Answer:
Total Expense: $ 347,000
Income: $ 135,000
Explanation:
<u><em>Income Statement Imaging Services </em></u>
<u><em>For the Month Ended March 31, 2018</em></u>
Fees earned $482,000
Wages expense $ 300,000
Rent expense $41,500
Supplies expense $3,600
Miscellaneous expense $1,900
Total Expenses $ 347,000
Income $ 135,000 Wages, rent , supplies and miscellaneous expenses are totaled and deducted from the fees earned. Fee earned is the revenue and the expenses are deducted from it. By deducting expenses from revenue we get the income.
Answer:
B : an entry on the left side of an account.
Explanation:
There are two terms i.e debit and credit.
The accounts that reported as an expense, losses, assets are recorded in the left-hand side of an account as it contains the debit balance.
While the account reported as a revenue, gains, liabilities & stockholder equity are recorded in the right-hand side of an account as it contains the credit balance.
Answer:
The refund claimed should be shown as a benefit due to loss carryback in 2018.
Explanation:
Since Tanner, Inc. incurred a financial and taxable loss for 2018. and decided to use the carryback provisions as it had been profitable up to this year, the amounts related to the carryback should be reported in the 2018 financial statements as a benefit due.
Tax loss carryback is when a corporation <u>retrospectively adjusts its tax returns for prior periods</u> if it incurs a net operating loss (NOL) in current period.
The loss carryback <u>generates a tax refund</u> for the business because it reduces previous year tax liability. After the carried back loss is applied, it will be <u>as though the business overpaid taxes the previous year; which will now be shown as a benefit in the current year</u>
Answer: Secondary research
Explanation: In simple words, secondary research refers to analyzing an existing research done by some other party for the benefit of oneself.
In the given case, Sonya is planning to start a day center and for the objective of analyzing the market and the potential customers she used the data from the research that is conducted by the US census bureau.
Hence from the above we can conclude that Sonya is using secondary research.
