The following is the adjusted trial balance of sierra company. account title debit credit cash $ 5,000 prepaid insurance 500 notes receivable (due in 5 years) 4,000 buildings 20,000 accumulated depreciation–buildings $ 12,000 accounts payable 2,500 notes payable (due in 3 years) 3,000 h. sierra, capital 10,500 h. sierra, withdrawals 1,000 consulting revenue 9,500 wages expense 3,500 depreciation expense–buildings 2,000 insurance expense 1,500 totals $ 37,500 $ 37,500 required (1) prepare an income statement for the year ended december 31. (2) prepare a statement of owner’s equity for the year ended december 31.

Aconsumer values a house at $525,000 and a producer values the same house at $485,000. if the transaction is completed at $510,000, what level of tax rate will result in unconsummated transaction?

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Select the correct answer the smith family adopted a child. the adoption procedure took about three months, and the family incurred various expenses. will the smiths receive and financial benefit for the taxable year? a) they will not receive any financial benefit for adopting the child b) their income tax component will decrease c) they will receive childcare grants d) they will receive a tax credit for the cost borne for adopting the child e) they will receive several tax deductions