Answer:
2000LTC
Explanation:
From the given data, the distribution which is $8000 will be subtracted from $10000 which is David's stock basis and this will remain l $2000
That is to say
($10000-$8000) = $2000 As the
stock basis.
Answer:
Dean probably will be able to get the painting back. A mutual mistake was made since both parties involved, Dean and Susan, made an important factual error. They both were convinced that the painting was an ordinary copy and that it was worth very little money. A mutual mistake makes the contract voidable by any party.
Answer:
$43,500
Explanation:
<em>Net income = sales - expenses </em>
sales = 115,000
expenses (cost) = 71,500
net income = 115,000 - 71,500 = 43,500
<u>We calculate based on the matching principle.</u>
The revenues and expenses should be recognized during the period they occur.
In this case, the sales are for 115,000 regardless of the amount collected during the period or subsequent periods
The expenses for the period are 71,500 Even if a portion remains unpaid at the end of the year, all the expenses for the year should be included in the calculation.
Answer:
the answer is given below;
Explanation:
Allowance for Doubtful Accounts-opening ($5,355)
Allowance for doubtful accounts-closing ($300,000*8%) $24,000
Bad Debt Expense $18,645
Bad Debt Expense Dr.$18,645
Allowance for Doubtful Accounts Cr.$18,645
Answer:
B. an economic profit of $6.50
Explanation:
Note: The full question is attached
Price Q TR MR Output TC MC
2.75 3 8.25 - 3 4 -
2.50 4 10 1.75 4 4.5 0.5
2.25 5 11.25 1.25 5 4.75 0.25
2 6 12 0.75 6 5.75 1
1.75 7 12.25 0.25 7 7.75 2
For profit Max MR = MC. MC>MR
At Q = 5, MR = 1.25 & MC = 0.25
Economic profit = TR - TC = 11.25 - 4.75 = $6.5
But at Q = 6, MR = 0.75 MC = 1. Net benefit is negative
