Lewis is an unmarried law student at state university a

Assignment Help Accounting Basics
Reference no: EM13483122

Lewis is an unmarried law student at State University, a qualified educational institution. Last year Lewis borrowed $30,000 and used the proceeds to pay his university tuition. This year Lewis paid $1,500 of interest on the loan. Which of the following is a true statement if Lewis reports $40,000 of salary and no other items of income or expense?

Reference no: EM13483122

Questions Cloud

Yu have been hired as a consultant to harveys agent phil : harvey alexander an all-league professional football player has just declared free agency. two teams the san francisco
Which of the following statements is not true relating to : which of the following statements is not true relating to cash flow analysis a cash return on assets indicates the
The general fund collected 825000 in accrued taxes which : the general fund collected 825000 in accrued taxes which was transferred to the debt service fund 600000 of this amount
De to the nature of the product and the process units are : haskell brothers products inc. manufactures a liquid product in one department. due to the nature of the product and
Lewis is an unmarried law student at state university a : lewis is an unmarried law student at state university a qualified educational institution. last year lewis borrowed
Swedish navy company manufactures wristwatches on an : swedish navy company manufactures wristwatches on an assembly line. the work in process inventory as of march 1
What major characteristics differentiate intangible assets : what is..... please define and describe in detail the term intangible asset. what major characteristics differentiate
H paris capital photography fees earned and utilities : use the information in exercise 2-4 to prepare an august 31 trial balance for pose-for-pics. open these t-accounts cash
Refer to the original data rather than purchase new : frieden companys contribution format income statement for the most recent month is given below sales 1189000 variable

Reviews

Write a Review

Accounting Basics Questions & Answers

  Investments net present value

The working capital would be released for use elsewhere when the project is completed. If the company's discount rate is 10%, the investment's net present value is:

  Preparing a cash distribution plan problem

Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.

  A company receives a 10 90-day note for 1500 the total

1 the interest accrued on a 6500 at 6 for 60 days isa 36b 42c 65d 180e 4202 a 90-day note issued on april 10 matures

  Determining variable and absorption costs

Assume that the company uses variable costing, compute the unit cost for one knife set? Assuming that the company uses absorption costing, compute the unit cost for one knife set.

  Determining the spot and forward rates

Which of the following factors will affect the spread between spot and forward rates?

  Advanced management accounting questions

Advanced  Management Accounting Questions,  How can activity-based costing help Heather Gerald assess the attractiveness of the proposed policy?

  Prepare the journal entry to record the hale companys

withholdings from the employees salaries include fica ss taxes at a rate of 6.2 fica medicare taxes at a rate of 1.45

  Shares of common stock of long corporation

Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.Instructions:

  Caleb company uses the retail inventory method to determine

caleb company uses the retail inventory method to determine inventory cost for financial reporting purposes. they have

  Analyze the risks in the systems

Analyze the risks in the systems that your team analyzed. Identify all risks and internal control points by incorporating the controls and risks into the flowcharts.

  Discretionary and nondiscretionary fiscal policy

Analyze the difference between discretionary and nondiscretionary fiscal policy. Explain the effects of discretionary and nondiscretionary fiscal policy on governmental revenue and expenditures.

  Prepare schedule of cash collections for july

Duffy Corporation hasprepared the following sales budget: Month. Prepare a schedule of cash collections for July through September.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd