I think it might be C, but i'm not sure
it is false that Chris and Marcie must claim the EIP3 of $2,800 as taxable income on their 2021.
The term EIP3 refers to an early payment of next year's Recovery Rebate Credit.
The Recovery Rebate Credit means a tax credit that is designed to help the taxpayers during a time of disaster, that is, its gives an advance of the credit means so that the money they will get at tax time is available much sooner.
Hence, it is false that Chris and Marcie must claim the EIP3 of $2,800 as taxable income on their 2021.
Therefore, the Option B is correct.
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Answer:
See below
Explanation:
The donation will increase the assets and the owners' equity. Land and building are assets. An increase in assets is debited.
Donations received are equivalent to 'income' to the business. They add to equity. An increase in equity/capital accounts is credited.
The journal entry will be
Land A/c DR. $39,000
Building A/c DR.$395,000
Donations received A/c CR.$434,000
Since the car dealer receives commission on each transaction as well as a bonus for each one, he or she will make an effort to close as many deals as possible haggling.
As for this, even after talks, the dealer will attempt to sell the car for as little money as possible because there is a benefit to sales on both the value and the volume of sales. car dealer Because the customer must take into account and account the amount of repairs that need to be made to the automobile throughout the transaction process, the surplus sales of the car must decrease haggling. The car has numerous dings that need to be fixed, and the purchaser will take that into consideration. car dealer Less money will be required from the consumer, which will reduce the sales excess. The price elasticity of demand for cars is unitary, which means that any percentage rise or decrease in a product's price will result in an equivalent increase or decrease in the demand for the product. If automobiles cost $20,000 and the current sales volume is 30, then. haggling There must be a price cut in order to raise sales to 50 units.
How much of an increase in the amount to be sold do we have? 50 - 30 = 20 20/30 = 66.67 appx 67% Consequently, a 67% drop in the car's price will result in a 67% rise in sales volume. The car will cost $20,000 * 67%, which equals $13,400. The new price is $20,000 - $13,400, which is $6,600.
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Answer:
The correct answer is letter "C": The change should be reported retroactively.
Explanation:
Changes in Accounting Principles happen when a company switches between various generally accepted accounting principles or adjusts the process by which a rule is applied. Those changes can take place in accounting mechanisms for Generally Accepted Accounting Principles (<em>GAAP</em>) or International Financial Reporting Standards (<em>IFRS</em>).
When the changes happen, companies must apply it <em>retrospectively </em>to all previous accounting periods, as if the norm would have been always there.
