Answer: Monetary unit assumption
Explanation: The monetary unit of assumption states that every transaction of the business can be expresses in relation to monetary units and these units will be stable over time. The key point in this assumption is that it assumes monetary units to be stable and dependable.
In the given case, Lawton records transactions in dollars and disregards changes in value of dollars over time. Hence, we can conclude that Lawton is following monetary unit assumption.
Answer:
b. Long-term care insurance is allowed as a deduction, subject to a dollar limitation.
Explanation:
Long-term care insurance is designed to provide daily benefit to the holder when he is in need of assistance do some activities related to daily living such dressing, eating, bathing, and among others.
It is possible for self employed to qualify to deduct 100% of the premium paid for long-term care insurance subject to the maximum of 2020 age-based eligible premium amounts as provided below:
Age 40 and below = $430
Age 41 - 50 = $810
Age 51-60 = $1630
Age 61-70 = $4350
Age 71 and over = $5430
I really want to say income statement
Answer:
1. According to the case study (copy attached) "the upcoming technology that will be used in retail stores to improve customer service is the Scan As You Go Mobile Devices".
2. It is currently being used by sales officers in some shopping malls to scan items on the spot and let customers pay without going through the cash registers.
It is also being used to help customers take advantage of discounts and coupons on items being purchased. The effect is that customers spend 10% when they shop using this technology.
3. In the future, the customers will be able to check out using their smartphones.
4. According to the case study, the technology referred to in 3 above is already pioneered by Apple Stores.
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