Answer:
$3,800
Explanation:
The computation of the after-tax benefit is shown below:
= Annual dinner club membership cost - annual dinner club membership cost × her marginal tax rate
= $5,000 - $5,000 × 24%
= $5,000 - $1,200
= $3,800
We simply deduct her tax expense from the annual dinner club membership cost so that the accurate amount can come.
All other information which is given is not relevant. Hence, ignored it
Answer:
Accounts Receivable $80,000,
Bad debt losses of 1% of credit sales= 1% * $ 80,000= $ 800
Allowance for Doubtful Accounts $5,000 credit
Bad Debts $ 800 Debit
Allowance for Doubtful Accounts $4,200 credit
Two entries will be required
For recording Bad debts Expense
Bad Debts Expense $ 800 Dr
Allowance for Doubtful Accounts $ 800 credit
Adjusting Entry at year end.
Allowance for Doubtful Accounts $ 800 Debit
Account Receivables $ 800 Credit
Answer:
Inflation is the rise in the price of goods and services in an economy over a certain period. Inflation that is controlled and low generally helps an economy recover from a recession and results in increases in employment
Explanation:
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The impact at the time the payment is received is a Revenue $9000 increase with credit.
Turnover is the total amount of revenue generated from the sale of goods or services related to the company's main activities. Earnings, also known as total earnings, are often referred to as the "top line" because they are at the top of the income statement.
Revenue is the total revenue generated from the sale of goods and services related to the company's main activities. Commercial income is also called sales or earnings. Some companies derive their income from interest, royalties, or other fees.
Revenue represents income from business activities and profit represents net profit after deducting expenses from income. Earnings can take many forms, including B. Sales, Commission Income, and Property Income.
The Revenue is used as an indicator of income quality. There are several financial metrics related to this. The main ones are gross margin and profit margin. Businesses also use earnings to determine the cost of bad debts using the income statement method.
Account receivable $9000 increasea with debit
Revenue $9000 increase with credit
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Answer:
$3,700
Explanation:
Given that
Adjusted gross income for the year 2019 = $415,300
Children ages = 4, 7, and 18 as dependents
Based on the given information, Russ and Linda's total child and other dependent credit for the year 2019 is
= (Maximum amount per qualifying child + non-refundable tax credit) - (deductible amount × age)
= ($2,000 × 2 + $500) - ($50 × 16)
= $4,500 - $800
= $3,700
After $400,000 the $50 is decreased for each and every $1,000
