Construction expenditures should be debited when <u>D. The bill is approved for payment.</u>
<u>Explanation:</u>
In the above scenario, Acme Construction Co. submitted bill amount of $1,200,000 on a construction contract. The payment of the bill was approved on May 2. According to the contract, 10% was subject to retention.
This construction expenditure is debited when the bill is approved for payment. Contract includes all the details regarding payment and terms and conditions between the companies or parties.
Once the bill submitted by company is approved, then the retention amount will be automatically debited.
Answer:
a) Calculate Roquan’s deduction for qualified business income.
qualified business deduction:
- 20% of qualified business income AND less than 20% of total income
- Since Roquan is a single filer, his AGI cannot exceed $213,300.
Roquan's QBI deduction = 20% x QBI = 20% x $90,000 = $18,000
b) Since Roquan's income is higher than $213,300, then he is not allowed any QBI deduction.
Answer:8 barrels of oils per pair of shoe
Explanation:Greece and swizerland will need an average price by which they can both gain from trade.To ascertain the average price is by adding the 4 barrels of oil which Greece can forfeit and the 10 barrels of oil which Switzerland could also forfeit if it were into producing shoes.10+ 4 = 14/2 which almost 8 barrels to be given in exchange in other ensure a fair trade between both trading partners.
The discount rate<span> is the </span>interest rate charged<span> to commercial </span>banks<span> and other depository institutions on loans they receive from their regional </span>Federal Reserve Bank's<span> lending facility--the </span>discount window<span>. ... All </span>discount window<span> loans are fully secured.</span>
Answer:
Accounts Receivables 1200 debit
Sales Revenues 1200 credit
--to record purchase--
COGS 800 debit
Inventory 800 credit
--to record cost of goods sold
sales allowance & returns 200 debit
accounts receivables 200 credit
--to record sales allowance--
Cash 980 debit
sales allowance & returns 20 debit
Accounts receivables 1,000 credit
--to record collection within discount date--
Explanation:
We record making debit = credit
we also consider that we are working with perpetual inventory thus, the discount granted and allowance will later decrease the net sales figure.
