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

Previous Q& A

  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

  A total of 70 percent of the merchandise for resale is

village hardware is a retail hardware store. information about the stores operations follows.bull november 20x4 sales

  I the chart of accounts is represented with a table in

the chart of accounts is many times described in financial accounting as the central element of a general ledger

  Three rivers dental associates trda is a large dental

three rivers dental associates trda is a large dental practice in pittsburgh. the firms controller is preparing the

  Explain using proper database terminology why it is only

explain using proper database terminology why it is only necessary to enter journal entries into the sap system and it

  Acme corporation issued 650000 8 bonds for 720000 was the

acme corporation issued 650000 8 bonds for 720000. was the market rate on the date of issue higher than lower than or

  Determine the amount of write-down reversal required using

at december 31 2012 mnc still has the same three products in its inventory. updated information for each product

Reviews

Write a Review

 

Similar Q& A

  A firm with sales of 500000 has average inventory of 200000

a firm with sales of 500000 has average inventory of 200000. the industry average for inventory turnover is four times

  Unamortized discount on the bonds

On July 1, 2010, an interest payment date, $60,000 of Parks Co. bonds were converted into 1,200 shares of Parks Co. common stock, each having a par value of $45 and a market value of $54. There is $2,400 unamortized discount on the bonds. Using th..

  Olgas depreciation expense

Compute Olga's depreciation expense for 2008-2010 assuming the mid-quarter convention applies to all three-year property placed in service during 2008.

  Keller company requires its marketing managers to submit

keller company requires its marketing managers to submit estimated cost-volume-profit data on all requests for new

  Prepare journal entries for gardener corporation

The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction.

  Effect of full cost-variable cost transfer pricing method

Examine the effect of both full-cost and variable-cost transfer pricing methods on Phipps' cash flows by using a spreadsheet program such as Excel.

  Relationship between tax base and tax rate

What is the relationship between tax base and tax rate in determining the revenue collected by the government? Give an example of how a particular tax would fit into the various components of the equation.

  Journal entries for partnership profits

Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $400,000 for the ownership interest. Flint paid the money directly to Chang and to Danos for 50% of each of their ..

  How each activity is incurred relative to production

Identify the following activities as unit level (U), batch level (B), or facility level (F), which would indicate how each activity is incurred relative to production.

  Indicate the proportions passing business mathematics

Suppose Crane and Egret are two very small colleges, the results of the beginning Business Mathematics course at each of the two schools are given in the table. Count Pass Fail Expect Crane 8 14 7.6 14.4 Egret 1 3 1.4 2.6

  What were the standard hours allowed for the units produced

What were the standard hours allowed for the units produced?

  Capitalizing certain long-term leases

What is the theoretical basis for requiring lessees to capitalize certain long-term leases? Do not discuss the specific criteria for classifying a lease as a capital lease.

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