Answer:
Debit Cash $6,426; credit Interest Revenue $21; credit Interest Receivable $105, redit Notes Receivable $6,300.
Explanation:
Based on the information given the appropriate journal entry that Uniform Supply should make on January 15 of the next year will be:
Debit Cash $6,426
($6300+$105+$21)
Credit Interest Revenue $21
($6300*8%*15/360)
Credit Interest Receivable $105
(6300*8%*75/360)
Credit Notes Receivable $6,300
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Sally works for Timber Products, Inc. The basis for her contribution under the Federal Insurance Contribution Act to help pay for benefits that will partially make up for her loss of income on retirement is her annual wage base.
Answer: Option B
<u>Explanation:</u>
The contribution that Sally, who is working for Timber Products incorporation, has to make for federal insurance contribution act is based on the amount of wage that Sally gets on an annual basis or the wage that she gets in a year.
A part of that wage which is a particular percentage is paid to the federal insurance contribution act who is going to benefit her in case she incurs any kind of loss of income.
Answer:
C. State governments submit their budget proposals.
Explanation:
The Federal budget is a budget for the entire country. It is an estimate of the expected government revenue and expenditure for a fiscal year.
The first step in the federal budget preparation involves submitting proposals by the government department and agencies. These are the federal agencies such as security agencies. They submit their expenditure proposal to the Whitehouse. All agencies' proposals make up part of the president's budget request.
Answer:
TRUE
Explanation:
It is true that under the all-events test, in addition to specifying that all events to establish the liability must have occurred, the test also provides that the business must be able to determine the amount of the liability with reasonable accuracy
Under Sec. 461(h), a three-prongall-events test is met when
(1) all events have occurred that establish the fact of the liability;
(2) <u>the amount of the liability can be determined with reasonable accuracy</u>; and
(3) economic performance has occurred.
