Which of the following is correct?
A. An individual is a reporting entity but not a taxable entity.
B. A partnership is a taxable entity and a reporting entity.
C. A corporation is a reporting entity but not a taxable entity.
D. A partnership is a reporting entity but not a taxable entity.
Answer: D
You might also like to view...
On September 12, Ryan Company sold merchandise in the amount of $8600 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5400. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $780 and the cost of the merchandise returned is $490. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
A.
| Cash | 8428? | |
| Accounts receivable | 8428? |
B.
| Cash | 8600? | |
| Accounts receivable | 8600? |
C.
| Cash | 7664? | |
| Accounts receivable | 7664? |
D.
| Cash | 7664? | |
| Sales discounts | 156? | |
| Accounts receivable | 7820? |
E.
| Cash | 8428? | |
| Sales discounts | 172? | |
| Accounts receivable | 8600? |
The variable overhead efficiency variance measures how well the business ________.
A) keeps costs of variable overhead inputs within standard B) uses its variable overhead inputs C) keeps fixed overhead within standard D) explains why fixed overhead is under allocated or overallocated
Grayson Company had 8,700 units in beginning inventory with accumulated costs for direct materials of $17,900, $16,500 direct labor, and $13,200 of overhead. During July, the company completed and transferred 50,000 units to finished goods. Costs incurred in the current period included $45,000 of direct materials, $58,500 of direct labor, and $46,800 of factory overhead. Ending inventory consisted of 12,000 units which were 90% complete with respect to materials and 50% complete with respect to labor and overhead. Compute the value assigned to ending inventory based on the weighted average method of inventory costing.
What will be an ideal response?
Consequential damages
What will be an ideal response?