capital gain and taxable income of $35‚000. If taxpayer collects the entire $10‚000 during the current year‚ $8‚000 needs to be included in gross income. True False 4. A cash basis taxpayer must include as income the proceeds from the sale of an account receivable to a collection agency. True False 5. If an account receivable written off during a prior year is subsequently collected during the current year‚ the amount collected must be included in the gross income of the current year
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dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 10. After closing entries have been journalized and posted‚ all temporary accounts in the ledger should have zero balances. 11. Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. 12. Closing the dividends account to Retained Earnings is not necessary if net income is greater than dividends during
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As per the Income Tax Act‚ 1961 where a person dies‚ his legal representatives shall be liable to pay any sum which the deceased would have been liable to pay if he had not died‚ in the similar manner and to the same extent as the deceased. As per section 159 of the Income Tax Act‚ 1961 (Act)‚ even when a person dies‚ the assessment of his income is to be done upto the time of his death. So‚ the legal representative of the deceased has to file the income tax return for the income on which the deceased
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Mrowicki 4-7-2014 Minimum Wage Income inequality in America has become a big issue‚ one that many of us hear every day; whether on the news or from our parents. But normally‚ we don’t hear the actual phrase used. We hear things like “the top two percent‚” or‚ the “rich vs. the poor.” So‚ what is income inequality? Income inequality is defined as the difference between individuals or populations in the distribution of their assets‚ wealth‚ or income. So‚ with that in mind‚ why would
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In The Odyssey by Homer‚ hospitality is honored by many‚ such as Nestor and Penelope‚ however‚ there are still some people and creatures who do not show hospitality‚ like Polyphemus. Hospitality is the act of honoring a stranger‚ rather it’s a wealthy traveler or a poor person‚ by comforting and aiding him or her. Usually‚ you are required to bring the person into your house and give him something to eat and a place to rest. Showing honor to your guest is an act of loyalty to Zeus‚ however‚ the traveler
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QUALITY OF HOSPITALITY SERVICE A CHALLENGE Delivering quality service will be one of the major challenges facing hospitality managers in the opening years of the next millennium. It will be an essential condition for success in the emerging‚ keenly competitive‚ global hospitality markets. While the future importance of delivering quality hospitality service is easy to discern and to agree on‚ doing so presents some difficult and intriguing management issues. Since the delivery of hospitality service
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Foundation Degree In Hospitality & Tourism Management. Investigate how a major event can influence the hospitality‚ travel and tourism industry. Terms of Reference. To: From: Subject: Investigate how a major event can influence the hospitality‚ travel and tourism industry. Date of Submission: 13.12.12 Executive Summary Within this report it outlines how a major event can influence the hospitality‚ travel and tourism industries. It will go into
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Income statement The income statement or the profit and loss account as it is also called measures reports how much profit (wealth) has the business generated over a period of time. To measure profit the total generated revenue over a period must be identified. Revenue is a measure of inflow of economic benefits arising from the operations of the business. These benefits will either result in an increase of assets such as cash or amounts owed to the business by the customers or a decrease
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distribution of income is to achieve economic equality‚ which is to give every citizen the opportunity of earning a decent living. However‚ our current system’s inability to better allocate the resources we have at our disposal has widened the gap between the wealthy and the poor especially during the past 20 years. The primary benefit of the distribution of income is to transfer wealth‚ with the help of the government‚ to those who are less fortunate. The current distribution of income is a cost to
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Hospitality is one of the most important themes in Homer’s The Odyssey‚ and the Phaeacians seem to be among the more hospitable people that Odysseus meets. Among the other people that Odysseus encounters are Aeolus‚ Polyphemus‚ Eumaeus‚ and the suitors. Most of the people he meets are generally pretty hospitable‚ due to the fear of Zeus punishing them. “Jove [Zeus] takes all respectable travelers under his protection”-Eumaeus This rule is called xenia‚ meaning the mutual “friendship” between the
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