Which of the following is a true statement? -a casualty loss can only occur from storm damage.-personal casualty losses can only be deducted to the extent that aggregate casualty losses exceed 10 percent of agi after applying a $100 per incident deduction.-individual casualty losses are only deductible if each individual loss exceeds $5,000.-uninsured thefts of personal assets are not included with casualty losses.-all of the choices are true.

After all revenue and expense accounts have been closed at the end of the fiscal year, income summary has a debit of $2,450,000 and a credit of $3,000,000. at the same date, retained earnings has a credit balance of $8,222,600, and dividends has a balance of $125,000. required: a. journalize the entries required to complete the closing of the accounts on december 31. refer to the chart of accounts for exact wording of account titles. b. determine the amount of retained earnings at the end of the period.

The sec has historically raised questions regarding the independence of firms that derive a significant portion of their total revenues from one audit client or group of clients because the sec staff believes this situation causes cpa firms to

Problem 9–7 preparing financial statements the general ledger accounts and balances for kits & pups grooming follow.