During the first year of wilkinson co.'s operations, all purchases were recorded as assets. store supplies in the amount of $19,350 were purchased. actual year-end store supplies amounted to $6,450. the adjusting entry for store supplies willa. increase net income by $12,900.b. increase expenses by $12,900.c. decrease store supplies by $6,450.d. debit accounts payable for $6,450.

Among the advantages of corporations are the ease of raising financial capital, professional management, and a. rapid promotions b. lower taxes c. limited liability d. specialization

Camilo is a self-employed roofer. he reported a profit of $30,000 on his schedule c. he had other taxable income of $5,000. he paid $3,000 for hospitalization insurance. his self-employment tax was $4,656. he paid his former wife $4,000 in court-ordered alimony and $4,000 in child support. what is the amount camilo can deduct in arriving at adjusted gross income (agi)?

Banana computers has decided to procure processing chips required for its laptops from external suppliers instead of manufacturing them in their own facilities. how will this decision affect the firm? a. the firm will be protected against the principal-agent problem. b. the firm's administrative costs will be low because of necessary bureaucracy. c. the firm will have more flexibility in purchasing and comparing prices of goods and services. d. the firm will have high-powered incentives, such as hourly wages and salaries.