Master Business with Fun Quizzes & Brain Teasers!
You will imagine a newly established SERVICE COMPANY as of Jan 01, 2015. You will start and finish the Accounting Cycle according with the below instructions. You should prepare your Semester Assignment by considering below items to be recorded to the Journal; 1. During January, record 12 economic events (directed below) to the Journal and post these recorded entries to the related Ledger accounts (10 points): a. 1 investing some capital (On the 1st of January, some capital from shareholders (1st economic event) is transferred to the company.) b. 1 getting some loan from a bank (On the 1st of January, some loan from the creditors (banks) with 20% annual interest rate is deposited to the companys bank account (2nd economic event), c. 3 prepaid expenses, 1 unearned revenue, d. 3 accrued expense, 1 accrued revenue, e. 1 purchasing a vehicle in the beginning of January, f. 1 purchasing equipment in the beginning of January, 2. At the end of January, Prepare Trial Balance (10 points), 3. Record 8 adjusting e
Ted (69) and Sharon (67) are married and will file a joint return. During the year, Ted received $9,000 in social security benefits, and Sharon received $28,000 in benefits. In addition, the couple earned $2,000 in interest income, and Ted, a retired military officer, received pension benefits totaling $73,000. How much, if any, of the couple's social security benefits are taxable