(c) select the accounting assumption or principle Only those things that can be expressed in money are included in the accounting records.
(d) select the accounting assumption or principle Separates financial information into time periods for reporting purposes.
(e) select the accounting assumption or principle Measurement basis used when a reliable estimate of fair value is not available.
(f) select the accounting assumption or principle Dictates that companies should disclose all circumstances and events that make a difference to financial statement users.
Answer:
Book keeping ideas principles of bookkeeping that ought to be followed in planning everything being equal and budget summaries. The four major ideas are;
2. What is the Internal Revenue Service?
3. What is the capital gains tax?
4. Give at least two examples of types of state taxes.
5. What is a pay stub?
Answer:
1) Taxes are compulsory financial charges levied upon taxpayers by government entities in order to fund their activities.
2) The IRS is the government agency responsible for collecting federal taxes and enforcing federal tax law.
3) Capital gains taxes are taxes levied upon the profit resulting from the sale of non inventory assets (e.g. land, house, stocks, etc.)
4) Two examples of state taxes are: corporate state taxes and real property taxes.
5) A pay stub or a pay slip is a document that itemizes what an employer pays to its employee. It includes the salary minus the deductions made.
Explanation:
The journal entries are shown below:
a. Depreciation expense A/c Dr $4,070
To Accumulated Depreciation - Equipment A/c $4,070
(Being depreciation expense is recorded)
b. Cash A/c Dr $21,900
Accumulated Depreciation - Equipment A/c $40,340
Loss on sale of an equipment $14,540
To Equipment $76,780
(Being sale of equipment is recorded and the remaining balance is debited to the loss on sale of an equipment)
The accumulated depreciation is computed below:
= $36,270 + $4,070
= $40,340
(B) supply
(C) demand
(D) scarcity