Accounting 105 || with 100% Verified Solutions.

Social Security Act of 1935? correct answers required every state to establish an unemployment compensation program to provide payments to workers who are temporarily unemployed. This act is the basis for the unemployment programs currently in place. Both federal (FUTA) and state (SUTA) payroll taxe...

A taxpayer maintains an office in her home where she conducts a dressmaking business. During the year she collects $4,000 from sales, pays $1,300 for various materials and supplies, and properly allocates $2,500 of rent expense and $500 of her utilities expense to the use of her home office. What am...

Clay purchased Elm Corporation stock twenty years ago for $29,000. In the current year, he sells the stock for $10,000. What is Clay's gain or loss? correct answers $19,000 long-term Which of the following is not a capital asset? correct answers Inventory Alan, whose wife died in Year A, file...

Sam died on January 15, (5 years ago) and left his wife, Terry, an insurance policy with a face value of $100,000. Terry elected to receive the proceeds over a ten-year period ($10,000 plus interest each year). This year Terry receives $11,500 ($10,000 proceeds plus $1,500 interest) from the insuran...

What is Relevance? correct answers Information has a direct bearing on a decision What is Predictive value? correct answers Information helps capital providers make decisions about future actions What is confirmative value? correct answers Information confirms or changes previous evaluation's...

What is financial accounting? correct answers Accountants Provide information about an economic entity( A business) so that users of this information can make more informed decisions. Who are the users of accounting information? correct answers internal and external parties What do accountants...

Accounting Cycle correct answers The sequence of steps in the accounting process completed during the final fiscal period Accrual correct answers Recognition of an expense or a revenue that has been incurred or earned but has not yet been recorded Accrued wages correct answers Unpaid wages owe...

accounting correct answers the information system that identifies, records, and communicates the economic events of an organization to interested users assets correct answers resources a business owns balance sheet correct answers a financial statement that reports the assets, liabilities, and...

What is financial accounting? correct answers Providing information about the financial resources, obligations, and activities of an economic entity that is intended for use primarily by external decision makers- investors and creditors What do accountants do today and why are they important? cor...

Equities are Composed of assets and stockholder's equity correct answers False The purchase of equipment for cash would: correct answers Increase one Asset and Decrease another asset The statement of cash flows shows cash inflows and cash outflows from (False statement) correct answers Intang...