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What is the accounting journal entry for Purchase equipment for 10000 cash?
Equipment (asset account) - DR 10,000 Cash / Bank account - CR 10,000
What are your tax liabilities if you inherited 10000 dollars?
Zero, assuming that the $10,000 is cash.
What is the journal entry for started business with cash rs 4000 and furniture rs 10000?
Debit cash 4000debit furniture 10000Credit capital 14000
What is the journal entry if i received 10000 as a interest income and 10 percent percent advance income tax paid?
debit cash 9000debit tax 1000credit interest income 10000
If a parent gives their adult child a monetary gift of 10000 cash will the parent be allowed to write that off on their tax return in the year they actually gave the gift?
No. If you give your kid money, this doesn't make this money a write-off on the parent's tax return. == == Basically, everything you give your child..food, clothes, allowance, etc is a gift...but like most all life expenses, it isn't deductible! What you may be thinking of is the commonly mentioned ability to gift up to 10K a year to your children without a gift tax (not an income tax) consequence. However, if done regularly, especially to several children, over the course of years, it has the effect of reducing your likely total estate at death, which may decrease it below inheritence and other taxes/fees it would be subject to, hence saving taxes. It is part of estate planning. Which, as they have been increasing the estate tax exemption, is used less and less. Otherwise, a gift is never a deduction...and it may actually be taxable, under that gift tax, on the one giving it! Now to make things more complex....what you consider a gift may not be one according to the regulations. If they gift is given for many things... a common one being the child provided care to the parent in lieu of having to get a outside help....that is income to the child...(but may qualify as a deduction for the parent). I guess the key thing being...a gift has no strings attached.
Can a parent give a monetary gift of 13000 cash to and adult child and deduct if from their gross income?
No deduction on your income tax return for gifts to anyone.
Is it legal for a parent to cash a check written out to a minor child?
Of course! The child can sign it. Unless he's too young to sign. After it's signed, anyone can cash it.
What is the maximum cash gift a parent can give to a child without tax obligation for the child?
$100, that is the best value and the highest you can give.
How do you get 10000 cash on social wars for free?
you can go to some shop that have facebook cridesand one of them can you 10000 cash or anything evr
What is a consolidated cash flow statement?
Consolidated cash flow statement shows the cash inflows and outflows of parent company together with all subsidiaries of that parent company at one place to show the complete picture of business.
Is it legal for a parent paying child support to refuse to pay in cash?
Yes. It is never advisable to pay in cash. The obligated parent should only use a method of payment for child support that can be verified, the best option a personal check followed by the type of money order that can be traced, or a signed receipt from the custodial parent. If the custodial parent does not have access to a checking account, then the support payments should be rendered through the state's division of child support enforcement or social services.
What is the accounting journal entry for Purchase equipment for 10000 cash?
Equipment (asset account) - DR 10,000 Cash / Bank account - CR 10,000
How much cash can you keep in bankruptcy?
10000 dollars
If a parent has a policy on a child and the parent diescan the child claim the cash surrender value of the policy?
Yes, if the policy goes into the child's name, they can claim it as soon as they reach the age of majority for the state they live in (usually between 16 an 18). However, often times the policy would go into someone elses name (guardian, grandparent, godparent as set up by the parent) and then they would be the only person who could access the cash/surrender value.
How do you get child support from a parent that works for cash?
The court will order a presumed amount. As there's no statute of limits, any assets are always attachable.
Does a gift to a child become that child's property?
If the present is age appropriate, the child can use it as desired. However, many people give cash gifts and so on with the intention that the parent or guardian will save the money for a car or education when the child needs funding.
Can Texas child support take your 401k earnings when you cash out?
If the court ordered support is in arrearage, all assets of the obligated parent are subject to seizure.
