Answer:
Lundholm, Inc
Journal Entries
Date Account Titles Debit Credit
May 1, 18 Cash $500,000
Bonds payable $500,000
(To record the bond issuance)
31 Oct, 18 Interest Expenses $22,500
(500000*9%*6/12)
Cash $22,500
(To record payment of the first semiannual period’s interest)
Nov 1, 19 Bonds payable $300,000
Loss on Bonds $3,000
Cash $303,000
(To record retirement the bonds at 101 on November 1, 2019)
Answer:
Journal Entry to reflect the event is as follow;
Dr. Cr.
Utility Expense $520
Utility bill payable $520
Explanation:
Utility bill is received it means the expense is accrued and it is not due until the month end so a liability will be created and will be paid next month.
Answer:
The correct answer to the following question will be "$831".
Explanation:
- Mary Matthews is a married woman, however, her gross salary is $950 per two weeks, as well as the compensation amount, is 2. The year 2018 married bi-weekly wage category table would be used to determine the sum to be withheld underneath the framework of wage class.
- The applicable limit for $950 throughout the list is between $945 or $965 as well as $19 seems to be the amount of funding tax must keep for 2 allowances.
So that the compensation would be:
The sum is taken by her to their residence = Gross Salary - Income Tax deferred - Contribution towards 401k
= $950 - $19 - $100
= $831
For regular tax purposes, with regard to the itemized deduction for qualified residence interest, home equity indebtedness incurred during a year: Is limited to $100,000 on a joint income tax return.
Explanation:
The debt of household property is entitled to a joint return of $100,000. Home equity debt is any mortgage not obtained by a qualifying property.
The reasonable market value of the home shall not be greater than that of the purchase loan or the lesser amount of $100,000.
The debt to purchase, create, and substantially improve a qualifying residence is the debt owed in the purchasing, construction and securing of such house (a 1 million dollars limited).
The certain value on debt that outperforms these limits can not be subtracted.
Fiscal policy.
Fiscal policy involves changes in taxes or spending (government budget) to achieve economic goals. Changing the corporate tax rate would be an example of fiscal policy. fiscal policy: changes in Federal government spending or tax rates for the purpose of influencing the macroeconomy.
Discretionary Fiscal Policy: government spending and tax changes enacted at the time of the problem to alter the economy. Nondiscretionary Fiscal Policy: that set of policies that are built into the system to stabilize the economy (sometimes called automatic stabilizers).
Learn more about Fiscal policy at
brainly.com/question/6583917
#SPJ4
