Answer: The correct answers are "a. $2,000 dividend income", "b. $500 partnership income", "e. $10,000 judgement" and "f. $65,000 salary".
Explanation: Chad must include:
dividend income 2000
partnership income 500
judgement 10000
salary 65000
Total: 77500.
The answer is C. Email Etiquette
Answer:
Total expending 21,320
Explanation:
Assuming the administrative expense are also paid on cash during the period
1,300 units x $4.20 = 5,460 Variable expending
19,240 fixed cost - 3,380 depreciation (non-monetary) = 15,860 Fixed expending
Total expending 5,460 + 15,860 = 21,320
<u>Remember:</u>
Depreciation and amortization are non-monetary term, they don't involve a cash disbursement.
Answer:
General Ledger Dr. Cr.
1. Cash $65,940
Sales Tax Payable $3,140
Sales $62,800
2. Cost of Goods Sold $37,500
Merchandise Inventory $37,500
3. Sales Tax Payable $39,650
Cash $39,650
Explanation:
Sales tax is subject to 5% which is
Sales Tax = $62,800 x 5% = $3,140
Total Cash received = $62,800 + $3,140 = $65,940
Cost of the merchandise sold is recorded in the cost of goods sold account.
Tax is paid in cash and Tax payable liability is reduced by a debit entry.
