Shanika Is a Self-Employed Hair Stylist and Had Net Earnings

question 105

Multiple Choice

Shanika is a self-employed hair stylist and had net earnings from self-employment of $4,100.She paid $375 per month for health insurance over the last year.Shanika is entitled to a for AGI deduction for health insurance premiums of:

• A)$0.
• B)$4,100.
• C)$375.
• D)$4,500.

Prepare adjusting journal entries for a variety of transactions.

Explain the importance of an adjusted trial balance and its role in the accounting cycle.

Analyze the impact of accounting policies and choices on profitability and financial position.

Understand the structure and purpose of T-accounts in accounting.

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Definitions:

Idiot

Used historically in psychology to describe a person with profound intellectual disability, the term is now considered derogatory and outdated.

Credible Support

Evidence or backing that is trustworthy and reliable, enhancing the validity of a claim or argument.

Testimony

An oral or written statement where someone shares information or evidence based on their personal knowledge or experience.

Proposition

A statement or assertion that expresses a judgment or opinion, or in logic, a declarative sentence that is either true or false.