Answer:
Explanation:
The journal entries are shown below:
On May 1, 2017:
No entry as on this date the contract is entered
On May 15, 2017:
Cash A/c Dr $990
To Unearned Revenue A/c $990
(Being advance cash is recorded)
On May 31, 2017:
Unearned Revenue A/c Dr $990
To Sales revenue A/c $990
(Being the revenue is recognized)
On May 31, 2017:
Cost of Good sold A/c Dr $648
To Inventory A/c $648
(Being cost of goods sold is recorded)
Answer:
A-she can deduct her mileage for driving from her home to her office at the professional suite
B-she can deduct her home office expenses
Explanation:
As a general rule of thumb, every expenses that incurred for business operation can be deducted from your taxes. This rule can still applicable even if you're working from your home.
A car mileage <u>can only be deducted according to the proportion that is used for work</u><u> </u> since it's considered as an expense that must incurred in order for Gwen to do her business.
Lunch money is considered as private consumption that does not related to her business operation. This is why it's not tax deducible.
The option that best summarizes the importance of studying economics is B. While wants are unlimited, resources are scarce.
<h3>What is the point of economics?</h3>
Economics is the study of how resources can be allocated such that we can have the greatest productivity given the resources that we have.
Resources cannot satisfy our needs entirely because they are limited but the needs we have are unlimited.
Economics is therefore needed to regulate our needs and wants vs the resources that we have.
In conclusion, option B is correct.
Find out more on scarce resources at brainly.com/question/1669168
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Answer:
Depreciation
Explanation:
Depreciation is the process of reallocation of tangible assets over its useful life. Depreciation is an expense which is charged on the entire cost of a long-term tangible fixed asset. The depreciation expense is computed by reducing the scrap value of the asset from its cost and dividing it by the entire useful life of the asset. There are several methods used to depreciation tangible assets such as straight-line method, MACRS, double declining etc. Salvage value is the expected value of the asset at the end of its life. For example, if an asset has been purchased at $110,000 with a useful life of 5 years and salvage value of $10,000 then using straight-line depreciation per year over 5 years will be ($110,000-$10,000)/5 = $20,000.
Answer:
The correct answer is (a)
Explanation:
The U.S is considered as one of the major global economies in the world which controls the international trade market. Some of the top organisations and business are working in the US which is depicted by the total sales revenue that is around 2 trillion. The corporation is a type of business that accounts for the majority of sales revenue in the US because corporations are responsible for collecting 60% of the total revenue in the US.