Answer:
The journal entry would be as follows:
Account Debit Credit
Cash $480
Sales Revenue $500
Credit Card Expense $20
The Credit Card Expense corresponds to the 4% fee that Master Card charged P. Jameson Co. ($500 x 20% = $20)
Answer:
$68 appears as the amount unearned but received (or still paid in advance) in the closing statement
Explanation:
Amount received in advance = $100
Amount earned = $32
Amount (in advance at closing) is the difference between the amount originally paid in advance and the amount earned
Amount (in advance at closing) = $100 - $32
= $68
The amount that will appear in the closing statement as rental payment still in advance is $68.
Answer:
Bob Katz and Sally Mander
Taxable Income for 2018:
= $78,200
Explanation:
a) Data and Calculations:
Total wages = $102,400
Gain from sale of stock = 5,200
Interest income = 100
Total income = $107,700
less total deductions = (29,500)
Taxable Income = $78,200
b) Bob Katz and Sally Mander will have taxable income of $78,200 when the appropriate rate of tax is applied and the tax liability obtained, then the $1,500 tax credit will be deducted before arriving at the tax liability due.
c) The short-term capital gain of $5,200 is taxed as ordinary income. Since it is held for less than a year, it will be included in the taxable income for that year and it follows the same tax brackets as ordinary income. On the other hand, the long-term capital gain of $13,000 will attract a tax rate of 0 percent for a taxable income of $78,200. Otherwise, it will attract a tax rate of 15 percent or 20 percent, depending on income level. This means that long-term capital gains tax rates are much lower than the ordinary income tax rate.
Answer:
<u>Business ethics.</u>
Explanation:
Business ethics is the set of ethical and moral principles that exist in an organization to regulate its activities, actions and decisions that occur in the organization. The set of ethical values is directly determined by the organizational culture, and should be shared with all employees and organizational levels, as it is the business conduct of the company.
When well-established, corporate ethics ensure and motivate positive behavior, enhance a company's reputation and ensure its safety in the marketplace.
