What does it mean if the government runs out of money

sammy [17]

Answer:

Coworking is an arrangement in which workers of different companies share an office space, allowing cost savings and convenience through the use of common infrastructures, such as equipment, utilities, and receptionist and custodial services, and in some cases refreshments and parcel acceptance services.

6 0

3 years ago

Which of the following will require you to pay back any money you recieve

AlexFokin [52]

That's not a question, but the proper answer should be a loan.

6 0

3 years ago

Corrector guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 5 %

rodikova [14]

Answer:

A.CORRECTOR JOURNAL ENTRIES

1.2016

Dr Cash 240,000

Dr Note receivable 560,000

Cr Sales Revenue 800,000

2. Record of the warranty expense.

2016

Dr Warranty Expense 40,000

Cr Estimated Warranty Payable 40,000

3.To Record the warranty payments for the company.

2016

Dr Estimated Warranty Payable 12,000

Cr Cash12,000

B . T-ACCOUNT

DEBIT SIDE

The Estimated Warranty Payable will be:

Dr Payments12,000

CREDIT SIDE

Beginning balance 0

Accrual 40,000

Ending balance 28,000

Explanation:

A. Preparation of the Record of the sales, warranty expense, and warranty payments for the company while Ignore cost of goods sold.

CORRECTOR JOURNAL ENTRIES

2016

Dr Cash 240,000

(30%× Sales amount $800,000)

Dr Notes Receivable 560,000

(800,000-240,000)

Cr Sales Revenue 800,000

(560,000+240,000)

To record sales for 2016

Record of the warranty expense.

2016

Dr Warranty Expense 40,000

(5%×800,000)

Cr Estimated Warranty Payable 40,000

To record the accrue warranty payable.

To Record the warranty payments for the company.

2016

Dr Estimated Warranty Payable12,000

Cr Cash12,000

To record Warranty payments.

B . T-ACCOUNT

DEBIT SIDE

The Estimated Warranty Payable will be:

Dr Payments12,000

CREDIT SIDE

Beginning balance 0

Accrual 40,000

Ending balance 28,000

(40,000-12,000)

4 0

3 years ago

Eric and Katie, who are married, jointly own a house in which they have resided for the past 17 years. They sell the house for $

Elodia [21]

Answer:

C) $0 $285,000

Explanation:

The §121 exclusion establishes that homeowners can exclude from their capital gains taxes the sale of their property for a maximum of $250,000 gain (or $500,000 for joint filers) if they meet two criteria:

they owned the property for at last 5 years
they use the property as main residence for at least 2 years (they can aggregate time periods).

So if Eric and Katie use the §121 exclusion they wouldn't pay any capital gains tax ($500,000 is higher than $375,000).

If they decide to forgo the §121 exclusion, then they will have to pay taxes for a gain of:

capital gain = net sale price - asst basis

capital gain = ($375,000 - $10,000) - $80,000 = $365,000 - $80,000 = $285,000

8 0

3 years ago

Read the description of following adjustments that are required at the end of the accounting period for Paulo Consulting Service

exis [7]

Answer:

A. Equipment was purchased on January 1, 2019, for $49,770 and has an estimated useful life of 5 years with a salvage value of 4,270.

Depreciation is computed using the straight-line method.

depreciation expense per year = ($49,770 - $4,270) / 5 years = $9,100

depreciation expense per month = $9,100 / 12 = $758.33

January 31, 2019, depreciation expense

Dr Depreciation expense 758.33

Cr Accumulated depreciation - equipment 758.33

B. Signed a 5-month contract for $5,490 of prepaid advertising on January 1, 2019.

advertising expense per month = $5,490 / 5 = $1,098

January 31, 2019, advertising expense

Dr Advertising expense 1,098

Cr Prepaid advertising 1,098

C. Prepaid rent for the year on January 1, 2019, in the amount of 22,560.

rent expense per year = $22,560 / 12 = $1,880

January 31, 2019, rent expense

Dr Rent expense 1,880

Cr Prepaid rent 1,880

D. Purchased supplies for $4,200 on January 1, 2019. Inventory of supplies was $2,850 on January 31, 2019.

supplies expense = $4,200 - $2,850 = $1,350

January 31, 2019, supplies expense

Dr Supplies expense 1,350

Cr Supplies 1,350

8 0

3 years ago