which of the following statements is not true regarding the education credits? multiple choice if a dependent pays for qualified expenses, the expenses are deemed paid by the taxpayer. if a relative makes payments for qualified expenses directly to the institution on behalf of the student, the expenses are deemed paid by the student. if a student receives a scholarship that is excluded from gross income, that amount should reduce qualified expenses. payments made using borrowed funds are not considered qualified expenses.

Answers

Answer 1

The statement that is not true regarding education credits is: If a relative makes payments for qualified expenses directly to the institution on behalf of the student, the expenses are deemed paid by the student, option C is correct.

In practice, when a family member directly pays the institution for qualified expenses on behalf of the student, it is typically regarded as the relative's payment rather than the student's. The student cannot claim these payments as qualified expenses for the purpose of education credits.

When it comes to education expenses and tax credits, it is essential to understand the guidelines and rules set forth by the tax authorities. In the case of education credits, there are certain criteria that need to be met to qualify for these credits, option C is correct.

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------ The complete question is:

Which of the following statements is not true regarding the education credits?

A) If a dependent pays for qualified expenses, the expenses are deemed paid by the taxpayer.

B) Payments made using borrowed funds are not considered qualified expenses.

C) If a relative makes payments for qualified expenses directly to the institution on behalf of the student, the expenses are deemed paid by the student.

D) If a student receives a scholarship that is excluded from gross income, that amount should reduce qualified expenses. ------


Related Questions

Lottery Prizes A lottery offers one $900 prize, one $600 Prize, three $300 prizes, and four $200 prizes. One thousand tickets are sold at S6 each. Find the expectation if a person buys five tickets. A

Answers

The expectation of a person buying 5 tickets is $0.18.

First, we calculate the probability that the person buying the ticket wins one of the prizes:

Probability of winning $900 prize = 1/1000

Probability of winning $600 prize = 1/1000

Probability of winning $300 prize = 3/1000

Probability of winning $200 prize = 4/1000

Next, we calculate the expected value of the winning ticket:

Expected value of $900 prize = 1/1000 × $900 = $0.9

Expected value of $600 prize = 1/1000 × $600 = $0.6

Expected value of $300 prize = 3/1000 × $300 = $0.9

Expected value of $200 prize = 4/1000 × $200 = $0.8

Finally, we can calculate the expectation of a person buying 5 tickets using the formula below:

Expectation = Number of tickets bought × Probability of winning × Expected value of prize

Expectation = 5 × (1/1000 × 0.9 + 1/1000 × 0.6 + 3/1000 × 0.9 + 4/1000 × 0.8)

Expectation = 5 × 0.036Expectation = 0.18

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Which business situation is most likely a "breeding ground" for unethical conduct by employees?

Answers

The business situation which is most likely a "breeding ground" for unethical conduct by employees is:

When performance improvement is needed.

What is Unethical Conduct?

This refers to the type of conduct which a person exhibits when he acts in a manner that is improper and takes advantage of other people to make gain or profit.

With this in mind, we can see that when a particular company has a low performance and their managers need immediate improvements, this can cause the employees to engage in unethical acts.

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krysta wants to take piano lessons. she asked a teacher how many new pieces she could expect to learn each month. the teacher gave an estimate of 3. write an equation that shows how the total number of pieces krysta would learn, y, depends on the number of months of piano lessons, x.

Answers

The required equation is y = 3x which represents the total number of pieces Krysta would learn, where x months of piano lessons.

What is the Linear equation?

A linear equation is defined as an equation in which the highest power of the variable is always one.

Krysta wants to learn to play the piano. She inquired with an instructor about the number of new pieces she could anticipate studying each month. The teacher estimated three.

Let y represent the total number of pieces Krysta would learn,

And x represent depends on the number of months of piano lessons,

According to the given situation, we can write the equation would be as:

⇒ y = 3x

Therefore, the required equation is y = 3x which represents the total number of pieces Krysta would learn.

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what concept of scarcity refers to what idea​

what concept of scarcity refers to what idea

Answers

Answer:

D

Explanation:

people have limited resources to fufill their unlimited wants.

this one just sounded right to me.

sorry if this is wrong

How can businesses entice Face book users to interact with them on Face book?

Answers

Answer:

i mean they could bribe or like start selling stiff on there to get peoples attention

if net sales are $360,000, cost of goods available for sale is $286,000, and gross profit percentage is 35%.what is the amount of ending inventory?

Answers

The amount of ending inventory is $52,000.

To calculate the ending inventory, we first need to find the cost of goods sold (COGS). We know that gross profit percentage is 35%, so we can find the gross profit amount as follows:

Gross Profit = Net Sales * Gross Profit Percentage
Gross Profit = $360,000 * 0.35
Gross Profit = $126,000

Now, we can find the COGS:

COGS = Net Sales - Gross Profit
COGS = $360,000 - $126,000
COGS = $234,000

Next, we'll determine the ending inventory:

Ending Inventory = Cost of Goods Available for Sale - COGS
Ending Inventory = $286,000 - $234,000
Ending Inventory = $52,000

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Is computer assembly a good job for a teenager?

Answers

Yes, if the teen is educated on computers and the assembly of them.
No, if they are not educated about computers

Explanation:

Jobs help kids develop a sense of responsibility. Jobs help kids develop a greatest sense os self. To develop a teen under the age of 16 it costs more in insurance and there is extral laws as well so most businesses just don't do it. A best thing you can do is talk to your local shop owners. Go to the shop (during a non busy time) and ask if the owner has some time to walk to you and if not when would be a good time.

although hydroelectric dams generate electricity without producing greenhouse gases, they

Answers

Despite that hydroelectric dams generate electricity without producing greenhouse gases, they eliminate farmland and wildlife habitats in the regions that are flooded.

Hydro-electricity is a source of electricity generated from force gotten from downfall of dam water.

Hydro-electricity are only generated from accumulation of large bank of rivers that may pose danger to farmlands and widelife habitat.

Hence, the Option C is correct because hydroelectric dams eliminate farmland and wildlife habitats in the regions that are flooded.

Missing option includes "a. are only able to contribute to about 5% of the electrical power throughout the world. b. are short-lived structures that have to be rebuilt about every 20 years. c. eliminate farmland and wildlife habitats in the regions that are flooded. d. alter water control in ways that make it more difficult to irrigate crops."

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the new securities sold in primary markets are handled by a(n): group of answer choices security exchange council. credit bureau. investment banker. securities dealer. insurance agent.

Answers

The new securities sold in primary markets are typically handled by an **investment banker**.

Investment bankers are professionals who help companies and governments raise capital by underwriting and selling new securities, such as stocks and bonds, in primary markets. Investment bankers work closely with the issuers of the securities to determine the offering price, the size of the offering, and the appropriate time to bring the securities to market. They also market the new securities to potential investors, helping to ensure that the offering is successful and that the issuer raises the desired amount of capital. In addition to underwriting new securities, investment bankers may also provide other financial services, such as merger and acquisition advice, corporate restructuring, and risk management.

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Can someone help me?

Can someone help me?

Answers

Michael Sears’ standard work is 35 hours at a rate of $8.675 per hour he earns time and a half for weekends hours this week he worked 3 extra hours on Sunday what is his total pay for the week

Which of the following reasons do economists use to explain why people are​ overweight?A. People undervalue the utility to be received in the future.B. People's preferences are not consistent over time.C. People overvalue the utility from current choices.D. All of the above explain why people are overweight.

Answers

The reasons that economists use to explain why people are overweight are all of the given options. The correct answer is: D. All of the above explain why people are overweight.

Economists use all of the above reasons to explain why people are overweight. People undervalue the utility to be received in the future when they choose to eat unhealthy foods that may lead to weight gain in the future.

They may also have inconsistent preferences over time, where they may want to be healthy in the long run but choose to indulge in unhealthy foods in the present moment. In addition, people may overvalue the utility of current choices, such as enjoying the taste of unhealthy foods, and therefore choose them over healthier options.

Economists often use the concept of time-inconsistency to explain why people make choices that do not align with their long-term goals, such as maintaining a healthy weight. Time-inconsistent preferences refer to situations where people's preferences change over time, and they may prefer different options at different points in time.

This can lead to self-control problems where people struggle to make choices that align with their long-term goals. Therefore, all of the above reasons can help explain why people struggle with maintaining a healthy weight, which is option D.

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Where do you report a stolen credit card to efta standards or pci standards

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A merchant's PCI DSS compliance can be confirmed using the PCI Report on Compliance. The PCI DSS's standards and procedures were created to increase the security of credit card-based transactions and safeguard cardholder data from fraud and other unauthorized uses of their personal data.

To protect cardholders' private information and boost the security of transactions involving credit, debit, and cash cards, the Payment credit card Industry Data Security Standard (PCI DSS) is a well-known set of rules. PCI Compliance is NOT a one-time project but an ongoing practise. Merchants (the Business Owner) are in charge of overseeing the finances of their company's activities.

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A. What do we mean when we say that capital markets are efficient?
B. What are the implications if capital markets are not efficient?
C. What factors contribute to an efficient market

Answers

Capital markets are said to be efficientwhen security prices swiftly and precisely reflect all publicly available information regarding a specific security or market.In an efficient capital market, the costs of obtaining information are reflected in security prices.

This means that if one individual has information that could be used to determine a security's price or future performance, that information is rapidly and accurately incorporated into that security's price.If capital markets are not efficient, it would imply that the prices of securities in the market do not reflect the current and accurate information about that security. The repercussions of an inefficient capital market are substantial. When the market does not correctly reflect information, it creates a chance for investors to earn money. As a result, people are hesitant to invest in the market because they fear that their investments will not generate a reasonable return.To operate effectively, an efficient capital market must meet a variety of criteria, including: The quality of information available to investors is of high quality, with publicly available information quickly and easily accessible to market participants. Also, there must be fair competition with no significant investors able to manipulate the market to their advantage, and low transaction costs that must be reflective of the amount of work required to bring a security to the market. Additionally, participants in the market must all be operating in their self-interest, and there should be no inherent bias that could influence market efficiency. Lastly, there must be no external shocks or unexpected events that can disrupt the market, leading to the possibility of inefficiency.

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compute the cash proceeds from bond issues under the following terms. for each case, indicate whether the bonds sold at a premium or discount. (round your answers to nearest dollar amount.)
Cash Premium or Proceeds Discount Terms a. Few, Inc., issued $236,000 of 8-year, 7 percent bonds at 102 b. Files Co. issued $69,000 of 4-year, 6 percent bonds at 98. c. Fry Co. issued $189,000 of 10-year, 7 percent bonds at 102%. d. Ford, Inc., issued $44,000 of 5-year, 6 percent bonds at 99

Answers

(a) The cash proceeds for Few, Inc. is $240,720. (b) The cash proceeds for Files Co is $192,780. (c)  The cash proceeds for  Fry Co. is $192,780. (d) The cash proceeds for Ford, Inc., is  $43,560

Let's understand in detail:

a. Few, Inc.

The face value of the bonds is $236,000, and they are issued at 102 percent. Therefore, the cash proceeds from the bond issue are:

Face value x issue price equals cash proceeds.

Cash proceeds = $236,000 x 1.02

Cash proceeds = $240,720

Since the bonds are issued at a price higher than their face value, they are sold at a premium.

b. Files Co.

The face value of the bonds is $69,000, and they are issued at 98 percent. Therefore, the cash proceeds from the bond issue are:

Face value x issue price equals cash proceeds.

Cash proceeds = $69,000 x 0.98

Cash proceeds = $67,620

Since the bonds are issued at a price lower than their face value, they are sold at a discount.

c. Fry Co.

The face value of the bonds is $189,000, and they are issued at 102 percent. Therefore, the cash proceeds from the bond issue are:

Face value x issue price equals cash proceeds.

Cash proceeds = $189,000 x 1.02

Cash proceeds = $192,780

Since the bonds are issued at a price higher than their face value, they are sold at a premium.

d. Ford, Inc.

The face value of the bonds is $44,000, and they are issued at 99 percent. Therefore, the cash proceeds from the bond issue are:

Face value x issue price equals cash proceeds.

Cash proceeds = $44,000 x 0.99

Cash proceeds = $43,560

Since the bonds are issued at a price lower than their face value, they are sold at a discount.

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which budgeting method considers advertising along with other marcom elements as relatively unimportant to a brand's present success and future growth?

Answers

The budgeting method that considers advertising along with other marcom elements as relatively unimportant to a brand's present success and future growth is the affordable method.

This method sets the marketing budget based on what the company can afford, rather than on what is needed to achieve marketing objectives.

The affordable method is often used by small businesses or businesses that are new to the market. It is also used by businesses that are facing financial difficulties.

The affordable method is not a very strategic approach to marketing budgeting, as it does not take into account the company's marketing objectives or the competitive environment.

Here are some of the disadvantages of the affordable method:

It does not take into account the company's marketing objectives.It does not take into account the competitive environment.It can lead to underfunding of the marketing function.It can lead to inconsistent marketing campaigns.If you are considering using the affordable method for your marketing budget, it is important to weigh the disadvantages against the advantages. You should also make sure that you have a clear understanding of your marketing objectives and the competitive environment.

Here are some of the other budgeting methods that are more strategic than the affordable method:

Percentage-of-sales method: This method sets the marketing budget as a percentage of sales.Competitive-parity method: This method sets the marketing budget to match or exceed the spending of competitors.Task-based method: This method sets the marketing budget based on the tasks that need to be accomplished.

The best budgeting method for your business will depend on your specific circumstances. You should consider your marketing objectives, the competitive environment, and your financial resources when making a decision.

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Lovepop, inc. has $6,720 net working capital and $12,320 of current assets. what is its current ratio?

Answers

The current ratio is 12320/5600 = 2.2

Internet Networking capital is the distinction between a commercial enterprise's modern assets and its contemporary liabilities. net running capital has calculated the usage of line items from an enterprise's balance sheet. generally, the bigger your net running capital stability is, the much more likely it is that your company can cover its present-day duties.

Net working capital refers to the distinction between a business enterprise's total current belongings minus its general modern liabilities. therefore, net operating capital isn't always itself a cutting-edge asset, but an illustration of the value of the distinction.

Networking capital=current assets-current liabilities

current liabilities=12320-6720

=$5600

Current ratio=current assets/current liabilities

=12320/5600

=2.2

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Assume quantities need not be integers. Your per-period demand for public transportation
trips is M W T P (Qd) = 20 − Qd
2 . You have 2 options.
• Pay $5 for each trip you take.
• Purchase a MetroPass which will allow you to take as many trips as you would like with no
additional payments.
(1) [2 Marks] How many trips do you take per period if you do not purchase a MetroPass?
(2) [2 Marks] How many trips do you take per period if you do purchase a MetroPass?
(3) [5 Marks] What is the most you are willing to pay for a MetroPass?

Answers

As per period demand, There will be 3 trips if  you take per period if you do not purchase a MetroPass.

If we Purchase a MetroPass which will allow us to take as many trips as we would like with no additional payments.

What are the definition and instances of demand?

Demand is the consumer's intention and readiness to purchase a good at a specific price. For instance, if the cost rises, the buyer may hesitate and their propensity to purchase declines.

What is required in everyday life?

Demand drives the total amount of goods or services required to purchase different commodities, whereas supply is the amount of goods and services that businesses will make accessible to customers in order to turn a profit. So everything in our everyday lives, from minor commodities to huge enterprises, is based on supply and demand.

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As per period demand, There will be 3 trips if  you take per period if you do not purchase a MetroPass.

If we Purchase a MetroPass which will allow us to take as many trips as we would like with no additional payments.

What are the definition and instances of demand?

Demand is the consumer's intention and readiness to purchase a good at a specific price. For instance, if the cost rises, the buyer may hesitate and their propensity to purchase declines.

What is required in everyday life?

Demand drives the total amount of goods or services required to purchase different commodities, whereas supply is the amount of goods and services that businesses will make accessible to customers in order to turn a profit. So everything in our everyday lives, from minor commodities to huge enterprises, is based on supply and demand.

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Getting money to start and run a business is referred to as obtaining
OA. Collateral
OB. Business
OC. Costs
OD. Financing

Answers

Answer:

C bc process of elimination

Explanation:

A new accountant at Crane Company is trying to identify which of the following amounts should be reported as the current asset Cash and cash equivalent in the year-end balance sheet, as at June 30, 2021: 1. Currency and coins totalling $82 in a locked box used for petty cash transactions. 2. A 60-day, $12,900 marketable guaranteed investment certificate, due July 31,2021. 3. June-dated cheques worth $323 that Crane has received from customers but not yet deposited. 4. A $106 cheque received from a customer in payment of her June account, but postdated to July 1.
5. A balance of $2,370 in the Royal Bank chequing account.
6. A balance of $4,320 in the Royal Bank savings account. 7. Prepaid postage of $54 in the postage meter. 8. A \$113 IOU from the company receptionist. 9. Cash register floats of $339. 10. Over-the-counter cash receipts for June 30 consisting of $520 of currency and coins, $170 of cheques from customers, $530 of debit card slips, and $720 of bank credit card slips. These amounts were processed by the bank and posted to the bank account on July 1 . Ignore any related debit or credit card expenses. What amount should Crane report as its cash and cash equivalents balance at June 30,2021 ? Cash and cash equivalents balance $

Answers

The cash and cash equivalents balance that should be reported by the Crane Company on June 30, 2021, is $6,232.

The components of the cash and cash equivalents balance are as follows:

Over-the-counter cash receipts on June 30 that were deposited into the bank account:

Cash (currency and coins): $520

Cheques: $170

Debit card slips: $530

Bank credit card slips: $720

Total of over-the-counter cash receipts: $1,940

Add: Balance in the Royal Bank chequing account: $2,370

Add: Balance in the Royal Bank savings account: $4,320

Total cash and cash equivalents balance = $1,940 + $2,370 + $4,320 = $6,232

Therefore, the amount that should be reported as Crane's cash and cash equivalents balance at June 30, 2021, is $6,232.

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If the theoretical utilization is 60%, and there is no variability in inter-arrival or processing times, what would be the average time in queue, in hours?

Answers

The average time in the queue would be 2.25 hours.

If the theoretical utilization of a system is 60% and there is no variability in inter-arrival or processing times, we can calculate the average time in the queue (Wq) using Little's Law, which states that Wq = Lq / λ, where Lq is the average number of customers in the queue and λ is the arrival rate.

To find the average time in the queue, we need to determine the average number of customers in the queue (Lq). In an M/M/1 queuing system with no variability in inter-arrival or processing times, Lq can be calculated using the formula:

Lq = (ρ^2) / (1 - ρ)

Given that the theoretical utilization (ρ) is 60% or 0.6, we can substitute this value into the formula:

Lq = (0.6^2) / (1 - 0.6)

= 0.36 / 0.4

= 0.9

Now, we need to calculate the arrival rate (λ). In a system with no variability, the arrival rate is equal to the service rate. Since the theoretical utilization is 60%, the service rate is 100% - 60% = 40%.

Therefore, the arrival rate (λ) is 40% or 0.4.

Finally, we can calculate the average time in the queue (Wq) using Little's Law:

Wq = Lq / λ

= 0.9 / 0.4

= 2.25 hours

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Making sure that data collected on customer trends is organized is one way technology can help a business.


True

False

Answers

Answer:

True

Explanation:

I would say this statement in TRUE. Here is my reasoning: Data collection is information learned by a business. For example: If you are a moving company and you paid for a TV commercial. Wouldn't you like to know how many people are calling you for moves based on that commercial? Of course. So asking your customers "where did you hear about us?" and hearing "The TV commercial" can identify that not only is your commercial working but that it is paying for itself with the business coming your way. Data collected is a GREAT way to run a business successfully.  

Your uncle has $1,375,000 and wants to retire. He expects to live for another 25 years and to earn 7. 5% on his invested funds. How much could he withdraw at the end of each of the next 25 years and end up with zero in the account? a. 592,514. 13 b. 5,127,052. 74 C $97,448. 22 d. 5,124,585. 70 E. 6. 5,123,352. 17

Answers

$,123,352. 17 could he withdraw at the end of each of the next 25 years and end up with zero in the account. The answer is OPTION E

The maximum withdrawal permitted throughout any Contract Year without being subject to surrender fees. The income of a policyholder is guaranteed under a guaranteed minimum withdrawal benefit (GMWB), regardless of the nature of market activity.

The typical maximum withdrawal is between 5% and 10%. These kinds of riders are intended to safeguard policyholders in times of market turbulence. Many Indian banks give account users the option to withdraw up to one lakh rupees ($14,000) per day through check. This only applies to checks marked "self-use" or "self-addressed," though.  The answer is OPTION E

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A firm in a perfectly competitive labor market is employing labor where the marginal revenue product of the last unit is $20 and the marginal factor cost is $10. based on this, the firm should:________

Answers

The marginal revenue product of the last unit is $20 and the marginal factor cost is $10. based on this, the firm should have marginal sales equal to $200.

The marginal sales manufactured by an employee are identical to the made of the marginal product of exertions (MPL) and the marginal sales (MR) of output, given by means of MR×MPL = MRP

The marginal sales fabricated from exertions are identical to the marginal made of labor extended via the product fee. A character firm in a perfectly competitive hard work marketplace is characterized as 'wage takers'. It takes the marketplace salary price as given. So, whilst the salary price is given, the marginal value of labor may be simply equal to the wage fee of hard work that's steady over the range of hard work hired by using the company.

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What are the limits to economic freedom in a private enterprise system?

Answers

Answer:

crime

Explanation:

stay away from something for nothing

it has brought slavery to theft

Employees at GloboTech, a start-up software company, employees, who worked hard but only brought in an about the ethical behavior of many Americans, which of the following statements applies here? A. This story indicates that moral absolutes are very prevalent today in business settings B. We cannot expect people in the U.S to all follow similar ethical patterns because there are too many cultures to deal with business are no different
C. As is often the case today, some leaders will look at each situation individually when making value judgments.

Answers

The statements applies here As is often the case today, some leaders will look at each situation individually when making value judgments.(C)

The scenario presented in the question highlights the ethical challenges faced by employees at GloboTech.

Due to the diversity of cultures and ethical backgrounds in the U.S., it is difficult to expect everyone to follow similar ethical patterns.

This leads to leaders making value judgments on a case-by-case basis, considering the specific context and situation, rather than adhering to moral absolutes.(C)

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which account is prepared before balance sheet ? ​

Answers

Answer:

Balance sheet is prepared after ascertaining net profit and net loss from profit and loss account. It is the summary of the personal account and real accounts having debit and credit balances.

An investment promises to pay $100 one year from today, $200 two years from today, and $300 three years from today. If the required rate of return is 14%, the value of the investment today is closest to:

Answers

The value of the investment today is closest to $402.94. To calculate the present value of this investment, we need to discount each future cash flow to its present value using the required rate of return of 14%.


The present value of $100 one year from today is calculated as follows:
PV = $100 / (1 + 0.14)^1 = $87.72


The present  value of $200 two years from today is calculated as follows:
PV = $200 / (1 + 0.14)^2 = $138.18


The present value of $300 three years from today is calculated as follows:
PV = $300 / (1 + 0.14)^3 = $176.04


Therefore, the total present value of the investment today is the sum of the present values of each cash flow:
PV = $87.72 + $138.18 + $176.04 = $402.94 Thus, the value of the investment today is closest to $402.94.

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Which invention ensured that raising wheat would remain the main economic activity in the midwestern prairies?

Answers

The invention of the mechanical reaper ensured that raising wheat would remain the main economic activity in the midwestern prairies.

The mechanical reaper was developed by Cyrus McCormick in 1831, and it revolutionized farming. The reaper was capable of quickly harvesting a large amount of wheat in a single day, significantly reducing the amount of manual labor required. This enabled farmers to increase their wheat production, as well as their profits. Additionally, it helped to ensure the region's economic stability, as the mechanical reaper enabled the farmers to focus their attention on growing wheat and less on manual labor. As a result, the region's economy began to depend heavily on the wheat industry, leading to its continued success for the next century. Overall, the invention of the mechanical reaper provided a major boost to the midwestern prairies' economy by ensuring that raising wheat would remain its main economic activity.

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The financial records of Sheffield Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. The beginning merchandise inventory was $99,360 and decreased 20% during the current year. 2. Sales discounts amount to $18,700. 3. 19,090 shares of common stock were outstanding for the entire year. 4. Interest expense was $20,400. 5. The income tax rate is 30%. 6. Cost of goods sold amounts to $460,000. 7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. 8. Four-fifths of the operating expenses relate to sales activities. From the foregoing information prepare an income statement for the year 2020 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
SHEFFIELD INC.
Income Statement

Answers

Based on the information given SHEFFIELD INC. income statement is $133,630.

Income statement

SHEFFIELD INC. income statement for the year ended December 31 2020

Revenues

Net sales $1,131,300

[(20%×$460,000)÷8%-$18,700[]

Expenses

Cost of goods sold $460,000

Selling expenses $368,000

[(5×$92,000)-$92,000]

Administrative expenses $92,000

(20%×$460,000)

Interest expense $20,400

Total expense $940,400

Income before income tax $190,900

( $1,131,300-$940,400)

Income tax expense $57,270

(30%×$190,900)

Net income/Loss $133,630

($190,900-$57,270)

Earning per share $7

( $133,630/$19,090)

Inconclusion SHEFFIELD INC. income statement is $133,630.

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Every T account has two sides, credit and credit side.

True
False​

Answers

Answer:

False

Explanation:

The two sides are DEBIT and credit.

Other Questions
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