Answer: $1531
Explanation:
The corporation's tax basis in the property received in the exchange will be the addition of Tristan's Tax basis and the gain that's recognized on exchange by Tristan.
The gain realized will be:
= $1,570 - $1,255
= $315
Boot received = $276
Therefore, lower of $315 or $276 is $276.
The corporation's tax basis in the property received will then be:
= $1255 + $276
= $1531
Answer and Explanation:
The preparation of schedule showing physical units of production is prepared below:-
Rosenthal Company
Physical units of production
For the year June 2020
Units to be accounted for:
Work in process, June 1: -
Started into production 22,660 units
Total units 22,660
Units to be accounted for:
Transferred out 20,600 (22,600 - 2,060)
Work in process, June 30 2,060 units
Total units 22,660 units
Answer:
Purchases= $252,000
Explanation:
Giving the following information:
Sales= $400,000
Cost of goods sold equal to 65 percent of sales.
Beginning inventory= $80,000
Ending inventory= $72,000
To calculate the purchase required, we need to use the following formula:
Purchases= sales + desired ending inventory - beginning inventory
Purchases= (400,000*0.65) + 72,000 - 80,000
Purchases= $252,000
Answer:
The correct answer is B. Nonparticipating policy
Explanation:
It refers to the implementation of initiatives where the comments or considerations of the employees are not taken into account. In this type of actions, it is based on the utility for the totality of the persons of a company, and their acceptance by them is understood.
Answer:
It provides definite objective for evaluating performance
Explanation:
Budgeting: It can be defined as the process of deciding an efficient way of spending money.
A budget is a financial plan which shows the estimation of income and expenditure over a specified future period of time. A budget can be made by an individual, business organzations or government of a country.
A budget can either be surplus or deficit.
1. A surplus budget is a budget in which the estimate of income is more than expenditure.
2. A deficit budget is a budget in which the estimate of expenditure is more than income.
Benefits of budgeting includes;
1. It provides definite objectives for evaluating performance.
2. It requires all levels of management to plan ahead on a recurring basis.
3. It facilitates the coordination of activities.
