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trasher [3.6K]
2 years ago
6

Which of the following is a sign of credit trouble?

Business
1 answer:
Aleks04 [339]2 years ago
8 0
The right answer for the question that is being asked and shown above is that: "c. Credit cards are canceled due to poor payment history." a sign of credit trouble is that <span>Credit cards are canceled due to poor payment history.</span>
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Q 4.24: At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended
Nookie1986 [14]

Answer:

At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both cash basis accounting and GAAP require that Paul’s recognize the employees’ total salary expense in April.

Explanation:

A collection of accounting rules and standards usually followed, for financial reporting is known as GAAP (generally accepted accounting principles) .

For businesses, GAAP needs accrual accounting.

Accrual accounting operates on the basis of matching both revenue and expenses. Revenues and the related expenses occur concurrently, though the cash transaction concerning thereto might happen in some other period.

In the situation given in the question, the revenue from the project is earned in April, subsequently, the salary expense related to that work should also be recognized in the same period due to an accrual basis.

7 0
3 years ago
Read 2 more answers
Which is the penultimate step in the planning process?
Studentka2010 [4]
Hello, The first step of financial planning process is to define specific goals. Since this is the first step I figured it is the most important.
Hope this helps..
8 0
3 years ago
Nancy sold three capital assets that were held for investment. She sold stock in ABC Corporation for a gain of $10,000; stock in
wlad13 [49]

Answer:

D) $3,000 deduction against ordinary income with a $5,000 capital loss carried forward to offset income for next year

Explanation:

Note: This question is not complete as it does not include the options. The complete question is therefore presented before answering the questions follows:

Nancy sold three capital assets that were held for investment. She sold stock in ABC Corporation for a gain of $10,000; stock in XYZ Corporation for a gain of $2,000; and corporate bonds for a loss of $20,000. Assuming all of the investments had a long-term holding period, how will the transactions be treated for tax purposes?

A) Gain of $12,000 taxed at 15% and a loss of $20,000 deductible against ordinary income

B) Net loss of $8,000 that is fully deductible against ordinary income in the current year

C) Net loss of $8,000 that results in no deduction in the current year, but can be carried forward to offset capital gains for the next year

D) $3,000 deduction against ordinary income with a $5,000 capital loss carried forward to offset income for next year

The explanation to the answer is therefore presented as follows:

The first step is to compute the net capital gain (loss) is as follows:

Particulars                                                                            $  

Gain from the sale of stock in ABC Corporation          10,000

Gain from the sale of stock in XYZ Corporation            2,000

Loss from the sale of corporate bonds                     <u>  (20,000)  </u>

Net capital gain (loss)                                              <u>     (8,000)  </u>

In the US, individuals are allowed to use up to $3,000 to reduce their taxable income in the first year of the loss, while the remaining capital losses will be carried over to the next years.

From the net capital gain computed above, the correct option is D. That is, the $8,000 loss will be treated for tax purposes as a $3,000 deduction against ordinary income in the current year with the remaining $5,000 capital loss carried forward to offset income for next year.

6 0
3 years ago
"We chose this plan because it would benefit the majority of you, and harm the fewest" would be an example of using this perspec
Alborosie

Answer:

utilitarian perspective      

Explanation:

In simple words, utilitarian approach refers to a method for making decisions in case of ethical dilemmas. Under this approach, the decision making authority makes judgement by focusing on the greater good, that is, making judgement that benefits the most of the individuals and harm the least.

This theory states that every party's interest should be taken into consideration equally as every related individual to the judgement is capable of suffering . However this approach is used when it is not possible to benefit all the stakeholders equally.

6 0
3 years ago
Tulip Midwifery's cost formula for its wages and salaries is $2,420 per month plus $388 per birth. For the month of January, the
Neko [114]

Answer:

$ 50144

Explanation:

Given:

Cost formula for the the wages and salaries = $ 2420 / month + $ 388 / birth

planned number of activity = 119 births

Actual level of activity = 123 births

the wages and salaries in the flexible budget for January, using the given formula will be calculated as:

the wages and salaries = ( $ 2420 × 1 ) + ( $ 388 × 123) = $ 50144

3 0
2 years ago
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