What are two kinds of open-ended credit?

The following events apply to Gulf Seafood for the 2018 fiscal year: The company started when it acquired $60,000 cash by issuin

Arte-miy333 [17]

Answer:

depreciation per year: 9,000

operating income: 41,000

Explanation:

Q: Adjusted the records to reflect the use of the cooktop.

Under straight-line the company will recognize the same amount of depreciation over the course of the assets life. At year-end the company will adjsut for the loss in value for the asset generated for the past of time.

$\frac{cost - salvage \: \:value}{useful \:\: life}$

$\frac{40,000- 4,000}{4}$

depreciation per year: 9,000

operating income:

revenues 72,000

salaries expense: (25,000)

depreciation per year: (9,000)

total 41,000

6 0

2 years ago

Rick prepared financial statements for MegaCorp knowing that it was going to use his statements to apply for a loan with Big Ban

Ymorist [56]

Answer:

The correct answer is the option D: Both the foreseeable doctrine and the restatement doctrine.

Explanation:

On the one hand, the foreseeable doctrine dictates that there is a limit in the liability of party for those acts that he has done and that carry a risk of foreseeable harm. Therefore that this point of view establishes that a reasonable person would be able to understand and so to know when a certain action would bring certain damages to another party.

On the oher hand, the restatement doctrine establishes that there are a set of treatises on legal subjects that primarily are looking for to inform judges and lawyers about general principles of common law. And therefore that those treatises will help both the judge and the lawyers at the time of the trial when the person has to go to court.

3 0

3 years ago

If u in my comments pressed imma get disrepectfull am i right or wrong ?

Sindrei [870]

Answer:

Explanation:

wrong

4 0

2 years ago

Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in 2018. The enacted tax rate

Nady [450]

Answer and Explanation:

1.

Net Operating loss carryback Amount Rate of Tax Tax Recorded as

Carried back - 2014 $0.0 30% $0.0

Carried back - 2015 $0.0 30% $0.0

Carried back - 2016 $42,000 35% $14,700.0

Carried back - 2017 $8,000.0 40% $3,200.0

Total Carryback $50,000.0 $17,900.0

Journal Entries - Cabot Company

Date Particulars Debit Credit

31-Dec-18 Receivables - Income Tax Refund $17,900

To Income tax benefit - Net Operating Loss $17,900

2. Cabot's net loss for 2018 = -$50,000 + $17,900

= ($32,100)

5 0

2 years ago

Of the approximately 27.3 million small businesses in this country, ____ have no employees.

jenyasd209 [6]

Approximately 90% of all small businesses have no employees. These would be the businesses run by a single person or a partnership, with no outside help having been hired to help with the duties of the job. This shows that a great percentage of these businesses are one- and two-person endeavors, while the larger small businesses are a distinct minority.

3 0

3 years ago