By mistake the entire $20,000 was expensed instead of capitalized, and the entry WAS: [Debit]. Miscellaneous Expense = 20,000 [Credit]. Cash = 20,000. Accordingly, expenses were overstated by $16,000 (20,000 instead of 4,000). The effect on the 20A statements is: Income statement: Expenses overstated, net income understated.
Only revenue, expense, and dividend accounts are closed—not asset, liability, Common Stock, or Retained Earnings accounts. The four basic steps in the closing process are: Closing the revenue accounts —transferring the credit balances in the revenue accounts to a clearing account called Income Summary.

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Teaching to the test is not a new practice brought about by NCLB, nor will it be any different for preparing learners for testing of the Common Core standards. Teachers have been doing it for as long as standardized tests have been used to make important educational decisions.

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The passage of Proposition 116 recently changed the Colorado income tax rate. The new Colorado income tax rate is 4.55%, beginning in the 2020 tax year. In 2019, the Colorado income tax rate was temporarily reduced to 4.50%, because a TABOR refund mechanism was triggered. From 2000 to 2018, the Colorado income tax rate was 4.63%.
If the two balances are not equal, there is a mistake in at least one of the columns. Let’s now take a look at the T-accounts and unadjusted trial balance for Printing Plus to see how the information is transferred from the T-accounts to the unadjusted trial balance.

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Schedule EIC (claim earned income tax credit) Choose Your Tax Forms. W-2 forms are wage and tax statements you receive from your employer. You should receive a W-2 from every employer at the beginning of each year for income earned the previous year. If you do not receive a W-2 form by February 1, contact your employer.
c) Segmented income statements can be broken down by department and further broken down by product lines within each department. Advocates of variable costing: (Check all that apply.) a) argue that fixed costs are not caused by and cannot be meaningfully traced to any specific unit that is produced.

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Ch.5 LearnSmart Bart's Inc. operates retail stores in various cities. Segmented income statements are prepared for each store and for each product line in each store. The property tax for the store is a(n) traceable fixed cost for the store, and a(n) common fixed cost for each product line sold in the store. When inventory increases, which costing method generally results in higher net ...
Over the years we have become aware of some common tax mistakes clients make when preparing their activity statements. 1. Make sure you understand whether you account on the cash or accrual basis and print the correct reports

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The GST tax currently is not applicable to generation-skipping transfers made during 2010, so the following discussion is pertinent to gifts made in 2009. Each individual has a GST exemption that may be allocated during his or her lifetime or at death to any transfers that may generate GST tax.

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Which of the following is not a common mistake made in preparing segmented income statements? Computing contribution margin instead of gross margin *Discontinuing a profitable segment results in: the loss of the segment's revenues & a reduction in the overall profits of the company Allocating common fixed costs to a segment may cause an ...

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