Answer:
TRUE
Interest income received by a cash basis taxpayer is generally reported in the tax year it is received.
Answer:
Resources are limited in supply(scarcity) while wants are unlimited thus one has to make a choice to satisfy a need.Some choices are forgone(opportunity cost)
Answer: a lot more
Explanation: Organizations and businesses buy a lot more than consumers. They purchase industrial goods in large quantities to further process or use in their own business operations.
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