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.
- 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.
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Anne's Beauty Salon, Inc |
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Income Statement |
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For the Year 20XX |
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Sales (Revenue) |
$125,000.00 |
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Cost of Goods Sold |
25,000.00 |
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Gross Profit |
100,000.00 |
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|
|
|
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Payroll Expense |
67,500.00 |
|
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Sales, General, Administrative Expense |
5,000.00 |
|
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Rent Expense |
1,400.00 |
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Utilities Expense |
1,670.00 |
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Insurance Expense |
500.00 |
|
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Depreciation Expense |
2,500.00 |
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Total Operating Expense |
78,570.00 |
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Total Operating Income |
21,430.00 |
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Income Taxes |
6,430.00 |
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Net Income |
$15,000.00 |
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Anne's Beauty Salon, Inc |
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Statement of Retained Earnings |
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For the Month Ending December 31, 20XX |
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|
|
|
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Retained Earnings, December 1 |
$5,000.00 |
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Add: Net Income |
15,000.00 |
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Subtract: Dividends |
(2,402.50) |
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Retained Earnings, December 31 |
$17,597.50 |
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|
|
|
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Anne's Beauty Salon, Inc |
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Balance Sheet |
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At December 31, 20XX |
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Assets |
Liabilities |
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Current Assets |
Current Liabilities |
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Cash |
$949.50 |
Accounts Payable |
$5,000.00 |
|
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Accounts Receivable |
11,948.00 |
Unearned Revenue |
200.00 |
|
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Supplies |
20,500.00 |
Total Current Liabilities |
5,200.00 |
|
|
Prepaid Rent |
8,400.00 |
|
||
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Prepaid Insurance |
6,000.00 |
|
||
|
Total Current Assets |
47,797.50 |
Note Payable |
15,000.00 |
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Equipment |
$25,000.00 |
Total Liabilities |
20,200.00 |
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Less: Accumulated |
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Stockholders' Equity |
|
|
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Depreciation |
(5,000.00) |
20,000.00 |
Common Stock |
30,000.00 |
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Total Long-Term Assets |
Retained Earnings |
17,597.50 |
||
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Total Assets |
$67,797.50 |
Total Liabilities and |
$67,797.50 |
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Stockholders' Equity |
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