Answer:
Balance of Beth’s Capital account after the sale = $90,620
Explanation:
Loss on sale of noncash assets = Assets' book value - Sales amount = $66,700 - $29,800 = $36,900
Beth’s share of loss on sale of noncash assets = $36,900 * (2 / (5 + 2 + 3)) = $36,900 * 0.20 = $7,380
Balance of Beth’s Capital account after the sale = Balance of Beth’s Capital account before the sale - Beth’s share of loss on sale of noncash asset = $98,000 - $7,380 = $90,620
Answer:
$2100
Explanation:
Net loss = $5000
Taxable income = $15000
Tax rate = 21%
Fast Rocket's total tax for both years is determined by
Taxable income minus net loss multiplied by tax rate
= $(15000-5000) × 21%
= $10000 × 0.21
= $2,100
Fast Rocket's total tax for both years = $2100
Answer:
a. Journal entry to record the issue of notes
Date Account Title & Explanation Debit $ Credit $
Jan 1 Cash 350,000
Notes Payable 350,000
(To record the issue of notes payable)
b. Calculation of Interest Expenses
Particulars Amount $
Beginning balance of loan payment 350,000
Annual interest rate 4%
Interest expenses 14,000
Hence the interest expenses = $14,000
Principal amount is calculated as the difference between the annual payment and the interest expenses as seen below
Particulars Amount $
Annual payment 96,590
Less: Interest expenses 14,000
Principal Payment 82,590
Hence, the principal payment =$82,590
Answer:
Task / established
Explanation:
Internal control was created for a couple of reasons:
1. to ensure that there is no corrupt practices occurring from within the organization.
2. To ensure that every single employees are held accountable to the tasks that given to them
3. A way for managers to monitor the productivity rate of the team.
'Tasks' are a set of duties that the employees need to fulfill during the operation, If one employees fail to fulfill any of their tasks, it could become a hindrance for another employees.
The word 'Established' Indicated that the task is strongly structured by the higher ups and the employees have no right to change it without the permission from the higher ups.