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krek1111 [17]
3 years ago
6

During the year, Rajeev makes the following transfers. $6,625 to his mayor's reelection campaign. $24,500 to his aunt, Ava, to r

eimburse her for what she paid the hospital for her gallbladder operation. $14,205 paid directly to the surgeon who performed Ava's gallbladder operation. $17,160 to purchase a used pickup car for his son to use at college. Determine the amount of transfers that are subject to the Federal gift tax. (Include the total amount and disregard the annual exclusion.)
Business
1 answer:
SSSSS [86.1K]3 years ago
3 0

Answer:

its rajeevs problem not mine or ur

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On August 1, Batson Company issued a 60-day note with a face amount of $58,800 to Jergens Company for merchandise inventory. (As
Trava [24]

Answer:

a. $58,800

b. $57,820

Explanation:

Generally, notes are issued on the discounted or face value. It is face value when the price of the note is the same as the face value while it is discounted when the price of the note is lower than the face or par value.

a. Since the note is issued on the face value of $58,800 , it means that the proceed is the same amount. The proceeds from a note that is issued, is that price at which the note is issued.

b. Discount value

= $58,800 × 10% × 60/360

= $980

Proceeds

= Face/par value of the note - Discount value of the note

= $58,800 - $980

= $57,820

5 0
3 years ago
A current loan balance is $118,000 on a 30-year loan at 7% interest, with a monthly payment of $831.63 for principal and interes
shusha [124]

Answer:

$143.30

Explanation:

In order to determine the principal reduction payment, the monthly interest will need to be calculated. The interest will then be deducted from the total monthly payment to compute the principal reduction payment:

Annual Interest           = $118,000 X 7/100

                                   = $8,260

Monthly interest         = $8,260/12

                                   = $688.33

Principal reduction    =  $831.63 - $688.33

                                   = $143.30

6 0
3 years ago
why is allowance for doubtful accounts credited, instead of accounts receivable, when recording the adjusting entry for bad debt
alukav5142 [94]

The allowance for doubtful accounts credited, instead of accounts receivable when recording the adjusting entry for bad debts  Because accounts receivable is made up of numerous client accounts, it cannot be credited unless it is known which particular customer will not pay.

The provision for questionable accounts is referred to as a "counter asset" since it reduces the value of an asset, in this example, the accounts receivable. The compensation, often known as a doubtful account, is management's projection of the amount of accounts receivable that customers will not pay. Let's assume, using the aforementioned example, that on June 30 a business reports an accounts receivable debit balance of $1,000,000. The business predicts that $50,000 will not be converted into cash and expects some consumers won't be able to pay the full amount.

learn more about  doubtful account visit brainly.com/question/28944789

#SPJ4

7 0
1 year ago
Kirk Enterprises offers rug cleaning services to business clients. Below is the adjustments data for the year ended July 31.Adju
andreev551 [17]

Question Completion:

KIRK Enterprises

Trial Balance as of July 31:

Account Titles                   Debit        Credit

Cash                         36,000

Prepaid Insurance          12,000

Fees Receivable                            56,000

Supplies                         12,000

Equipment                60,000

Accumulated Depreciation               12,000

Unearned Revenue                         20,000

Accounts Payable                            32,000  

Common Stock                               84,000

Dividends                         4,000

Service Revenue                            80,000

Advertising Expense    28,000

Wage Expense             20,000      

Totals                          228,000   228,000

Required:

Using this information along with the spreadsheet below, record the adjusting entries in proper general journal form.

Answer:

Kirk Enterprises

                                        Unadjusted           Adjustments           Adjusted

                                       Trial Balance                                      Trial Balance

Account Titles               Debit     Credit    Debit   Credit       Debit       Credit

Cash                       36,000                                               36,000

Prepaid Insurance        12,000                             3,000          9,000

Fees Receivable       56,000                                              56,000

Supplies                       12,000                             4,000          8,000

Equipment              60,000                                              60,000

Accumulated Depreciation       12,000                1,000                        13,000

Unearned Revenue                  20,000     15,000                                 5,000

Accounts Payable                     32,000                                                32,000

Wages Payable                                                    2,000                         2,000

Common Stock                        84,000                                                 84,000

Dividends                       4,000                                               4,000

Service Revenue                     80,000              15,000                       95,000

Advertising Expense  28,000                                             28,000

Wage Expense           20,000                   2,000                22,000

Insurance Expense                                    3,000                  3,000

Supplies Expense                                      4,000                  4,000

Depreciation Expense                               1,000                   1,000      

Totals                       228,000 228,000 25,000 25,000 231,000  231,000

Explanation:

a) Adjustments:

Depreciation expense $1,000 Accumulated Depreciation $1,000

Wages expense $2,000 Wages payable $2,000

Supplies expense $4,000 Supplies $4,000 ($12,000 - $8,000)

Unearned revenue $15,000 Service Revenue $15,000 ($20,000 * 75%)

Insurance expense $3,000 Prepaid Insurance $3,000 ($12,000 - 9,000)

5 0
3 years ago
HElp I'll give brainliest
Savatey [412]
What r u supposed to be figuring out?

7 0
3 years ago
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