For each transaction for the Brandes Company described below, indicate if the account is an asset (enter A), liability (enter L), or owners' equity (enter OE): i. Brandes uses electricity during the month of April. The bill charging Brandes $550 for April electricity is received on May 5 and must be paid by May 26. The bill for April's electricity is a/an.
ii. Brandes purchases a delivery truck which will be used to delivery products to customers. The delivery truck is alan Brandes borrows $10,000 from a local bank. They will have to pay the loan back in three years, and the repayment will include the original $10,000 plus interest. The amount that Brandes must repay is a/an
iii. Shortly after Brandes starts operating, it is running low on cash. Instead of paying cash to its employees, it gives them shares of ownership in the company. These shares are a/an On December 22, 2019, Brandes spends $12,000 to purchase an insurance policy. The insurance policy covers January 1 through December 31, 2020. The insurance policy is a/an
iv. Brandes acquires inventory from a supplier on April 27, 2018, with a total cost of $1,400. The supplier agrees to let the company pay for the inventory in May, 2018. The bill that the supplier attaches to the inventory delivered on April 27 is a/an
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2. taxes paid for a given income level rosa is getting ready to do her taxes. she is single and lives in denver. rosa earned $60,000 in taxable income in 2015. she reviews the following table, which shows the irs tax rates for a single taxpayer in 2015. on annual taxable the tax rate (percent) up to $9,225 10.0 from $9,225 to $37,450 15.0 from $37,450 to $90,750 25.0 from $90,750 to $189,300 28.0 from $189,300 to $411,500 33.0 from $411,500 to $413,200 35.0 over $413,200 39.6 based on the irs table, rosa calculates that her marginal tax rate is when her annual taxable income is $60,000. rosa calculates that she owes in income taxes for 2015. rosa then calculates that her average tax rate is , based on the annual income level and the amount of taxes she owes for 2015. after figuring out what she owes in taxes in 2015, rosa decides to ask an accountant for tax advice. the accountant claims that he has found a legal way to shelter $4,000 of taxable income from the federal government. the maximum amount that rosa is willing to pay to learn this strategy and reduce her taxable income by $4,000 is . (hint: sheltering some income means finding a legal way to avoid being charged income tax on that income. for example, someone who has $50,000 in taxable income and shelters $10,000 pays income tax on only $40,000.)