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3 years ago

List and explain four white collar crimes.

Business

1 answer:

d1i1m1o1n [39]3 years ago

8 0

Securities fraud, embezzlement, corporate fraud, and money laundering.

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Whispering Winds Company has the following balances in selected accounts on December 31, 2022. Accounts Receivable $ 0 Accumulat

alisha [4.7K]

Question Completion:

Record the adjustments.

Answer:

Whispering Winds Company

1. Debit Interest Expense $464

Credit Interest Payable $464

To record the interest expense for 4 months.

2. Debit Supplies Expense $1,798

Credit Supplies $1,798

To record supplies expense for the year.

3. Debit Depreciation Expense - Equipment $1,160

Credit Accumulated Depreciation - Equipment $1,160

To record the depreciation expense for the year.

4. Debit Insurance Expense $1,421

Credit Prepaid Insurance $1,421

To record insurance expense for 7 months.

5. Debit Unearned Revenue $8,700

Credit Service Revenue $8,700

To record service revenue earned for December.

6. Debit Accounts Receivable $4,872

Credit Service Revenue $4,872

To record service revenue earned for December.

7. Debit Salaries Expense $6,264

Credit Salaries Payable $6,264

To accrue unpaid salaries for 3 days.

Explanation:

a) Data and Calculations:

Account balances on December 31, 2022:

Accounts Receivable $ 0

Accumulated Depreciation-Equipment 0

Equipment 8,120

Interest Payable 0

Notes Payable 11,600

Prepaid Insurance 2,436

Salaries and Wages Payable 0

Supplies 2,842

Unearned Service Revenue 34,800

b) Interest expense = $11,600 * 12% * 4/12

c) Supplies expense = $2,842 - 1,044 = $1,798

d) Insurance expense = $2,436 * 7/12 = $1,421

e) Service Revenue = $34,800 * 1/4 = $8,700 with the balance as Deferred Revenue.

f) Salaries expense for 3 days = $10,440 * 3/5 = $6,264

8 0

3 years ago

Alan (27) and Kara (26) are married and filing a joint return. Both Alan and Kara were full-time students all year at State Coll

Tresset [83]

Answer:

AOLC_{Allan}=$2750

AOLC_{Kara}=$2475

AOLC_{Allan}=$1000

AOLC_{Kara}=$780

Explanation:

American Opportunity Learning credit.

First, assuming Allan and Kara are eligible, we must know how the two forms of credit work. For the American Opportunity Learning credit (AOLC), it is possible to receive 100% of the tax deduction for the first 2000 and then 25% of the deduction up to a maximum of 2500. So, the amount of the opportunity credit for Allan and Kara is given by:

$AOLC_{Allan}=2000+(5000-2000)*0.25=2750$

$AOLC_{Kara}=2000+(3900-2000)*0.25=2475$

Now, for the American Lifetime Learning credit (ALLC), we have to allow 20% deduction of taxes up to $2000 if the person meets the requirement of not earning more than 68000, then:

$AOLC_{Allan}=5000*0.2=1000$