Answer: Option B
Explanation: An incidental recipient is an individual or legal entity who's not a participant to an agreement and becomes an accidental recipient of a trust or agreement.
In comparison, some advantages in a contract are explicitly claimed to a planned recipient, although they are not yet party to the agreement themselves. Within certain situations, unintentional beneficiaries are not actually promised any such advantages but could gain from the deal.
Answer: See explanation
Explanation:
It should be noted that adjusting entries are normally made at the conclusion of an accounting period so that the income and expenditure will be allocated to the particular period when they took place.
Prepaid rent is calculated as:
= 2660 × (36-5)/36
= 2660 × 31/36
= 2290.56
Unearned revenue:
= 8000 × 11/48
= 1833.33
Accrued interest:
= 3400 × 12% × 8/12
= 3400 × 0.12 × 8/12
= 272
Salary expense:
= 2500 × 4/5
= 2000
The adjusting entry has been attached.
Answer:
$82000
Explanation:
Gross income is defined as the total sum of money received (salary, wages, rents, interests and other form of earnings) that an individual or a household receive before any deductions or taxes. Hence,
Given that
Salary = 22000
Alimony = 10000
Punitive damage = 50000
Gross income = 22000 + 10000 + 50000
= $82000
The child support and compensatory damages are not added because they are not taxable.
Answer:
A.Income statement
Explanation:
The income statement of a institution or business that shows the expenses, costs and the incomes during a certain period of time, it is often done quarterly or annually in order to present the tax declaration, it is also known as "profits and loss statement" because it shows exactly if the business had profits or lost money during that period of time.
The correct option is B.
The post closing trial balance is the trial balance that shows the balances after the closing entries have been completed and it serves as the starting trial balance for the next financial year. The components of posting trial balance are usually arranged in the order of their liquidity and because of this the cash account always comes first.