The legal issue that is illustrated based on the information given is copyright.
<h3>
What is copyright?</h3>
Copyright is a legal term used to describe the rights that creators have over their literary and artistic works.
In this case, during the official photography session, a freelance photographer surreptitiously takes photographs of the scene which he sells to a tabloid newspaper.
The legal issue that is illustrated based on the information given is copyright.
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Answer:
Big Tommy Corporation
Profit and Loss for the year ended December 31
Sales 404,000
Cost of Goods Sold 279,000
Gross Profit 125,000
<em>Operating Expenses:</em>
Salaries and Wages Expense 58,000
Office Expenses 16,000
Travel Expenses 1,000 75,000
Operating Income: 50,000
Non-Operating Expenses
Income Tax Expense 15,000 15,000
Net Income 35,000
Explanation:
Multistep income statement makes a clear distinction on Operating Incomes and Expenses and Non-Operating Incomes and Expenses
Operating income is Profit generated from Primary activities of the company
Non-Operating Incomes and Expenses do not relate to the Primary activities of the firm.They occur as a result of secondary activities.
Answer:
A. $140,000
B. $45,000
Explanation:
a. Calculation to determine How much income from BV must Burgundy report for its tax year ending April 30, 2015
Using this formula
Income from BV=Annual guaranteed payment+(BV's taxable income*50% Distributive share of the partnership)
Let plug in the formula
Income from BV=$100,000+($80,000*50%)
Income from BV=$100,000+$40,000
Income from BV=$140,000
Therefore The Amount of income from BV that Burgundy must report for its tax year ending April 30, 2015 is $140,000.
B. Calculation to determine How much income from BV must Violet report for her tax year ending December 31, 2015
Using this formula
Income from BV=(BV's taxable income*50% Distributive share of the partnership)
Let plug in the formula
Income from BV=($90,000*50%)
Income from BV=$45,000
Therefore The Amount of income from BV that Burgundy must report for its tax year ending December 31, 2015 is $45,000.
Answer:
Multiplier = 3.33
Explanation:
Investment / Spending Multiplier denotes increase in Income multiple times increase in causal Investment.
Multiplier = Change in Income / Change in Investment = 1 / 1 - MPC
<em>M</em> = ΔY/ΔI = 1/ (1-MPC)
At Equilibrium, Investment = Savings = 750. Change in Investment = 900 - 750 = 150. Change in Income = 500.
M = 500/150 = 3.33
3.33 = 1/(1-MPC)
MPC = 0.70
Answer:
a. Debit Credit
Cash $174,600
Discount on bond payable $18,941
Bonds Payable $173,000
Paid -in Capital - Stock Warrants $20,541
<u>Workings</u>
Market value of Bonds 155,700
Market value of Warrants <u>20,760</u>
Total market value 176,460
Value assigned to Bonds = 174,600 / 176,460 * 155,700 = 154,059
Value assigned to Warrants = 174,600 / 176,460 *20,760 = 20,541
b. Debit Credit
Cash $174,600
Discount receivable $1,600
Bonds Payable $173,000
