Answer:

The journal entry to record the purchase of the laundry supplies

June 2, laundry supplies purchased

Dr Laundry supplies inventory 10,030

    Cr Cash or accounts payable 10,030

June 30, adjusting entry to record laundry expenses

Dr Laundry expenses 8,260

    Cr Laundry supplies inventory 8,260

The initial inventory of laundry supplies is $10,030 and if at the end of the month only $1,770 worth of supplies are left, it means that $8,260 (= $10,030 - $1,770) were used.

5 0
3 years ago
Which account option features a note issued by a bank to a depositor for funds placed for a set period?
maks197457 [2]

Answer:

Certificate of deposite

Explanation:

I just took the test and it was right

7 0
3 years ago
Pato Company produces leather sandals. The company employs a standard costing system and has the following standards in order to
ruslelena [56]

Answer:

Material Quantity Variance=$ 60601.32 Unfavorable

Explanation:

Pato Company

Standard Quantity = 2 strips per pair * 4328 units = 8656 strips

Actual number strips used : 18790/ 4328= 4.34 strips used per pair

Actual price paid : $ 124,520/ 19570= $ 6.36

Standard price = ?

<em>Material Price Variance= (Actual Price * Actual Quantity)- (Standard Price * Actual Quantity) </em>

Material Price Variance= ($ 6.36 * 18790)-( ??? * 18790)= $ 119577.02- ( ??? * 18790)

$7,100 unfavorable=$ 119577.02- ( ??? * 18790)

$ 119577.02- $7,100=( ??? * 18790)

( ??? * 18790)=112457.02

Standard Price= 112457.02/18790

Standard Price= $ 5.98

<em>Material Quantity Variance= (Standard Price * Actual Quantity)-(Standard Price * Standard Quantity) </em>

Material Quantity Variance=($5.98 * 18790)-($5.98 *8656 )=112364.2-51762.88

Material Quantity Variance=$ 60601.32 Unfavorable

7 0
3 years ago
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