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DENIUS [597]
3 years ago
6

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance.

Business
1 answer:
mestny [16]3 years ago
5 0

Answer:

dont be lonely

Explanation:

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At December 31, 2016, Finzelberg Company had a credit balance of $15,000 in Allowance for Doubtful Accounts. During 2017, Finzel
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Answer:. ............$

1. Bad debt Dr. 11.0000

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4000

Narration. Increase in provision for doubtful debts.

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3 years ago
Which quote best represents a person performing a cost-benefit analysis​
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3 years ago
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6 0
3 years ago
Elway Company purchases land for $85,000 cash. Elway assumes $2,500 in property taxes due on the land. The title and attorney fe
defon

Answer:

c. $90,700

Explanation:

The computation of the cost of the land is shown below:

= Purchase cost of land + property taxes + attorney fees + land graded cost

= $85,000 + $2,500 + $1,000 + $2,200

= $90,700

We added the property taxes, attorney fees, and the land graded cost to the purchase cost of the land. We do not include the parking lot expenses

3 0
3 years ago
Don Juan, a single taxpayer, is the sole owner of DJ’s Inc., an S Corporation. This year, DJ’s Inc. incurred a massive $600,000
Darina [25.2K]

Answer:

Don Juan is sole business owner and his loss in excess to the minimum threshold amount is $250,000. So Don Juan may deduct the amount $350,000 in terms of loss.  

If Don Juan does not deduct the loss this year, it would be carried forward to next fiscal statement

Explanation:

Part 1. The calculation is made as below

Excess of business loss ($600,000) – (other business income + Threshold amount ($250,000))

The minimum threshold amount is deductible from the Tax comes out to be $350,000

Part 2. The loss is reflected in next year’s tax statement as net operating loss and can be carried forward. So if Don Juan miss the loss deduction claim, he can do it next year.  

4 0
3 years ago
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