Explanation:
May 7
Credit sales of $4,000 which means accounts receivable will increase by $4,000 and Sales revenue will also raise b y the same amount
May 13
Collection on account of May 7th sales which means the account receivable will go down by $4,000 and cash will increase by $4,000
Journal entries
DATE Particulars Amount
May 7th Account receivable (+A) Dr. $4,000
to Sales revenue (+Equity) $4,000
( To record the credit sales)
May 13th Cash (+A) Dr. $4,000
to Accounts receivable(-A) $4,000
(To record the receipt of cash)
Answer:
Company ABC and Emily, a single filing taxpayer
The maximum amount excludable from Emily's gross income for the dependent care expenses, which Emily can report on her tax return is $3,000.
Explanation:
a) Data and Calculations for Emily:
Dependent care flexible spending arrangement deduction = $4,500
Fair market value of the on-site dependent care used = $700
Form W-2 reported dependent care assistance = $5,200
Maximum amount excludable from Emily's gross income for the dependent care expenses Emily can report on her tax return is $3,000.
b) According to the IRS records, Emily can exclude or deduct dependent care benefits provided by a dependent care benefit plan, an amount not exceeding $3,000 if one qualifying person was cared for or $6,000 if two or more qualifying persons were cared for. Since the number of persons cared for is not disclosed, it is assumed that Emily cared for only one qualifying person. Therefore, $3,000 is the maximum she is allowed to deduct.
Answer:
LIFO Periodic method
Explanation:
The LIFO means Last In First Out this means that item that have been stocked today would be sold first although there’s still some inventory from previous periods.
Using LIFO would result in lower ending inventory because closing inventory would be valued at low price which they had been bought assuming that there’s now a hick in price and goods in the warehouse were stocked when prices were low.
LIFO is used for the manipulation of profit.
Answer:
C.
Explanation:
just got it right on Edge
Answer:
The correct statement lies in option C.
Monopolies negatively affect consumers.
Explanation:
- The statement that best captures the economic message of the cartoon is that monopolies negatively affect consumers.
- When a specific enterprise or person is the only supplier in the market, it is called monopoly.
- Monopoly can result to higher prices of the good, also known as price taker as there is no other enterprise which can supply the same good.
- Here, Santa Claus is the monopoly as he is the only supplier of gifts in Christmas so he gets sloppy and result in low output in his work.
