An example of an itemized deduction is
A) interest on a credit card or charge account.
B) certain job-related travel expenses.
C) the cost of commuting to work.
D) life insurance premiums.
E) a traffic violation fee.
Ans: B) certain job-related travel expenses.
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The trial balance for a merchandiser is as follows. A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand. (Assume a perpetual inventory system
) Debit Credit Cash $12,600 Accounts Receivable 2,400 Prepaid Rent 800 Merchandise Inventory 30,000 Accounts Payable $4,200 Salaries Payable 1,000 Notes Payable 800 Common Stock 10,000 Retained Earnings 3,800 Dividends 1,000 Sales Revenue 96,000 Sales Returns and Allowances 1,600 Sales Discounts 400 Cost of Goods Sold 23,000 Salaries Expense 21,000 Rent Expense 14,000 Selling Expense 8,500 Supplies Expense 500 ________ Total $115,800 $115,800 Give journal entry to record the inventory shrinkage, and the entries to close the Sales Revenue account, the expense accounts and contra revenue accounts with a debit balance, and the the Income Summary account and the Dividends account. What will be an ideal response
Complete the following table, which compares the effects of LIFO, FIFO, and weighted-average inventory costing methods on the financial statements in periods of rising inventory costs. The answer should be lowest, highest, or middle
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