The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 50,000 shares of common stock in exchange for $250,000 cash.
2. Purchased office equipment at a cost of $50,000. $20,000 was paid in cash and a note payable was signed for the balance owed.
3. Purchased inventory on account at a cost of $100,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $170,000. The cost of the goods sold was $85,000.
5. Paid $2,000 in rent on the store building for the month of June.
6. Paid $1,200 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021.
7. Paid $72,250 on account for the merchandise purchased in 3.
8. Collected $34,000 from customers on account.
9. Paid shareholders a cash dividend of $2,500.
10. Recorded depreciation expense of $1,000 for the month on the office equipment.
11. Recorded the amount of prepaid insurance that expired for the month.
Required: Prepare journal entries to record each of the transactions and events listed above.

The relationship requirement for qualifying relative requires the potential qualifying relative to have a family relationship with the taxpayer. t or fwhich of the following is not a from agi deduction? a.standard deductionb.itemized deductionc.personal exemptiond.none of these. all of these are from agi deductions

The gilbert instrument corporation is considering replacing the wood steamer it currently uses to shape guitar sides. the steamer has 6 years of remaining life. if kept,the steamer will have depreciaiton expenses of $650 for five years and $325 for the sixthyear. its current book value is $3,575, and it can be sold on an internet auction site for$4,150 at this time. if the old steamer is not replaced, it can be sold for $800 at the endof its useful life. gilbert is considering purchasing the side steamer 3000, a higher-end steamer, whichcosts $12,000 and has an estimated useful life of 6 years with an estimated salvage value of$1,500. this steamer falls into the macrs 5-year class, so the applicable depreciationrates are 20.00%, 32.00%, 19.20%, 11.52%, 11.52%, and 5.76%. the new steamer is fasterand allows for an output expansion, so sales would rise by $2,000 per year; the newmachine's much greater efficiency would reduce operating expenses by $1,900 per year.to support the greater sales, the new machine would require that inventories increase by$2,900, but accounts payable would simultaneously increase by $700. gilbert's marginalfederal-plus-state tax rate is 40%, and its wacc is 15%.a. should it replace the old steamer? b. npv of replace = $2,083.51

Amanager of a store that sells and installs spas wants to prepare a forecast for january and june of next year. her forecasts are a combination of trend and seasonality. she uses the following equation to estimate the trend component of monthly demand: ft = 30+5t, where t = 1 in january of this year. seasonal relatives are 0.60 for january and 1.50 for june. what demands should she predict for january and june of next year