Lew jewelry co. uses gold in the manufacture of its products. lew anticipates that it will need to purchase 500 ounces of gold in october 2017, for jewelry that will be shipped for the holiday shopping season. however, if the price of gold increases, lew's cost to produce its jewelry will increase, which would reduce its profit margins. to hedge the risk of increased gold prices, on april 1, 2017, lew enters into a gold futures contract and designates this futures contract as a cash flow hedge of the anticipated gold purchase. the notional amount of the contract is 500 ounces, and the terms of the contract give lew the right and the obligation to purchase gold at a price of $300 per ounce. the price will be good until the contract expires on october 31, 2017.

When an interest-bearing note comes due and is uncollectible, the journal entry includes debiting

Benton company (bc), a calendar year entity, has one owner, who is in the 37% federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). bc's gross income is $395,000, and its ordinary trade or business deductions are $245,000. ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. if required, round computations to the nearest dollar. a. bc is operated as a proprietorship, and the owner withdraws $100,000 for personal use. bc's taxable income for the current year is $ , and the tax liability associated with the income from the sole proprietorship is $ . b. bc is operated as a c corporation, pays out $100,000 as salary, and pays no dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . the shareholder's tax liability is $ . c. bc is operated as a c corporation and pays out no salary or dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . d. bc is operated as a c corporation, pays out $100,000 as salary, and pays out the remainder of its earnings as dividends. bc's taxable income for the current year is $ , and bc's tax liability is $ .

Sally is buying a home and the closing date is set for april 20th. the annual property taxes are $1,234.00 and have not been paid yet. using actual days, how much will the buyer be credited and the seller be debited