Prepare the closing entries for RD Consulting on December 31, 2019.

The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows.   Account NameBalanceCash 6,100 Accounts Receivable 1,450 Supplies 1,300 Prepaid  Insurance 610 Equipment 12,500 Accumulated Depreciation-Equipment 2,000 Accounts Payable 2,650 Roger Dye, Capital 13,300 Roger Dye, Drawing 2,600 Fees Income 11,800 Supplies Expense 660 Insurance Expense 510 Depreciation Expense-Equipment 460 Salaries Expense 2,650 Utilities Expense 910  Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD Consulting on December 31, 2019. All accounts have normal balances and adjusting entries have been made.

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Determine the trust’s Net Income For Tax Purposes and Taxable Income for the current year.

During the current year, the Jordan family trust, an inter vivos trust, has business income of $220,000. Of this amount, $50,000 is retained in the trust with a joint election….

Indicate the tax effects of these transactions on the Net Income For Tax Purposes for both the trust and for Bryan.

During 2020, the Ho family trust received eligible dividends from publicly traded Canadian corporations in the amount of $100,000. In addition, it received non-eligible dividends from the family owned Canadian….

compare the tax consequences for both Martin and the trust if the sale takes place in December 2020

The Husak family trust has only one beneficiary, Martin Husak, the 32 year old son of the settlor, Dimitri Husak. It is an inter vivos trust and its only asset….