Bill and Afton Are Married and File a Joint Tax

question 2

True/False

Bill and Afton are married and file a joint tax return. Bill is 67 and Afton is 66, and neither is legally blind. Their standard deduction for 2018 is $26,600.

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Definitions:

Accumulated Depreciation

The total amount of a tangible fixed asset's cost that has been charged to expense through depreciation over its useful life.

Carrying Amount

The net value of an asset or liability according to a company’s financial statements, calculated as the original cost minus any depreciation, amortization, or impairment costs.

Supplies Account

An account used to track the cost of supplies consumed during a period or the supplies on hand at the end of a period.

Adjusting Entry

A journal entry made at the end of an accounting period to update the ledger for revenues and expenses that have been earned or incurred but not yet recorded.