BUSINESS COLLEGE

Bebe Rexha has AGI of $100,000 and makes the following expenditures:Wheelchair $10,000
Whirlpool bath $10,000
Maintenance of the whirlpool $1,000
Increased utility bills associated with whirlpool $1,000
Entrance ramp, various home modifications $10,000

Bebe Rexha's deductible medical expenses will be _______.

Answers

Answer 1

Answer:

Answer:

$31000 will be allowed as expenditure

Explanation:

given data

Wheelchair = $10,000

Whirlpool bath = $10,000

Maintenance = $1,000

Increased utility bills = $1,000

various home modifications = $10,000

solution

as here value of the home increased = $1000

and that is increaed utility bill of the whirlpool

so that expenditure will be added to value of asset

total expenditure is = $10000 + $10000 + $10000 + $1000 = $31000

so $31000 will be allowed as expenditure

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Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30.
Mar. 9 Paid the amount owed on the invoice within the discount period.
Mar. 11 Discovered that $18,000 of the merchandise purchased on March 1 was defective and returned items, receiving credit for $17,640 [$18,000 − ($18,000 × 2%)].
Mar. 18 Purchased $10,000 of merchandise from Wright Co. on account, terms n/30.
Mar. 20 Received a refund from Wright Co. for return on Mar. 11 less the purchase on Mar. 18.

Answers

Answer:

See explanation section.

Explanation:

March 1, Purchased Debit $90,000

Accounts payable Credit $90,000

Note: To record the purchased on account.

March 9, Accounts payable Debit $90,000

Cash Credit $88,200

Purchased discount Credit $1,800

Calculation: $90,000 - ($90,000 × 2%) = $88,200

Note: To record the payment.

March 11, No journal entry required.

March 18, Purchased Debit $10,000

Accounts payable Credit $10,000

Note: To record the purchased on account.

March 20, Cash Debit $17,640

Refunds payable Credit $17,640

Note: To record the return.

Final answer:

The journal entries are indicated for each transaction during March, highlighting purchases on account, payment within discount period, return of defective goods, a second purchase, and a refund received. The entries show how these transactions are reflected in the accounting system of Manville Heating & Air Company.

Explanation:

The journal entries for the transactions of Manville Heating & Air Company in the month of March are as follows:

Mar. 1: Debit Inventory $90,000, Credit Accounts Payable $90,000 (Purchase on account)
Mar. 9: Debit Accounts Payable $90,000, Credit Cash $88,200, Credit Purchase Discounts $1,800 (Payment within discount period)
Mar. 11: Debit Accounts Payable $18,000, Credit Inventory $17,640, Credit Purchase Discounts $360 (Return of defective merchandise)
Mar. 18: Debit Inventory $10,000, Credit Accounts Payable $10,000 (Additional purchase on account)
Mar. 20: Debit Accounts Payable $17,640, Credit Cash $17,640 (Refund received for defective merchandise, less second purchase)

The above journal entries demonstrate the recording of purchasing transactions and returns, considering the discount period and the eventual refund received.

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Retirement planning should begin at what age?

Answers

Answer:

Explanation:

Monday island produces only yams yams and lemons lemons. the marginal cost of a yam yam is the number of lemons lemons that ______ to get one more ______.a. must be forgone; lemon lemon
b. people are willing to forgo; yam yam
c. must be forgone; yam yam
d. people are willing to forgo; lemon lemon

Answers

d. people are willing to forgo; lemon lemon

Ivanhoe Electronics reported the following information at its annual meetings: The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,145,200, accounts receivables of $3,489,700, short-term notes payable worth $1,138,700, and other current assets of $121,455. What is the company's net working capital

Answers

Answer:

The answer is $6,693,753

Explanation:

Net Working Capital = current assets - current liabilities

Current assets:

Cash and marketable securities

Inventory

Accounts receivable

Other current assets

$1,235,455 + $7,145,200 + $3,489,700 + $121,455

Total current assets = $11,991,810

Current liabilities:

Accounts payable = $4,159,357

Notes payable = $1,138,700

Total current liabilities = $5,298,057

Net working capital

= $11,991,810 - $5,298,057

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Terrence needs to deliver negative feedback to an employee, Chad, using his company's appraisal software. Before delivering the feedback, he should first Multiple Choice meet with Chad in person and establish goals for improvement. discuss Chad's poor performance with other managers in the company. send a company-wide email reiterating key performance objectives. rank the performance of each employee on a scale of one to ten. privately warn Chad's coworkers that they may face increased scrutiny due to Chad's ongoing poor performance.

Answers

meet with Chad in person and establish goals for improvement.

Explanation:

Whenever an employee shows negativity either to his co-employee or to sub-ordinates, it is better to call in person and meet.

We can get the pointers which is making that particular employee to behave in such a manner or we can otherwise guide that employee in the right direction so that the organizational goals are met.

Following things will not work:

Discussing about the poor performance of Chad's with other managers
Sending an e-mail stating the poor performance of Chad's to all the employees.
Warning Chad's coworker is not a good solution, because here Chad's behavior towards co-workers are wrong and not vice versa.

in the event of bankruptcy under the federal bankruptcy laws, debtholders have a prior claim to a firm's income and assets before both common and preferred stockholders. moreover, in a bankruptcy all debtholders are treated equally as a single class of claimants.

Answers

The assertion is untrue. Debt holders have priority over common and preferred shareholders when it comes to a company's earnings and assets.

The creation of a plan under bankruptcy law enables a debtor who is unable to pay his creditors to settle his debts by allocating his assets to them. Additionally, this controlled split enables some degree of equality in the treatment of the interests of all creditors. In some bankruptcy cases, a debtor is permitted to continue operating their business and use the money they make to pay down their obligations. The discharge of certain debtors from their accrued financial responsibilities, following the distribution of their assets and even if their debts have not been fully paid, is another goal of bankruptcy law.

In order to implement the Bankruptcy Code, bankruptcy courts must adhere to Federal Rules of Bankruptcy Procedure.

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