Answer:
Here, selling price is $32 and the cost of treasury stock is $30, Hence selling price is higher than cost.
Following Journal Entries are to be passed:
(a) Treasury Stock (4,000 shares × $30) A/c Dr. $120,000
To Cash A/c $120,000
(b) Cash (900 Shares × Selling Price $32) A/c Dr. $28,800
To Treasury Stock (900 shares × Cost 30) $27,000
To Paid in Capital from Treasury Stock (Difference) $1,800
Answer:
confederal
Explanation:
Confederal organisation structure is a union of sovereign groups that come together for a common purpose. It is characterised by a weak central structure with the group's being independent.
Distribution of power among the group's is variable. Decisions made are as a.result of consensus between parties involved.
In the scenario the National Independent Automobile Dealers Association (NIADA) is made up of 50 largely independent state-level organizations.
They come together to provide membership benefits to car dealers.
The is a form of confederal organisation structure.
Explanation:
it affects the retailer by if they gave a good in a highest price then if that product is not sold then it would happen.
Answer:
Fore Farms
1. Journal Entry
Debit Net operating loss $180 million
Credit Loss Carryforward Relief $180 million
To record the income tax benefit of the net operating loss.
2. The net operating loss reported in 2021 income statement is $180 million.
Explanation:
a) Data and Calculations:
Enacted tax rate = 25%
2021 Reported pretax operating loss = $210 million
Less:
Penalty for EPA violation = 10 million
Loss contingency accrued
(temporary difference) = 20 million
Net pretax operating loss = $180 million
b) The net operating loss (NOL) suffered by Fore Farms, after adjusting non-allowable penalty for EPA violation and temporary differences, will be used to offset the company's tax payments in subsequent tax periods. This is an Internal Revenue Service (IRS) tax provision called a "loss carryforward." It allows some tax relief to Fore Farms for losing money in 2021.
