The Yanos Company found that the prior year's tax liabilities had been handled incorrectly after reviewing their books. They'll now have to make accounting adjustments. An example of modifications brought on by an error is this.
A person who is able to adjust to changes in their physical, occupational, and social environment is said to be in a state of adjustment. Adjustment, then, is the behavioral process of balancing opposing demands or needs that are hampered by environmental challenges. Both people and animals regularly adapt to their surroundings. For instance, they eat to sate their hunger when it is triggered by their physiological state, which allows them to respond to the hunger stimuli. An failure to respond normally to a need or stress in the environment is a sign of adjustment disorder.
To have a life of high quality, adjustment must be successful. People who have trouble adjusting are more prone to experience clinical anxiety.
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Based on the year that Rich died and the year that Lucy is filing her taxes, the most favorable filing status is <u>Married filing jointly. </u>
Current tax laws are such that if a person loses a spouse in a certain year and does not remarry in that year, they can file in a joint manner with their now late spouse.
Rich died in 2020 and Lucy did not remarry. Lucy's 2020 returns can therefore be filed as a joint filing with Rich even though he is no longer alive.
In conclusion, the correct answer is option A.
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The answer is the 3rd one.
My explanation would be that the other reasons listed are for personal use such as friends birthdays, music, and a new clock, but the third answer is listing things appropriate for a business.
Hope I helped !
Answer:
The unrealised profit (PURP) of $5,000 [ (125,000 * .20) * (.2) ] should be subtracted from the profit share of Non-Controlling Interest.
Explanation:
When we prepare consolidated financial statements, we treat the companies of group as a single entity. That's why the intra-group transactions must be removed the consolidated statements. This involve adjustment of current accounts, unrealised profit on sale of goods/non-current asset, loan given by one group company to another etc.
When goods are sold by one group company to another at a markup and the buyer has not yet sold it to the third party, then the markup (profit) loading on these items is unrealised from group's point of view. This needs to be removed from the consolidated accounts because no one can make profit by trading with himself. This profit is termed as realised when the goods are sold to the third party. In the individual accounts, profit on this transaction has a credit balance so to remove it we debit the "cost of goods sold of group" and a credit entry to it is made to "inventory". This credit entry to inventory bring down the balance of inventory to what was the cost of that inventory to the group. Moreover, the recording of revenue by seller and inventory by buyer on intra-group sales and purchase is also adjusted.
After all the adjustments are made, the profit is distributed between parent's retained earnings and non-controlling interest. Now if the seller of goods is subsidiary, like in this case, the amount of unreaslised profit is deducted from NCI's profit share to calculate the profit attributable to parent's retained earnings.
