Taxable income, generally speaking, is the gross income of an individual or corporation, less any allowable tax deductions. Your taxable income is, in other words, the amount of your income that is subject to income tax.
Answer:
d. $7,000.
Explanation:
The computation of the loss recorded due to asset impairment is shown below:
= Book value - fair value
= $35,000 - $28,000
= $7,000
If we consider the building and the patent we see that the estimated cash flows are more than the book value, so no loss on impairment should be taken place
Therefore, only $7,000 should be recorded as a loss on impairment of the asset
Formula: Finished Goods Inventory Beginning - Sales in units + Produced units= Ending Inventory
3000-12000+14000= 5000 Ending finished goods inventory in units
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Answer:
b)
Explanation:
Based on the scenario being described within the question it can be said that the most efficient fix for this error would be to use Find and Replace. This is a feature that allows you to type the error that you made, and the console will find every instance of that error throughout the entire document and change each iteration to whatever you want.