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3 years ago

Which is least likely to be eligible for tax deductions?

Business

1 answer:

Tanya [424]3 years ago

7 0

Answer:

Explanation:

A tax is a compulsory sum levied by the government or its agents on goods and services

Tax credits are amount of monies that taxpayers can be subtract from the amount of tax owed. It reduces the amount of tax to be paid. It is not taxed

A municipal bond is a debt instrument issued by a state or municipality to finance its capital expenditures.

Municipal bonds are usually exempt from federal income tax. This makes these bonds attractive to individuals with a high income tax bracket

Income from dividends are taxed twice. Once at the firm level and the second time when the income is distributed to shareholders

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On January 1, Hurley Corporation issues $500,000, 5-year, 12% bonds at 96 with interest payable on January 1. The entry on Janua

KonstantinChe [14]

Answer:

b. credit to Cash $60,000.

Explanation:

Given that:

Hurley Corporation issues the principal amount of $500,000

Time = 5 years

Rate = 12% at 96 with interest payable on January 1

Discount on issue =500000 × (1 - 0.96) = 20000

Annual discount amortization= 20000/5 = 4000

Interest payable = 500000× 12% = 60000

From the information given in the question; we can have a journal entry to determine the what the straight-line method will include.

So, let have a look at the table below:

Discount on issue 20000

Annual discount 4000

amortization

Debit Credit

Interest expense 64000

Discount on Bonds payable 4000

Interest payable 60000

Now; The January 1 entries will now be as follows:

Debit Credit

Interest payable 60,000

Cash 60,000

Thus; The entry on January 1 to record payment of bond interest assuming amortization of bond discount used the straight-line method will include a: <u>Credit to cash $60,000</u>

3 0

3 years ago

A news article details the destruction of a recent earthquake. Which of the following are readers of the article likely to do as

elena55 [62]

A news article details the destruction of a recent earthquake. Readers of the article likely to do as result are Overestimate their risk of earthquakes. Thus option A is correct.

<h3>What is Earthquake?</h3>

Earthquakes is referring to a kind of natural disaters which occurs due to the movement of tectonic plates. when these tectonic plates move and collapse with one another results in an earthquake.

When a news article shows destruction related to earthquakes people will most likely analyze their risk from earthquakes and evaluate whether they are safe from them or not.

Therefore, option A is appropriate.

Learn more about Earthquakes, here:

brainly.com/question/1296104

#SPJ1

7 0

2 years ago

Joe is one of the lead accountants for his company. Last month he was pressured to prepare the financial reports more quickly th

Minchanka [31]

Answer:

Explained.

Explanation:

Joe being the lead accountant for his company so, he prepares the financial reports.

Joe made mistakes in financial report making his manager angry because the resources at the Joe's company are limited and financial report that are timely and reliable would have helped the company to attract some financial investment.

6 0

2 years ago

Make a simple poem regarding the learning’s that you acquired in managing the finances. (4 Stanzas only with rhyme and with no m

dangina [55]

Answer:

My net worth is my assets less my liabilities

I should therefore not spend above my capabilities

Pay off the debt required and then a little more

That way I can have, a great credit score

Like everything else, I must plan my finances

Create a budget and include my expenses

And make space for an emergency fund

So on rainy days I don't find myself cashless and hamstrung

Its important to remember that I won't work forever

I should therefore set something aside, to fall back on

When I'm too old and grey to embark on strenuous endeavor

I'll be well taken care of because I remembered my pension

And I shouldn't forget, to keep a proper record

Get educated in a financially sound method

That way I can know what comes in and what goes out

I'll be sure of my situation and leave room for no doubt

4 0

2 years ago

All sales are made on account. Collections from customers are normally 70 percent in the month of sale, 20 percent in the month

Taya2010 [7]

Answer:

The expected ending balance on November 30 will be $134,500

Explanation:

Sales Collected (165,000*70%) $115,500

Expenses paid ($36,000)

Cash Opening $55,000

Cash ending Nov 30 $134,500

5 0

2 years ago

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