<span>Employers normally require employees to pay a large portion of thecost of the life insurance benefit.</span>
Answer:
$127,000
Explanation:
Calculation for the amount to be reported as taxable income
Using formula
Taxable income=[Year 8 Income Statement + Rent received in advance -Income from exempt municipal bonds -(Depreciation deducted for income tax purposes-Depreciation deducted for financial reporting)]
Let plug in the formula
Taxable income=[$130,000+$ 22,000 -$ 17,000 -( $ 18,000 -$ 10,000 )]
Taxable income=$130,000+$ 22,000 -$ 17,000 -$8,000
Taxable income=$127,000
Therefore the amount that Packer should report as taxable income will be $127,000
Answer:
Requirement: <em>Prepare journal entries to: (a) Accrue the salaries payable on December 31, b) Close the Salaries Expense account on December 31 (the account has a year-end balance of $250,000 after adjustments), (c) Record the salary payment on January 7</em>
Date Accounts title and Explanation Debit Credit
31-Dec Salaries expense $1,880
Salaries Payable $1,880
(To record accrued salaries )
31-Dec Retained Earnings $250,000
Salaries Expense $250000
(To close salaries expense account)
07-Jan Salaries Payable $1,880
Salaries expense $2,920
Cash $4,800
(To record payment of salary)
Answer:
b. risk management plan
Explanation:
this is true by definition, risk management involved forecasting risks, and laying out ways on how to manage them
- risk response plan is on how to reduce existing risks
- risk identification is to identify the risks of any open project
- risk balance plan is an analysis on how to maintain a balance on keeping safe and taking risks for greater benefit
