In most llcs, members elect __________ taxation and pay the business' income taxes on their own income tax returns.

On January 1, 2021, the Dayton Auto Parts Company acquired nine identical assembly robots for a total of $594,000 cash. The robo

d1i1m1o1n [39]

Answer:

the journal entry for the acquisition

Debit : Assembly Robots $594,000

Credit: Cash $594,000

Explanation:

First, identify if the item is an asset, liability, equity or income. The assembly robots represents Assets as economic benefits will flow into the entity as a result of their use.

Next, assets are initially measured at their cost which is purchase price plus any costs directly related to placing the asset in the location and condition intended for use by management.

Cost of the Assembly Robots is $594,000

5 0

3 years ago

The city of Brock’s Water Enterprise Fund leases water treatment equipment. The life of the noncancellable lease is 10 years, an

Degger [83]

<u>Solution and Explanation:</u>

The Journal Entries in the books of Brock's water enterprise is as follows :-

Date Particulars and details Debit($) Credit($)

Jan 5, 2018 Intangible Assets - Lease 905861

Lease Payable 905861

(Being Record the Lease)

Jan 5, 2018 Lease Payable 125000

Cash 125000

(Being Record Down Payment)

Dec 31, 2018 Amortization Expenses ($905861divide 10) 90586

Accumulated Amortization 90586

(Being Record the amortization)

Jan 5, 2019 Lease Payable $(\$ 125000-\$ 62469)$ 62531

Interest Expenses $((\$ 905861-\$ 125000) * 8 \%)$ 62469

Cash 125000

(Being Record the Second Lease Payment)

3 0

3 years ago

n the 1930s, what caused Canada to respond by raising its tax on goods imported from the United States? the Glass-Steagall Act t

Misha Larkins [42]

In the 1930s Canada decided to raise taxes on goods imported in the United States in retaliation for the high tariffs that were created by the Hawley-Smoot Tariff. The Hawley-Smoot Tariff raised tariffs on nearly 20,000 imported goods to the United States to extremely high levels. This policy was put in place in an effort to protect American jobs following the Great Depression, but instead closed the U.S. economy off to the global market most likely hurting the American economy further.

3 0

3 years ago

The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6:

bogdanovich [222]

Answer:

Creative Design Co.

A. Bank Reconciliation Statement as of August 31:

Balance as per bank statement $32,278

Deposit in transit, $7,170

Checks outstanding, ($14,668)

Balance as per adjusted cash bal. $24,780

B. The amount that should be reported for cash is $32,278.

C. B) Yes. A bank reconciliation must always balance (reconcile), otherwise, the purpose of the reconciliation is defeated.

Explanation:

a) Data and Calculations:

1. Cash balance according to the company’s records at August 31, $24,270.

2. Cash balance according to the bank statement at August 31, $32,278

3. Checks outstanding, $14,668

4. Deposit in transit, not recorded by bank, $7,170

5. A check for $58 in payment of an account was erroneously recorded in the check register as $580.

6. Bank debit memo for service charges, $12

Cash Book Adjustment:

August 31 balance $24,270

add overstatement of check 522

less bank charges 12

Adjusted balance $24,780

8 0

3 years ago

The project team working on the XK11 could not meet its deadline and was given an extension. When that same team was assigned th

denis-greek [22]

Answer:

Rewards for inefficiency

Explanation:

Rewards for inefficiency refers to simply rewarding an employee or group of employees for not doing their work properly. In this case, the team that was working on project XK11 is inefficient and they are simply lazy or bad at what they do, and instead of taking actions to correct this bad behavior, management rewards them by giving them more time = less work.

The problem with this scenario, is that the team that is currently working on project YK12 will eventually realize that they are being punished for being efficient and working properly. They will soon start being inefficient and lazy as the other team in order to be rewarded.

7 0

4 years ago