Answer:
a. Cash basis $15,000
b. Accrual basis $2,500
Explanation:
Under the cash basis of accounting, expenses are recorded or recognized in the books not necessarily when incurred but when cash is paid. This is not in line with the matching concept which requires that expenses be recognized the period it is incurred as well as the resulting revenue.
Hence, the $15,000 paid on January 1 would have been recognized as an expense for the two months ending February 28 using the cash basis.
Using the accrual basis, monthly expense
= $15,000/12
= $1,250
Hence advertising expense for 2 months
= 2 * $1,250
= $2,500
Answer:
Bigbucks Brokerage
The whole amount of $2,400 must be included in the taxpayer's income.
Explanation:
The Bicycle Commuting Reimbursement in 2020, given under a Bicycle Commuter Tax Benefit program, is taxable as income to the employee. According to the provisions of the Tax Cut and Jobs Act, the restriction placed on the Bicycle Commuter Tax Benefit will expire in 2026. The bicycle commuting reimbursement is a benefit that can only be offered by employers and is regarded as a taxable benefit to the affected employee.
Answer:
what do you want me to answer ?
Explanation:
To solve: add up all in the labor costs and then divide by the number of units produced to get the per unit cost of the labor.
<span>Direct materials = $4,400
Direct labor = $5,600
Factory overhead = $2,400
Units produced = 1,000
Per unit cost = ($4,400 + $5,600 + $2,400)/1,000
Per unit cost = $12,400/1,000
Per unit cost = $12.40</span>
The correct answer is personal income.
A country’s personal income is the amount of income received by all of the country’s people in a given time period.
