The adjusted gross income number (AGI) is an important one. It is said it is always better for a deduction to be “for” AGI, i.e., deductible in arriving at AGI. These are also called “above the line” deductions. Why is it better? Can you name any specific benefits to being deductible above the AGI line? Discuss one or two […]
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 11,255 Prepaid Rent 5,500 Equipment 295,285 Accumulated Depreciation $236,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained […]
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Alpha Company sells widgets for $25 each. The widget has a one year warranty. Alpha estimates that 6% of the widgets will require repair during the warranty period. The estimated average repair cost is $4.25 per widget. On July 31, the Estimated Warranty Liability account had a normal balance of $10,000. During August, sales were $70,000. During […]
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