Instead, Julie's Tax Prep
Instead, Julie’s Tax Prep only paid six months’ worth of office rent ($1,000/month * 6 months = $6,000) in Dec. 2020. The rent covers Dec. 1, 2020 through May 31, 2021. How much of the $6,000 rent can Julie’s deduct in 2020?
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On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth ofdeductible interest on...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth ofdeductible interest on a business loan. The interest won’t accrue until January 2020.Julie’s Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec.16, 2019, Julie’s prepaid the $8,000 trade show booth rental expense. The payment isn’tdue until May 2020, and use of the booth will occur in July 2020.In addition, On Dec. 28, 2019, Ed’s Equipment repaired some equipment...
On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest...
On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until January 2020. Julie's Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition, On Dec. 28, 2019,...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won’t accrue until January 2020. Julie’s Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie’s prepaid the $8,000 trade show booth rental expense. The payment isn’t due until May 2020, and the use of the booth will occur in July 2020. In addition, On Dec. 28,...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer,
prepaid $4,000 worth of deductible interest on a business loan. The
interest won’t accrue until January 2020.
Julie’s Tax Prep will be displaying for the first time at a
trade show in July 2020. On Dec. 16, 2019, Julie’s prepaid the
$8,000 trade show booth rental expense. The payment isn’t due until
May 2020, and use of the booth will occur in July 2020.
In addition, On Dec. 28, 2019,...
On Dec. 15, 2018, Julie’s Tax Prep, a cash-method taxpayer, prepaid $3,000 worth of deductible interest on a business lo...
On Dec. 15, 2018, Julie’s Tax Prep, a cash-method taxpayer, prepaid $3,000 worth of deductible interest on a business loan. The interest won’t accrue until January 2019. Julie’s Tax Prep will be displaying for the first time at a trade show in July 2019. On Dec. 16, 2018, Julie’s prepaid the $6,000 trade show booth rental expense. The payment isn’t due until May 2019, and use of the booth will occur in July 2019. In addition, On Dec. 28, 2018,...
Question 2 0/0.3 pt On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000...
Question 2 0/0.3 pt On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until January 2020. Julie's Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition,...
Prepare general journal entries to record each transaction. Omit explanations. Pastina Company manufactures and sells various...
Prepare general journal entries to record each transaction. Omit
explanations.
Pastina Company manufactures and sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The December 31, 2020 trial balance is as follows: Credits PASTINA COMPANY Trial Balance December 31, 2020 Account Title Debits Cash $ 24,550 Accounts receivable 22,000 Supplies 1,400 Inventory 68,000 Prepaid rent 1,250 Office equipment 92,000 Accumulated depr.-office equipment Accounts payable Salaries payable Common stock Retained earnings...
need help with closing entries: During 2021, the following transactions occurred: Jan. 1 Issued common stock...
need help with closing entries: During 2021, the following transactions occurred: Jan. 1 Issued common stock in exchange for $20,000 cash. Jan. 31 Rent payment of $1,250 for January 2021, which was paid on December 1, 2020, expires Feb. 15 Purchased inventory on account for $80,000 (the perpetual inventory system is used). Mar. 1 Lent a supplier $24,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. Apr. 1 Paid an...
Adjusting Entries Exercise 1. Purchased advertising supplies of $25,000 on Dec. 1". An inventory count on...
Adjusting Entries Exercise 1. Purchased advertising supplies of $25,000 on Dec. 1". An inventory count on Dec 31" reveals $10,000 on hand. 2. Paid $6,000 for a one-year insurance on Dec. 1". 3. Paid $50,000 for an office equipment on Dec. 1". It can be used for 10 years, and will be worth $2,000 (salvage value) at the end of the tenth year. 4. Receive $12,000 on Dec. 1" for advertising services to be completed over the next three months....
need help with this: During 2021, the following transactions occurred: Jan. 1 Issued common stock in...
need help with this: During 2021, the following transactions occurred: Jan. 1 Issued common stock in exchange for $20,000 cash. Jan. 31 Rent payment of $1,250 for January 2021, which was paid on December 1, 2020, expires Feb. 15 Purchased inventory on account for $80,000 (the perpetual inventory system is used). Mar. 1 Lent a supplier $24,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. Apr. 1 Paid an insurance...
On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until January 2020. Julie's Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition, On Dec. 28, 2019,...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer,
prepaid $4,000 worth of deductible interest on a business loan. The
interest won’t accrue until January 2020.
Julie’s Tax Prep will be displaying for the first time at a
trade show in July 2020. On Dec. 16, 2019, Julie’s prepaid the
$8,000 trade show booth rental expense. The payment isn’t due until
May 2020, and use of the booth will occur in July 2020.
In addition, On Dec. 28, 2019,...
Question 2 0/0.3 pt On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until January 2020. Julie's Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition,...
Prepare general journal entries to record each transaction. Omit
explanations.
Pastina Company manufactures and sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The December 31, 2020 trial balance is as follows: Credits PASTINA COMPANY Trial Balance December 31, 2020 Account Title Debits Cash $ 24,550 Accounts receivable 22,000 Supplies 1,400 Inventory 68,000 Prepaid rent 1,250 Office equipment 92,000 Accumulated depr.-office equipment Accounts payable Salaries payable Common stock Retained earnings...
Adjusting Entries Exercise 1. Purchased advertising supplies of $25,000 on Dec. 1". An inventory count on Dec 31" reveals $10,000 on hand. 2. Paid $6,000 for a one-year insurance on Dec. 1". 3. Paid $50,000 for an office equipment on Dec. 1". It can be used for 10 years, and will be worth $2,000 (salvage value) at the end of the tenth year. 4. Receive $12,000 on Dec. 1" for advertising services to be completed over the next three months....
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