Benjamin Franklin reportedly said, “In this world nothing can be said to be certain, except death and taxes.” In other words, taxes will always be with us. When we think of taxes, we often focus on the largest one, the federal personal income tax. But we also pay other taxes. Some are federal, and some are only in specific geographic areas (cities or states). Paying taxes can have a significant impact on our household budget. However, it’s also important to note the benefits we receive from services that are funded by tax dollars (public education, roads, parks, food assistance, etc.). Identify one tax (other than federal personal income tax) you pay and one benefit you utilize that is funded by tax dollars. How do both of these impact your life and your family member’s lives? To receive full points, please respond to at least one classmate and make sure you are aiming to hit a word-count minimum of 150-words per post.

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. required: a. journalize the adjusting entry to record the accrued fees on december 31. refer to the chart of accounts for exact wording of account titles. b. if the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

Aaron corporation, which has only one product, has provided the following data concerning its most recent month of operations: selling price $ 102 units in beginning inventory 0 units produced 4,900 units sold 4,260 units in ending inventory 640 variable costs per unit: direct materials $ 20 direct labor $ 41 variable manufacturing overhead $ 5 variable selling and administrative expense $ 4 fixed costs: fixed manufacturing overhead $ 64,200 fixed selling and administrative expense $ 2,900 the total contribution margin for the month under variable costing is: