The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny Mack's funeral was $20,000.Prepare the journal entry to record ordinary repairs to the rental property of $5,000.
What will be an ideal response?
Expenses-Income | $ | 5,000 | ||||
Cash-Income | $ | 5,000 | ||||
? | ||||||
? | ||||||
(Ordinary repair expenses are made to rental property and are generally charged to income rather than principal.) |
You might also like to view...
In the __________ approach of structural design, departments are independent, contracting services to the central hub for a profit.
Fill in the blank(s) with the appropriate word(s).
Erin has a tax credit of $100 and a marginal tax rate of 28 percent. Erin's income tax liability will be reduced by how much as a result of the credit?
A) $100 B) $128 C) $28 D) $2,800
The underlying concepts of the incremental prototyping include ________
A) the initialization step B) the control list C) the iteration step D) all of the above
Sanchez Company's output for the current period was assigned a $400,000 standard direct labor cost. The direct labor variances included a $10,000 unfavorable direct labor rate variance and a $4,000 favorable direct labor efficiency variance. What is the actual total direct labor cost for the current period?
A. $410,000. B. $386,000. C. $414,000. D. $394,000. E. $406,000.