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3 years ago

14

who has right to levy taxes on the income of individuals and businesses by the ruling of the 16th amendent of the constitution t

hat was signed into law in1913

1 answer:

Alexxandr [17]3 years ago

8 0

The 16th amendment allows Congress to the power of levy taxes, both individual and business, without apportionment by states.

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On July 1, 2021, Clearwater Inc. purchased 9,300 shares of the outstanding common stock of Mountain Corporation at a cost of $21

il63 [147K]

Answer and Explanation:

1. The journal entry is given below:

Investment in Mountain $213,000

To Cash $213,000

(Being the original investment is recorded)

Here the investment is debited as it increased the assets and credited the cash as it decreased the assets

2.

The goodwill is

Purchase price $213,000

Less : Fair value of assets purchased (30%of $660,000) $198,000

Goodwill Purchased (difference) $15,000

3.

Cash (30% × $11,700) $3,510

To Investment in Mountain $3,510

(being cash is recorded)

Investment in Mountain (30% 17,700) $5,310

To Investment Revenue $5,310

(Being investment is recorded)

6 0

3 years ago

GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $60,000 for 6-months services in adv

Dvinal [7]

Answer:

Credit to Unearned Revenue for $60,000.

Explanation:

Journal Entry of $60,000 for 6-months services in advance ia as follow:

Dr. Cr.

Cash $60,000

Unearned Revenue $60,000

Services are not performed by GreenLawn Co. so the amount received will be considered as a liability and It will be named as unearned revenue. Cash received will be debited to the cash account. After the performance of service of each month the revenue will be recognized and transferred from unearned revenue account to service revenue account.

8 0

4 years ago

The Herman Company uses a joint process to produce products W, X, Y and Z. Each product may be sold at its split-off point or pr

Gala2k [10]

Answer:

<em>W:</em> positive contribution of 6,000

<em>Z:</em> positive contribution of 1,000

<em>X:</em> negative of 1,000

<em>Y:</em> negative of 6,500

Explanation:

value at the end- value at split off = value added for processing:

value added - addtional cost = advantage/disadvantage of processing

W (22,500- 7,500) - 9,000 = 15,000 - 9,000 = 6,000

X (20,000 - 13,5000) - 7,500 = 6,500 - 7,500 = (1,000)

Y (15,000 - 9,000) - 12,500 = 6,000 - 12,500 = (6,500)

Z (12,500 - 6,500) - 5,500 = 6,000 - 5,500 = 1,000

7 0

3 years ago

Abigail is a manager at her company. The company just launched an initiative to improve its corporate citizenship practices. Abi

Fofino [41]

Answer:

The correct option is A,safeguarding shareholders' interests

Explanation:

Showing integrity and ethical behavior comes under a company portraying itself as a good corporate citizen in order to endear itself to stakeholders, however the responsibility of safeguarding shareholders' interests is the fundamental and not necessarily falls under ethical behavior as the primary reason for the creation of the business in the first place is to enhance maximization of shareholders' wealth

Disclosure and transparency as well as vigilance of the board of directors are both required in order to ensure the wealth of owners are enhanced.

6 0

3 years ago

Just need the solution to question one and I would be able to solve the rest. Thank you

barxatty [35]

Answer:

I know this answer ....

Explanation:

i give a hint to u- hydrogen

8 0

3 years ago