A bank loaned Darden Company $10,000 on a 1-year, 6% note, but deducted the interest in advance. The journal entry made by Darden to record receipt of the cash would include a
a. an increase in Cash for $9,400
b. an increase in Cash for $600
c. a decrease in Notes Payable for $10,600
d. a decrease in Notes Payable for $9,400
a
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Office Equipment is an example of a current asset account
Indicate whether the statement is true or false
The National Institute for Occupational Safety and Health routinely works with other world government health organizations through:
A. NATO B. NAFTA C. BBC D. WHO E. INTERPOL
Journalize the following transactions for Malone Custom Furniture Manufacturing
a. Incurred and paid advertising expenses, $3,500. b. Incurred manufacturing wages of $30,000, 60% of which was direct labor and 40% of which was indirect labor. c. Purchased raw materials on account, $27,000. d. Used in production: direct materials, $12,000; indirect materials,$5,500 e. Recorded manufacturing overhead: depreciation on plant, $14,000; plant insurance (previously paid), $1,800; plant property tax, $4,500 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 150% of direct labor costs. g. Completed production on jobs with costs of $55,000. h. Sold inventory on account, $64,000; cost of goods sold, $35,000. i. Adjusted for overallocated or underallocated overhead. What will be an ideal response
Angie starts a new job on July 1 and becomes covered under the employer's health insurance plan which has an annual deductible of $2,400. Angie contributes the maximum amount into a Health Savings Account. Which of the following statements regarding Angie's Health Savings Account is correct?
A. Angie's contribution will be deductible if she itemizes, and the contribution along with her out-of-pocket medical expenses exceed 7.5% of AGI. B. Interest income earned on the HCA is taxable. C. Angie can contribute and deduct $1,200 for AGI. D. If Angie withdraws $500 to pay for X-rays, the $500 is taxable.