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tresset_1 [31]
2 years ago
12

Pamelia (21) is a full-time undergraduate student pursuing an accounting degree at her state university. During the year, she re

ceived a $6,500, unrestricted scholarship, reported to her on Form 1098-T rather than Form W-2. She spent $5,500 of the scholarship funds on her current-year tuition, and she applied the rest to room and board. Pamelia also had income from a part-time job, and she is required to file a 2020 tax return. How does she report the scholarship on her Form 1040
Business
1 answer:
mihalych1998 [28]2 years ago
5 0

Based on the information given, in order to report the scholarship, the best option is B. She should enter "SCH" and "1000" on the dotted line next to line 1 of form 1040.

It should be noted that form 1040 is the form that uses by individual taxpayers to file their taxes with the IRS. In this case, it should be noted that scholarship money can either be tax fee or partially free.

From the complete information, Pamelia received a $6,500, unrestricted scholarship, reported to her on Form 1098-T rather than Form W-2. Therefore, since she didn't get a W-2 listing the amount that's taxable, she should write SCH" and "1000" on the dotted line next to line 1 of form 1040.

Learn more about scholarships on:

brainly.com/question/9766157

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Answer: message channel

Explanation:

In an international communication process carried out by a company, the sales force of the company that conveys the encoded message to the intended receiver acts as a message channel.

The sales force are said to act as a.mesage channel because they are the ones that pass the message across to the intended receiver.

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3 years ago
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Once expenses have been identified, they can be categorized as either fixed expenses or variable expenses.
AlexFokin [52]

Answer:

Once expenses have been identified, they can be categorized as either fixed expenses or variable expenses.

For example, your mortgage would be considered a __fixed__ expense, because _the total amount does not vary_. Conversely, grocery bills would be considered _variable_, because the actual amount is _varies_.

Explanation:

Fixed expenses are fixed in total within a relevant range.  The amount remains the same from one period to the next.  The element of the fixed expense that changes is the cost per unit and not the total amount.  On the other hand, variable expenses vary in total because of their quantities vary but their costs per unit remain fixed.

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3 years ago
Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipmen
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Answer:

Schedule:

\left[\begin{array}{cccccc}$Period&$Beginning&$Installment&$Interest&$Amortization&$Ending\\1&113515&15700&0&15700&97815\\2&97815&15700&2934&12766&85049\\3&85049&15700&2551&13149&71900\\4&71900&15700&2157&13543&58357\\5&58357&15700&1752&13948&44409\\6&44409&15700&1333&14367&30042\\7&30042&15700&902&14798&15244\\8&15244&15700&456&15244&0\\\end{array}\right]

Journal entries:

equipment 113,515 debit

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     cash            15,700 credit

--to record lease agrement and first payment.

interest expense 2,934 debit

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--to record interest for the year 2021--

lease liablity   15,700 debit

     cash               15,700 credit

--to record Jan 1st,2022 Payment--

Explanation:

As the payment are at the beginning there is no interest in the first period.

We record the expense for the year at Dec 31th Increasing the liability. When paying we increase decrease the liability and cash.

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