2016 dec. 13 accepted a $9,500, 45-day, 8% note dated december 13 in granting miranda lee a time extension on her past-due account receivable. 31 prepared an adjusting entry to record the accrued interest on the lee note. 2017 jan. 27 received lee's payment for principal and interest on the note dated december 13. mar. 3 accepted a $5,000, 10%, 90-day note dated march 3 in granting a time extension on the past-due account receivable of tomas company. 17 accepted a $2,000, 30-day, 9% note dated march 17 in granting h. cheng a time extension on his past-due account receivable. apr. 16 h. cheng dishonored his note when presented for payment. may 1 wrote off the h. cheng account against the allowance for doubtful accounts. june 1 received the tomas payment for principal and interest on the note dated march 3.

Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.

Last year, johnson mills had annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. the firm paid $700 in dividends and had a tax rate of 35 percent. the firm added $2,810 to retained earnings. the firm had no long-term debt. what was the depreciation expense?

In 2018, laureen is currently single. she paid $2,800 of qualified tuition and related expenses for each of her twin daughters sheri and meri to attend state university as freshmen ($2,800 each for a total of $5,600). sheri and meri qualify as laureen’s dependents. laureen also paid $1,900 for her son ryan’s (also laureen’s dependent) tuition and related expenses to attend his junior year at state university. finally, laureen paid $1,200 for herself to attend seminars at a community college to her improve her job skills.what is the maximum amount of education credits laureen can claim for these expenditures in each of the following alternative scenarios? a. laureen's agi is $45,000.b. laureen’s agi is $95,000.c. laureen’s agi is $45,000 and laureen paid $12,000 (not $1,900) for ryan to attend graduate school (i.e, his fifth year, not his junior year).