Answer:
A. Date Account Title Debit Credit
Insurance expense $30,700
($3000+$32500-$4800)
Prepaid insurance $30,700
B. Date Account Title Debit Credit
Insurance expense $30,700
Prepaid insurance $30,700
Answer:
Interest rates and bond prices vary inversely
Explanation:
The relationship between interest rate and bond prices can be seen in the bond pricing formula. Given a series of coupon payments (C) paid over the lifetime (ranging from "1" through "i" to "n") of a bond, and given that the bond will repay the principal investment (F) at maturity, the price of the bond is
where "r" is the interest rate.
As seen in the formula, the price of the bond (P) is inversely related to the interest rate (r).
Option A is incorrect because interest rates and bond prices vary indirectly, not directly. Option C is incorrect because interest rates and bond prices are related. Option D is incorrect because vary inversely irrespective of inflation and recession.
Answer:
$30,000
Explanation:
Usually, patents do not have a salvage value. If the useful life is 16 years, the amortization rate will be 1/16 x 100
=0.0625 x 100
=6.25%
Before January 2017, the trademark had been amortized for four years ( 2013, 2014, 2015, and 2016.)
Amortization per year = 6.25% x $400,000
=0.0625 x $400,000
=$25,000 per year: Four year amortization would be
=$25,000 x 4
=$100,000
The Book value as of January 2017 will be
=$400,000 -$100,000
=$300,000
add legal fee
=$300,000 + $60,000
=$360,000
remaining useful life = 16 -4 years = 12 years.
new depreciation rate = 1/12 x 100
=0.08333
Depreciation amount for 2017
= 0.08333 x $360,000
=$30,000
Answer:
Global economic crimes consist of a wide range of economic offenses and include different forms of financial crimes that are committed. Examples of global economic crimes are money laundering, tax evasion, improper use of tax havens, embezzlement and bribery etc.
Global economic fraud is a sub set of global economic crime and consists of those actions that are considered as an intentional act of deception for the purpose of making financial gains. A dishonest advantage is gained through acts of global economic fraud. Examples of global economic frauds are identity fraud, banking fraud, investment fraud, and fraud by abuse of position.
Companies should be concerned about global crimes and frauds as these acts of crime and fraud may put companies in a position of disadvantage in the long run. These acts will dilute some of the value creation activities that companies are pursuing and in the long run these acts will prove detrimental to the value creation objectives of companies. Further the acts of crime and fraud increase the risk scenario in which companies operate and hence the chances of losing money increase manifold.
Companies should address the issue of fraud and crime in a tangible manner and approach to tackle them on a heads on basis. To address the issues companies should firstly recognize fraud when they first see and encounter it. For this companies will require robust fraud risk assessment framework in place. When motivations are identified beforehand then better controls will be put in place by companies, thus significantly reducing the chances of fraud and crime.
Answer:
Clarence must file his tax returns on schedule C which is April 15, 2020 (for 2019 taxes).
Explanation:
As a sole proprietor of a small business Clarence must include his personal tax return when he files the sole proprietorship's tax returns. Tax returns must be filed on different dates depending on what type of business is filing:
- Sole proprietorship and single-member LLC by April 15, 2020.
- Partnership by March 16, 2020.
- Multiple-member LLC by March 15, 2020.
- S corporation by March 15, 2020.
- Other corporations (not S corporations) by the 15th day of the 4th month after their fiscal year ends.
