Answer:
The Journal entries are as follows:
(i) On March 1,
Prepaid insurance A/c Dr. $24,600
To cash A/c $24,600
(To record the purchase of insurance in advance)
(ii) On December 31,
Insurance expense A/c Dr. $20,500
To Prepaid insurance $20,500
(To record the insurance expense)
Workings:
Insurance expense:
= $2,050 × 10 months (From March 1 to December 31)
= $20,500
Answer:
The correct response is "145,000
".
Explanation:
The given values are:
Purchased cost,
= $150,000
Expenses,
= $5,000
Selling cost,
= $10,000
Now,
Logan's basis for depreciation will be:
= 
On putting the values, we get
= 
= 
= 
($)
<h3>
Answer :</h3>
<em>Less than</em>
(If a business has a negative cash flow, the revenue must be less than operating expenses.)
Answer:
a) I will pick the shares and sell them ,as this will yield a better return 6,338 to 5,000
b) I will consider:
- the expectation on the stock price
- and the rate of return in the market
- at current price, it will yield 26.76%
Explanation:
100 shares x 63.38 = 6,338 cash bonus for shares
If the stocks should be retained for at least a year.
there are two components that will need consideration:
the expectation on the stock price
and the rate of return in the market
if we assume the stock will keep the same value then it will yield:
6,338 / 5,000 - 1 = 0.2676 = 26.76%
Answer:
<u>$0 (None)</u>
Explanation:
Mike incurring additional moving expenses to his new home is not legally permissible for deduction when starting it in his annual gross income report for tax purposes.
However, miscellaneous expenses such as Unreimbursed business expenses, qualified educational expenses, tax preparation fees, subscriptions to professional journals<em>, and job-hunting expenses </em><em>may be deducted.</em>
