Answer: c. Crowdfunding
Explanation: Crowdfunding is funding by many individuals pooling their money together for a common goal, usually via the Internet. The required amount for the project is raised by pooling small sums of money from a large number of people. Each individual acts as an agent of the offering, by selecting and promoting the projects in which they believe in. A wide range of profit-based ventures such as creative projects, medical expenses, travel etc. have employed crowdfunding as a means of sourcing funds.
Answer:
Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks
Explanation:
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:
Loan application fees can be required for all types of loans and are intended to pay for the costs of the process of loan approval
Explanation:
Answer:
The correct answer is d) A deduction from net income in determining cash flows from operating activities.
Explanation:
To get net cash flow using the indirect method we must make adjustments to the net income.
It depends on the account if it is added or subtracted to net income.
In this case, an increase in available-for-sale securities due to an increase in their fair value should be reported as a deduction from net income.
