Which options are available in Layout view? Check all that apply.

"helen is a u.s. citizen and cpa, who moved to london, england three years ago to work for a british company. this year, she spe

balu736 [363]

Answer:

Exclusion upto $103,900. Taxable amount is $6100.

Explanation:

US natives, just as changeless occupants, are required to document ostracize expense forms with the government consistently paying little mind to where they dwell.

Alongside the common assessment form for money, numerous individuals are likewise required to present an arrival revealing resources which are held in ledgers in remote nations. Notwithstanding where you live, you should record expat imposes in the US.

3 0

3 years ago

Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $2

aleksley [76]

Answer:

$783,400

Explanation:

The total assets comprise of current assets, fixed assets ,and the intangible assets

The current assets include cash, stock, account receivable, etc

Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.

And, the intangible assets include patents, copyrights, goodwill, etc.

So, the amount of the current assets is shown below:

= Inventory + cash + account receivable

= $417,600 + $51,900 + $313,900

= $783,400

The account payable is a current liabilities, Hence, we do not considered for the computation part

6 0

3 years ago

For both unearned revenues and prepaid expenses, the cash payment occurs __________ the adjusting entry to record the earning of

alex41 [277]

Answer:

The correct answer that fills the gap is d. before.

Explanation:

Everything that happens in the business must be registered in the accounting system, so that the newspaper and the major contain a complete history of all the commercial operations of the period. If an operation or transaction has not been registered, account balances will not show the correct figure at the end of the accounting period.

The seats with which the accounts are adjusted or updated are called adjustment seats. If the adjustment does not affect an income or expense account, it is not an adjustment entry.

The income can be earned (accrued) before the cash is received from the client, or from accounting for the transaction in the accounting records. These are revenues that have been earned but the corresponding cash has not yet been collected.

The adjustments made to the income accounts are necessary to ensure that all income earned in the period has been recorded in the accounting. In order for the net profit to be expressed correctly in the income statement. There are two types of income adjustment:

Cumulative income not collected.
Customer advances.

5 0

3 years ago

Caplico Company has prepared the following sales budget:

hichkok12 [17]

Answer:

1.b 2.a

Explanation:

7 0

3 years ago

Read 2 more answers

Hamilton company uses a periodic inventory system, at the end of the annuanl accounting period, December 31,2015, the accounting

n200080 [17]

Answer:

FIFO : Ending Inventory = $6,000, Cost of Goods Sold = $36,000

LIFO : Ending Inventory = $36,000, Cost of Goods Sold = $28,000

Weighted Average Cost Method : Ending Inventory = $10,500, Cost of Goods Sold = $31,500

Explanation:

FIFO

Assumes that the first goods received by business will be the first ones to be delivered to the final customer.

Ending Inventory

Ending Inventory = Units left × Earliest Price

= 3000 units × $2

= $6,000

Cost of goods sold

Cost of goods sold : 2000 units × $5 = $10,000

6000 units × $4 = $24,000

1000 units × $2 = $2,000

Total = $36,000

LIFO

Assumes that the last goods purchased are the first ones to be issued to the final customer.

Ending Inventory

Ending Inventory 2000 units × $5 = $10,000

6000 units × $4 = $24,000

1000 units × $2 = $2,000

Total = $36,000

Cost of goods sold

Cost of goods sold : 4000 units × $2 = $8,000

5000 units × $4 = $20,000

Total = $28,000

Weighted Average Cost Method

The average cost of goods held is recalculated each time a new delivery of goods is received Issues are then priced out at this weighted average cost.

First Calculate the Average Cost

Average Cost = Total Cost / Total Units

= (2000 × $5 + 6000 × $4 + 4000 × $2) / 12,000

= $42,000 / 12,000

= $3.50

Ending Inventory

Ending Inventory = Units left × Average Price

= 3000 units × $3.50

= $10,500

Cost of goods sold

Ending Inventory = Units Sold × Average Price

= 9,000 units × $3.50

= $31,500

3 0

3 years ago