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2 years ago

True or False. A single working person may claim themselves as a dependent.

Business

2 answers:

slamgirl [31]2 years ago

4 0

Answer: I think it’s false

Explanation:

Andrew [12]2 years ago

3 0

Answer:

False

Explanation:

If you don't meet the qualifications to be a qualifying child or qualifying relative, you may be able to claim yourself as a dependent. Think of a personal exemption as “claiming yourself.” You are not your own dependent, but you can potentially claim a personal exemption.

You might be interested in

The acquisition of land by issuing common stock is

stiv31 [10]

For the answer to the question above, the acquisition of land by issuing common stock is a noncash transaction that is not reported in the body of a statement of cash flows. So the answer is A.

I hope my answer helped you.

5 0

3 years ago

Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$20 par value, 10

gogolik [260]

Answer:

1. See the attached excel file for the journal entries.

2. Ending balance of retained earning is $346,125

3.Total Stockholder's Equity is $1,616,125

Explanation:

1. Prepare journal entries to record each of these transactions.

Note: See the attached excel file for the journal entries.

The following are tge workings:

w.1: Treasury stock = $5,000 * $20 = $10,000

w.2: Dividend payable = (Issued and outstanding shares - Shares repurchase) * Dividend per share = (60,000 - 5,000) * $4 = 55,000 * $4 = $220,000

w.3: Cash = Number of shares sold * Selling price per share = 1,875 * $24 = $45,000

w.4 = Treasury stock = Number of shares sold * Treasury price per share = 1,875 * $20 = $37,500

w.5: Additional paid in capital = Number of shares sold * (Selling price per share - Treasury price per share) = 1,875 * ($24 - $20) = $7,500

w.6: Cash = Number of shares sold * Selling price per share = 3,125 * $17 = $53,125

w.7 = Treasury stock = Number of shares sold * Treasury price per share = 3,125 * $20 = $62,500

w.8: Balancing figure = Treasury stock (w.7) – Cash (w.7) - Additional paid in capital (w.5) = $62,500 - $53,125 - $7,500 = $1,875

w.9: Dividend payable = (Issued and outstanding shares * Dividend per share = 60,000 * $4 = $240,000

2. Prepare a statement of retained earnings for the year ended December 31, 2019.

Kohler Corporation

Statement of Retained Earnings

On December 31, 2019

Particulars Amount ($)

Opening balance 400,000

Income for the year 408,000

Dividend Paid (220,000 + 240,000) (460,000)

Loss on sale of treasury stock (1,875)

Ending balance  346,125 

3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2019.

Kohler Corporation

Stockholder Equity Section of Balance sheet

At December 31, 2019

Particulars Amount ($)

Common stock issued ($20 * 60,000) 1,200,000

Paid-in capital in excess of par v - c. stock 70,000

Total contributed Capital 1,270,000

Retained Earnings 346,125

Total Stockholder's Equity  1,616,125 

Download xlsx

3 0

3 years ago

Alexandra wants to play soccer & also work at McDonald's. She cannot do both so she decides to play soccer. What is her oppo

Tanya [424]

Answer:

Opportunity cost is giving up the working at Mc Donald's

Explanation:

Opportunity cost is the term which is stated as the profit, value of something or the benefit which is given up for something in order to acquire or accomplish something else.

In this case, Alexandra wants to work at Mc D and play soccer. So, she decided to play soccer. Therefore, the opportunity cost is working at Mc Donald in order to play.

4 0

3 years ago

Among the tax proposals regularly considered by Congress is an additional tax on distilled liquors. The tax would not apply to b

Lelu [443]

Answer:

Liquor consumers

Explanation:

Price elasticity measures the degree of responsiveness of quantity demanded to changes in price. Demand is elastic if a small change in price has a great effect on quantity demanded. The coefficient of elasticity is usually greater than 1.

Demand is inelastic if changes in price has little or no impact on the quantity demanded. Coefficient of elasticity is usually less than 1.

The elasticity of demand for liquor is -0.4 while the elasticity of supply for liquor is 3.5. Therefore the demand for liquor is inelastic while the supply of liquor is elastic.

If taxes are imposed on consumers, the quantity demanded wouldn't change or change a little.

If taxes are imposed on suppliers, the quantity supplied would fall more.

Therefore , the burden of tax can be passed on more to consumers.

I hope my answer helps you.

3 0

3 years ago

The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/financial/research)

zepelin [54]

Answer: Managerial Accounting

Explanation:

Managerial accounting refers to the preparation of reports and analysis from the company's accounting information to enable managers decide the ways to go with a company.

This type of accounting is for internal use and so is not subject to the kind of scrutiny that financial accounting gets from accounting bodies such as IASB and the FASB.

An example would be the Supply Manager may ask for a report to be made showing them the increase in supply costs for the past decade from their preferred supplier to enable them make a decision on if to find a new supplier.

5 0

3 years ago