Chat with us, powered by LiveChat ACC150 Accounting Essentials A final question from Anne Marie. I ?????see these things called current assets and current liabilities. ?What ?????are they? ?Why show them? ??I have curr | EssayAbode

ACC150 Accounting Essentials A final question from Anne Marie. I ?????see these things called current assets and current liabilities. ?What ?????are they? ?Why show them? ??I have curr

  

Term 2 Unit 6 Discussions

Unit 6 Discussion (ACC150 Accounting Essentials)

A final question from Anne Marie.

  1. I      see these things called current assets and current liabilities.  What      are they?  Why show them?   I have current assets of      $47,797.50 and current liabilities of $5,200.  Is that good or      bad?  

Please respond in your own words to each of these questions?  See  Anne Fin Statements.docx Anne Fin Statements.docx – Alternative Formats

Unit 6 DB: Cost Recovery for Brett's business equipment (ACC330 – Federal Income Taxes)

Brett started a new construction business in April 2020. In connection with the new business, he purchased a new backhoe for $60,000 in June 2020 and immediately placed it in service. The new business is struggling and expecting to show a loss for 2020. Brett is considering expensing the $60,000 cost of the backhoe under §179 on the 2020 tax return. Brett has been awarded a large project for 2021, and will show a substantial profit (over $100,000) for the year ending 12/31/2021. Your response must fully address the following:

  • Evaluate      the appropriateness of Brett’s plan.
  • Explain      your position.
  • How      could changes in tax law affect the appropriateness of Brett's plan?

Unit 6.1 DB: School Violence (SOC101 Introduction to Sociology)

Addressing today's problem with school violence is a complicated one. Use this Discussion Board thread to suggest and explain how you would implement change in school systems to make them safer. Was bullying or disrespectful treatment of a child a rooted cause for these horrible actions? What can schools do to better address the treatment of others within their school districts? Try and use some new and innovative ideas to make our children safer, yet not turn our schools into detention facilities. 

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations.  Refer to the DB Grading Rubric for more details.

Unit 6.2 DB: Drugs and Our Youth (SOC101 Introduction to Sociology)

Discuss the issues that families are coping with today in regard to the opioid crisis and drug-related deaths of our young adults today. Drugs do not discriminate, affecting each and every one of our families in some way. Discuss a topic in this area and how it has affected our families today.

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations.  Refer to the DB Grading Rubric for more details.

Term 2 Unit 6 Discussions

Unit 6 Discussion (ACC150 Accounting Essentials)

A final question from Anne Marie.

1. I see these things called current assets and current liabilities.  What are they?  Why show them?   I have current assets of $47,797.50 and current liabilities of $5,200.  Is that good or bad?  

Please respond in your own words to each of these questions?  See   Anne Fin Statements.docx   Anne Fin Statements.docx – Alternative Formats

Unit 6 DB: Cost Recovery for Brett's business equipment (ACC330 – Federal Income Taxes)

Brett started a new construction business in April 2020. In connection with the new business, he purchased a new backhoe for $60,000 in June 2020 and immediately placed it in service. The new business is struggling and expecting to show a loss for 2020. Brett is considering expensing the $60,000 cost of the backhoe under §179 on the 2020 tax return. Brett has been awarded a large project for 2021, and will show a substantial profit (over $100,000) for the year ending 12/31/2021. Your response must fully address the following:

· Evaluate the appropriateness of Brett’s plan.

· Explain your position.

· How could changes in tax law affect the appropriateness of Brett's plan?

Unit 6.1 DB: School Violence (SOC101 Introduction to Sociology)

Addressing today's problem with school violence is a complicated one. Use this Discussion Board thread to suggest and explain how you would implement change in school systems to make them safer. Was bullying or disrespectful treatment of a child a rooted cause for these horrible actions? What can schools do to better address the treatment of others within their school districts? Try and use some new and innovative ideas to make our children safer, yet not turn our schools into detention facilities. 

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations.  Refer to the DB Grading Rubric for more details.

Unit 6.2 DB: Drugs and Our Youth (SOC101 Introduction to Sociology)

Discuss the issues that families are coping with today in regard to the opioid crisis and drug-related deaths of our young adults today. Drugs do not discriminate, affecting each and every one of our families in some way. Discuss a topic in this area and how it has affected our families today.

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations.  Refer to the DB Grading Rubric for more details.

,

Anne's Beauty Salon, Inc

Income Statement

For the Year 20XX

Sales (Revenue)

$125,000.00

 

Cost of Goods Sold

25,000.00

 

Gross Profit

100,000.00

 

 

 

Payroll Expense

67,500.00

 

Sales, General, Administrative Expense

5,000.00

 

Rent Expense

1,400.00

 

Utilities Expense

1,670.00

 

Insurance Expense

500.00

 

Depreciation Expense

2,500.00

 

Total Operating Expense

78,570.00

 

Total Operating Income

21,430.00

 

Income Taxes

6,430.00

 

Net Income

$15,000.00

 

 

 

 

Anne's Beauty Salon, Inc

Statement of Retained Earnings

For the Month Ending December 31, 20XX

 

 

Retained Earnings, December 1

$5,000.00

 

Add: Net Income

15,000.00

 

Subtract: Dividends

(2,402.50)

 

Retained Earnings, December 31

$17,597.50

 

 

 

 

Anne's Beauty Salon, Inc

Balance Sheet

At December 31, 20XX

Assets

Liabilities

 

Current Assets

Current Liabilities

 

Cash

$949.50

Accounts Payable

$5,000.00

Accounts Receivable

11,948.00

Unearned Revenue

200.00

Supplies

20,500.00

Total Current Liabilities

5,200.00

Prepaid Rent

8,400.00

 

Prepaid Insurance

6,000.00

 

Total Current Assets

47,797.50

Note Payable

15,000.00

Equipment

$25,000.00

Total Liabilities

20,200.00

Less: Accumulated

 

Stockholders' Equity

 

Depreciation

(5,000.00)

20,000.00

Common Stock

30,000.00

Total Long-Term Assets

Retained Earnings

17,597.50

Total Assets

$67,797.50

Total Liabilities and

$67,797.50

 

Stockholders' Equity

 

 

 

 

 

 

Copyright Post University 2022, All Rights Reserved

image1.emf

Related Tags

Academic APA Assignment Business Capstone College Conclusion Course Day Discussion Double Spaced Essay English Finance General Graduate History Information Justify Literature Management Market Masters Math Minimum MLA Nursing Organizational Outline Pages Paper Presentation Questions Questionnaire Reference Response Response School Subject Slides Sources Student Support Times New Roman Title Topics Word Write Writing