19. Which part of the lease gives the landlord the right to remove the tenants

The journal entry required to close the Drawing account is _____. a debit to Income Summary account and a credit to Drawing acco

Alex_Xolod [135]

The journal entry required to close the Drawing account is debit to Income Summary account and a credit to Drawing account.

Option a) is correct.

<h2>What is Income Summary account ?</h2>

An income summary is a temporary account that is used to net the closing entries from all the revenue and expense accounts at the conclusion of the accounting quarter. The final balance is regarded as a gain or loss. The company made a profit for that year if the net balance of the income summary is a credit balance, and a loss for that year if the net balance is a debit balance.

It lists all earnings and costs related to both operational and non-operating operations. It is also known as a revenue and expense summary as a result.

Learn more about Income summary Accounts here:

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8 0

1 year ago

During the year (not a leap year), Anna rented her vacation home for 87 days, used it personally for 13 days, and left it vacant

Oksana_A [137]

Answer:

Anna can deduct up to US$ 10,000, so she can deduct as an itemized deduction the payment of US$ 2,500 on real estate taxes she made.

Explanation:

Any taxpayer can deduct real estate taxes on the federal income tax return. For 2019, the IRS says a taxpayer can deduct up to $10,000 ($5,000 if you're married filing separately) But limits apply and you have to itemize to take the deduction.

Therefore, Anna can deduct up to US$ 10,000, so she can deduct as an itemized deduction, the payment of US$ 2,500 on real estate taxes she made.

6 0

3 years ago

Americans' core value of upward mobility (i.e., success will come to anyone who works hard) has greatly influenced the way luxur

Vlad1618 [11]

Answer: Option (C)

Explanation:

Sociological factors are referred to as or known as elements or factors of the society that tends to radiate negative and positive influence which cause a change in function, structure, elements, and orientation. Sociology tends to mostly study society in regards with its elements, structure, and their development which mostly includes numerous factors such as people and the population, ethnicity, age, gender, religion, view , culture, and etc.

8 0

3 years ago

Fiscal policy refers toa.changes in the interest rate.b.changes in the money supply.c.changes in the amount of physical capital

myrzilka [38]

the answer is d. discretionary changes in government spending and taxes

5 0

3 years ago

Colgate-Palmolive Company has just paid an annual dividend of . Analysts are predicting dividends to grow by per year over the n

denis23 [38]

The amount of $97.85 is the price that dividend-discount model predict that Colgate stock should sell for today

Given Information

Current dividend (D0) = $1.59

Dividend payments for next five years includes:

D1 = 1.59 +0.18

D1 = 1.77

D2 = 1.77 +0.18

D2 = 1.95

D3 = 1.95 +0.18

D3 = 2.13

D4 = 2.13 +0.18

D4 =2.31

D5 = 2.31 +0.18

D5 =2.49

Year Cash Flow PVF at 8.1% Present value

1 1.77 0.92506938 1.637372803

2 1.95 0.855753358 1.668719048

3 2.13 0.791631229 1.686174517

4 2.31 0.73231381 1.691644901

5 2.49 0.677441082 1.686828295

Present value of Dividends 8.3707

PV of remaining dividends in 5 year = D5 x (1+g)/(Ke-g))

PV of remaining dividends in 5 year = 2.49(1+0.061)/(0.081-0.061)

PV of remaining dividends in 5 year = $132.0945

Given that g=6.1%, ke=8.1%

PV of remaining dividends in year = 0 = PV of the remaining dividends in year 5* 1/(1+0.081)^5

= 132.0945 * 1/(1+0.081)^5

= $89.48624

As per dividend-discount model, Colgate stock should sell for today = PV of Dividends till 5th year + PV of Remaining Dividend at t=0

= $89.48624 + $8.3707

= $97.8531

= $97.85

Hence, the amount of $97.85 is the price that dividend-discount model predict that Colgate stock should sell for today.