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Elenna [48]
2 years ago
12

a household consists of a married couple and their twin five year old daughters. The couple's children had no income and lived w

ith their parents all of last year how many exemptions can the couple claim on the last year's tax return if they file with the "Married filing jointly" status
Business
1 answer:
Mars2501 [29]2 years ago
4 0

Answer:

I would say that the "Married filing jointly" is the number 4.

Explanation:

so therefore the answer is 4

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Use the following information to perform the calculations below (using the indirect method).
daser333 [38]

Answer:

a) cash flow from operating activities

net income $650,000

adjustments:

depreciation expense $96,000

accounts payable $38,000

accounts receivable -$22,800

inventory -$57,000

prepaid insurance -$8,400

net cash flow from operating activities $695,800

b) cash flow from investing activities

Sale of long term investments $57,500

Purchase of long term assets -$610,000

Long term assets exchanged for common stocks $113,000

net cash flow from investing activities -$439,500

7 0
2 years ago
Kingbird, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable
antoniya [11.8K]

Answer:

(a) The adjusting journal entry to record bad debt expense for the year:

Debit Bad debt expense  $5,640

Credit Allowance for doubtful accounts  $5,640

<em>(To record bad debt expense)</em>

(b) If the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, The appropriate journal entries are:

Debit Bad debt expense $9,460

Credit Allowance for doubtful accounts  $9,460

<em>(To record bad debt expense)</em>

Explanation:

To arrive at the bad debt expense for Kingbird, Inc., we simply need to calculate 3% of accounts receivable, as follows:

2% of $429,500 = $8,590

Since the allowance for doubtful accounts has a credit balance of $2,950, the bad debt expense will be: $8,590 - $2,950 = $5,640. The appropriate journal entries are as provided above.

However, if the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, the bad debt expense will be: $8,590 + $870 = $9,460. The addition is necessary in order to reinstate the allowance account to $8,590. The appropriate journal entries are as provided above.

6 0
3 years ago
Scarcity, opportunity cost, and marginal analysis Alex is training for a triathlon, a timed race that combines swimming, biking,
lilavasa [31]

Answer:

D

Explanation:

Marginal decisions involves considering the cost and benefit of taking a particular action. If the marginal benefit of taking a particular action exceeds the marginal cost, the activity should be undertaken

6 0
2 years ago
What could the owner of a movie theater expect as the possible result from an increase in movie ticket prices?
never [62]

Answer:

C

Explanation:

Fewer Movie goers will pay a hier price

8 0
3 years ago
Question 3 The owner of a cemetery plans to offer a perpetual care service for grave sites. The owner estimates that it will cos
den301095 [7]

Answer:

$1,083

Explanation:

Given that,

Cost of providing perpetual care service for grave sites = $130 per year

Interest rate = 12 percent

Therefore, the one-time fee the owner should charge:

= Cost of providing perpetual care service for grave sites ÷ Interest rate

= $130 ÷ 0.12

= $1,083.33 or $1,083

Hence, the one-time fee should the owner charge for the perpetual care service is $1,083.

6 0
2 years ago
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