Entries by Grace Wahito

I have 5 accounting multiple choice questions I need finished within

March 30, 2020 in /by

I have 5 accounting multiple choice questions I need finished within the next hour (timed test). Thank you.  ATTACHMENT PREVIEW Download attachment(TCO E) For federal tax purposes, dividend payments from a C corporation are _____. active income portfolio income passive income None of the above(TCO D) Tom Smith had a short-term capital loss of $3,000 in 2016, a short-term capital […]

 

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I have 5 accounting multiple choice questions I need finished

March 30, 2020 in /by

I have 5 accounting multiple choice questions I need finished within the next hour (timed test). Thank you.  ATTACHMENT PREVIEW Download attachment(TCO E) For federal tax purposes, dividend payments from a C corporation are _____. active income portfolio income passive income None of the above(TCO D) Tom Smith had a short-term capital loss of $3,000 in 2016, a short-term capital […]

 

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Adjusting Entries are required at the end

March 30, 2020 in /by

Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,200 per month. Develop the adjusting entry at the end of the first month that rent should be applied. (1) Name the accounts impacted and how to use the […]

 

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An interesting twist in the inventory method

March 30, 2020 in /by

An interesting twist in the inventory method is when you integrate the FIFO and the LIFO with the perpetual method of inventory. Unlike the periodic inventory, which would happen at the end, the perpetual would constantly be changes in the inventory and when a purchase occurs in the middle of the month, you suddenly have […]

 

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