Answer:
Chocolates R' Us, Inc.
Family hostility cannot be used as an argument to void the family attribution rules.
Lucy is still legally married to Desi. What the husband, Desi, therefore, owes, she owes equally despite their separation and her intention to reduce her ownership in their joint company.
Explanation:
Family Attribution Rules: Section 318 of the Internal Revenue Code says an individual shall be considered as owning the stock owned, directly or indirectly, by or for his spouse and his children, grandchildren, and parents, including legally adopted children.
Answer: D. $2870000
Explanation:
Consolidated Assets are the assets that a company owes whether directly or indirectly through a subsidiary which will then be shown on the consolidated balance sheet of the company.
From the information given, the amount of total consolidated net assets will be calculated as:
= ($34000 × 35) + $700,000 + $980,000
= $1,190,000 + $700,000 + $980,000
= $2,870,000
Answer:
The answer is D.
Explanation:
Interest expense is the amount of interest to be paid on borrowed money(bills, notes or bonds). Interest expense can be found on income statement. Income expense reduces the net income and profitability of the company. It is used to determine the solvency of a company.
In the question, Universal borrowed for 12 months from November 1, 2021 and the note matures on October 31, 2022.
For 2021, it will recognize 2 months(November 1, 2021 - December 31, 2021).
For 2022, it will recognize 10 months(January 1, 2022 - October 31, 2022).
Therefore, for 2022, Universal Travel, Inc. will recognize:
$500,000 x 6% x (10 months÷12 months)
= $25,000
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