Answer:
No, She is not right in doing so.
Explanation:
As provided, she tries to close the books by adding all the false amounts which shall alter the balances temporarily and then after returning from vacation she will correct them, but up till vacation the accounts will not represent the true and fair view.
As per US GAAP the books shall represent true and fair view of all the transactions of the company in its accounting records, not only at the year end but even during the year.
Therefore, this will be false and unethical and will be against the compliance of US GAAP if such practice of wrong recording is done.
Answer: The court will apply the predominant-purpose test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply.
Explanation:
Based on the information given in the question, we should note that the court will apply the predominant-purpose test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply.
We should note that under a predominant purpose test, it will apply when the transaction involved is Mena for goods sales and not for the service sales.
Answer:
Total contribution margin= $60,000
Explanation:
<u>First, we need to calculate the actual contribution margin:</u>
<u></u>
Contribution margin= net income + fixed costs
Contribution margin= 36,000 + 30,000= $66,000
<u>Now, the unitary contribution margin:</u>
Unitary contribution margin= 66,000/22,000= $3
<u>Finally, the total contribution margin for 20,000 units:</u>
<u />
Total contribution margin= 3*20,000= $60,000
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Answer:
a) $0 of the net capital loss is deductible in 2016
b) $7,000
Explanation:
a) $0 of the net capital loss is deductible in 2016
First, it should be noted that only individuals are allowed to charge/deduct any capital losses against their ordinary income, corporate organisations are not allowed to do so. Corporate firms are only allowed to deduct their capital losses from their capital gains, therefore if there are no capital gains or the gains are insufficient, then no amount of net capital loss can be charged.
Since Goose Corporation has no capital gain it means that the entire $12,000 capital loss cannot be charge or deducted in 2016.
b) To calculate net loss to be carried forward is as follows
Capital loss - net gain in 2015 (the net gain in 2012 cannot be used because it is more than 3 years back before the capital loss)
= $12,000- $5000 = $7,000
While corporate organisations are permitted to use their current net losses to offset past capital gains (limited to only 3 years). This rule therefore exempts the use of the $2,500 in 2012 to offset the capital loss of 2016
