Sara is twenty-five years old, Eileen is fifty years old, and both work for Grace's Pet Toys, Inc., which has thirty employees. Parties protected under the Age Discrimination in Employment Act include O a. Sara and Eileen. O b. Sara only. Oc. neither Sara nor Eileen. O d. Eileen only
Q: Spiceland Corporation is in the process of obtaining a loan at City Bank. The bank has requested aud...
A: Here student asked for multi sub part question we will solve first three sub part question for you. ...
Q: Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous ba...
A: Month 1: Outstanding balance in beginning = 610$ APR = 24% Finance charge = 610$ * 24% * 1/12 = 12....
Q: Mercedes Co. acquired all of the common stock of Tesla Co. on January 1, 2018. As of that date, Tesl...
A: Solution A journal is a company's official book in which all business transaction are recorded in ch...
Q: Selected operating data for two divisions of Outback Brewing, Limited, of Australia are given below:...
A: Margin refers to the net earnings of the entity in relation to its sales.
Q: 2. SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. Tamarisk Company sells $...
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Cr...
Q: Based on the foregoing data, how much is the expanded withholding tax on the total agency fees?
A: Expanded withholding tax is the amount of withhold tax which has been earned during period or during...
Q: East Mill Pizzeria is closing its business. It sold its two-year- old pizza ovens to Marco's Italian...
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...
Q: On January 1, 2022, a company issued serial bonds with a face value of P3,000,000 and stated rate of...
A: The question is based on the concept of Financial Accounting.
Q: July 15, 2020. Prepare the journal entries fo Cullumber related to this contract. Either party may t...
A: Date Accounts and Explanation Debit Credit May 10, 2020 No entry (To record entry of contr...
Q: Alta Company is constructing a production complex that qualifies for interest capitalization. The fo...
A: Borrowing costs relating to the acquisition, construction, and production of a qualifying asset shou...
Q: P10-2B. Nickels Company of Windsor has five salaried employees. Your task is to record he following ...
A: Payroll It is important for the business entity to proper maintenance of payroll expenses which is i...
Q: Question 1 M & C Corporation charter authorizes 1,000,000 shares of common stock and 100,000 shares...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Purchases S250,000 Cost of goods sold 250,000 Beginning balance 30,000 Ending balance ?
A: Formula: Ending balance = Beginning balance + Net purchases - Cost of goods sold
Q: On January 1 of its first month of business, Bags Bunny, Inc., paid $74,000 for six months rent begi...
A: Rent is paid in advance for 6 months on the first day of January , we will calculate the monthly ren...
Q: Ruvi and Patrick are partners in a merchandising business. During 2021, they withdrew their salary a...
A: Owner's Equity refers to sum of Beginning capital, Additional investments and share of Income and Mi...
Q: A company's accounts payable dated December 31, 2021, totaled P1,000,000 before any necessary year-e...
A: Working notes :- 1] Issuance of check of P 350,000 was recorded on 3rd ...
Q: paring the bank reconciliation. 2. Examine vendors’ invoices and other s
A: The auditors verify the fairness of financial statements by collecting audit evidence by following m...
Q: On June 10, Splish Brothers Company purchased $6.700 of merchandise from Sunland Company, on account...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Whitaker Consulting Company has prepared a trial balance on following partially completed worksheet ...
A: Worksheet is a 10 column sheet which is being prepared for to first show unadjusted general ledger b...
Q: Calculate debt/equity ratio at December 31, 2020 and 2019. WIPER INC. Condensed Balance Sheets Decem...
A: Lets understand the basics. Debt equity ratio indicates how much company's asset is finance through ...
Q: Explain monetary and fiscal measures that should be implemented by the government to cool down an ov...
A: Monetary policy means the management of the money supply and interest rates by central banks. To str...
Q: a. Prepare an absorption costing income statement. In your computations, round unit costs to two dec...
A: a)Preparation of Income statement under Absorption costing as follows:- Note:- Cost of goods sold...
Q: 13. The capital balances of the partners on December 31, 200D would be: a. Tom, P 72,000; Jones, P 4...
A: The partners Tom and Jones are sharing profits and losses in the ratio of 6:4. Both the partners are...
Q: In performing risk assessment procedures for investments, an auditor may inquire of the client perso...
A: Risk assessment is the process of analysing potential events that may cause loss of asset. Risk asse...
Q: Married individuals filing separate Forms 1040 are not eligible to claim an exclusion for interest i...
A: 16.True. To claim an exclusion for interest income earned on United states saving bonds used to fina...
Q: 4 Lukin Corporation reports the following first year production cost information: Units produced Uni...
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: Twillight Company uses the aging of accounts recelvable method to estimate Bad Debt Expense. The bal...
A:
Q: Mauro Products distributes a single product, a woven basket whose selling price is $18 per unit and ...
A: Breakeven sales is that level of sales revenue at which business is only recovering it's total fixed...
Q: Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares of st...
A: As per the provisions of BIR . a non-resident alien is charged for in...
Q: In performing risk assessment procedures for investments, an auditor may inquire of the client perso...
A: In performing risk assessment procedures for investments, an auditor may inquire of the client p...
Q: 48. On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto...
A: Capital Gain Taxes Capital gain taxes which are applicable for Philippines for sale and exchange of ...
Q: ollute y mu
A: If MAC = 228 - 1.5Eand tax is 72 than optimal emission ----> 72 = 228 - 1.5E ----> E = 104 uni...
Q: V at the top and ends with at the bottom. Had there been a loss for the In reviewing the income stat...
A: Balance : Balance in balance sheet means that the total of fixed and current asset is equal to the t...
Q: The following facts relate to Concord Corporation. 1. Deferred tax liability, January 1, 2020, $31,5...
A: Solution: Computation of Required balance and recognition of Deferred tax liability and Deferred ...
Q: Calculate the dividend payout ratio for 2020. (Do not round intermediate calculations.)
A: Lets understand the basics. Dividend payout ratio indicates that, how much amount of net income is p...
Q: DATA Units Per Unit Description Inventory on hand Purchase Date Jan 1 1,000 2$ 4 Jan 3 3,000 2$ Jan ...
A: Last in first out is also written as LIFO. It is the method used for valuation of material and endin...
Q: Consider the following situation for Junkee Corporation for the prior year. The company produced 1,0...
A: Under variable costing Sales( 900x 100) 90000 Less: variable cost Direct Material (30...
Q: Idaho Inc. issued $600,000 bonds with a stated rate of 9% when the market rate was 7%. They are 3- y...
A: Solution: As market interest rate is lesser than stated interest rate, therefore bonds are issued at...
Q: Your accounting firm was engaged as the auditor of Chismosa Company for the examination of its finan...
A:
Q: At the beginning of 2019, Norris Company l1ad a deferred tax liability of $6,400, because of the use...
A: Comment-Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the questi...
Q: During 2019, White Company determined that machinery previously depreciated over a 7-year life had a...
A: The accumulated depreciation is computed as total depreciation charged on fixed assets till date.
Q: On January 5. 2022. a company received a P5,000,000-complaint from one of its employees who suffered...
A: Solution Explanation- Contingent liability is a liability or a potential loss that mau occur in fut...
Q: (d) Journalize the closing entries from the financial statement columns of the worksheet.
A: Closing entries are passed at the end of the accounting period for some required adjustments.
Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...
A: Lets understand the basics. Risk assessment procedure is performed by the auditor to obtain understa...
Q: Bats Corporation issued $800,000 of 12% face value bonds for $851,705.70. The bonds were dated and i...
A: The bonds premium or discount can be amortized using various methods as straight line, or effective ...
Q: B00 customer accounts. Bad debt expense was $26,187. 1. Assume that Fan-Tastic Sports Gear Inc., use...
A: In this question, we have to do adjusting entry in allowance calculation. Under direct method, bad d...
Q: A printing machine is bought at P 1.5 million and is estimated to have a salvage value of P100,000 a...
A: The accumulated annual depreciation expense based on units produced is calculated by first dividing ...
Q: STAR Corporation, a domestic corporation, had the following data: YEAR GROSS INCOME DEDUCTIONS 2...
A: Operating loss incurred in a tax year may be carried over as a deduction from gross income for 3 con...
Q: HH Co. purchased equipment at the beginning of 2020 for $53,000 with an estimated residual value of ...
A: Answer) Calculation of gain or loss on disposal of Equipment Gain or loss on disposal of Equipment =...
Q: On January 1, 2021, a company issued serial bonds with a face value of 3,000,000 and a stated rate o...
A: Carrying value of the bonds = Present value of principal + Present value of interest payments where,...
Step by step
Solved in 2 steps
- Problem 15-32 (LO. 3, 4) Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2020, the business pays $100,000 in W–2 wages, has $150,000 of qualified property, and generates $150,000 of qualified business income. Susan has no other items of income or loss and will take the standard deduction of $12,400. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's QBI deduction?Exercise 15-19 (LO. 3, 4) In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 1Tax liability (round to the nearest dollar): $fill in the blank 2Question 13 of 15. A single taxpayer who is a dependent under age 65 has to file a tax return if their unearned income exceeds more than which amount? $1,100 $1,200 $4,200 $4,400 Mark for follow up
- Problem 15-26 (LO. 3, 4) Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a “specified services” business) that generates qualified business income of $300,000. The proprietorship pays W–2 wages of $40,000 and holds property with an unadjusted basis of $10,000. Scott is employed by a local school district. Their taxable income before the QBI deduction is $386,600 (this is also their modified taxable income). Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Scott and Laura's QBI deduction is $fill in the blank dc68cb06e052fa0_1, taxable income is $fill in the blank dc68cb06e052fa0_2, and tax liability is $fill in the blank dc68cb06e052fa0_3 for 2020. b. After providing you the original information in the problem, Scott finds out that he will be receiving a $6,000 bonus in December 2020 (increasing their taxable…64.Goyo, an active general in the Philippine Army, is engaged in trade or business. Goyo is: a.Compensation income earner b.Self-employed c.Mixed income earner d.Exempt from taxation 65.Is one who may either be a single proprietor engaged in business or in the practice of profession: a.Mixed income earner b.Marginal income earner c.Minimum wage earner d. Self-employed individuaAa.43. Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,050 in child care expenses so that she would be able to work. Of this amount, $540 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $1,100 from her jewelry business. In addition, she received child support payments of $20,100 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?
- 11. Sarah, age 34, is single, and lives with her Mom, Ellen, who is age 66. Sarah has income of $ 32,400 and Ellen has income from a part-time job of $ 12,300 and social security of $ 800 per month. What is Ellen's filing status? Question options: a) Married filing joint b) Head of Household c) Single d) Married filing separate e) Qualifying widowMa1 Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2020, Matthew participates in SV’s money purchase pension plan (a defined contribution plan) and in his company’s 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee’s salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee’s 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV’s contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.) d. Assume Matthew's annual salary is $72,500 and that he is 54 years old at the end of 2020. What amount can Matthew contribute to his 401(k) account in 2020?Question 16 In 2020, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len: a. Adjusted gross income b. Standard deduction c. Taxable income d. Tax liability e. Explain the tax treatment of the loss from the stock sale
- Required information Skip to question [The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year-end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $97,000 and qualified business income of $18,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $240,000 and they sold it for $290,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,100 of itemized deductions, and they had $4,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the…Required information Skip to question [The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year-end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $97,000 and qualified business income of $18,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $240,000 and they sold it for $290,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,100 of itemized deductions, and they had $4,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the…K 5 Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Note: Leave no answer blank. Enter zero if applicable. Required: Grady files single and reports salary of $12,400 and interest income of $280. Grady files single and reports salary of $22,330 and interest income of $630. Grady files married joint and reports salary of $75,600 and interest income of $530. Grady files married joint and reports salary of $44,000 and interest income of $730. Grady files married separate and reports salary of $22,330 and interest income of $630