This is a false statement. All individuals over the age of 21 should have an estate plan. This is because your estate plan also includes something called a medical directive. This medical directive (or also called healthcare proxy) allows someone to designate an important person in case of a medial emergency. Of course, as your assets increase, the need for an estate plan becomes even more important.
Answer: D. $6,000
Explanation:
Given the following :
Activity cost pool
- - - - - - - - - - - - - - - - - - Machining Order Filling Other
Equipment depreciation 0.40 - - - - - 0.10 - - 0.50
Supervisory expense - - 0.20 - - - - - 0.30 - - 0.50
First stage allocation:
Overhead cost
Equipment depreciation - $51,000
Supervisory expense - $3000
Order filling:
Equipment depreciation - $51,000 × 0.1 = $5100
Supervisory expense - $3000 × 0.3 = $900
Total overhead - $( 5100 + 900) = $6,000
Answer:
$13,000
Explanation:
Given that:
Jeremy operates a business as a sole proprietorship which uses a cash method of accounting. Now he is planning transfer them into a new corporation in exchange for its stock.
The assets are :
$10,000 of accounts receivable with a zero basis
have a basis of $20,000 and an FMV of $40,000
Liabilities
payable of $12,000
The note payable on medical equipment is $7,000.
Therefore , Jeremy's basis for his stock is : $20,000 -$7,000 = $13,000
since that will reduce the basis by amount of the note payable.
The liabilities payable will be deducted and taken care of by the corporation.
Answer:
Loss = $122,881
Explanation:
Relevant Data provided
Bay Back Price of the bond = $103,000
Carrying value of the Bond As on 12/31/2022 = $225,881
As per the given question the solution of gain or loss is provided below:-
Gain or Loss = Bay Back Price of the bond - Carrying value of the Bond As on 12/31/2022
= $103,000 - $225,881
Loss = $122,881
So, we have calculated the loss by using the above formula.