Answer:
Inventory, End (A): $1,800. Inventory, End (B): $2,500.
Explanation:
Accountants conservatively recognize ending inventory at lower of cost or market value in the balance sheet. Upon purchase of inventory, this is recorded at cost. However, if it loses its value, FASB Accounting Standards Update requires recognition of the inventory at its net realizable value. Thus, Iris Company should recognize its ending inventory of Item A at $1,800 (100 units x $18) and Item B at $2,800 (50 units x $50).
The damages to personal residence from hurricane in a federal disaster area would produce a deductible loss in 2022.
<h3>What losses are deductible under business?</h3>
The deductible loss must have occurred within the tax year and not have been covered by insurance. If the taxpayer suffers a loss due to a casualty or theft of their personal, household, or living property, the loss must be the consequence of an identifiable, harmful, swift, unexpected, and unusual event.
The loss must be ancillary to the operation of the assessor's business and must result directly from, grow out of, or be related in some way to that activity. No restriction on its deductibility should be stated in the Income Tax Act's requirements.
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Answer: the correct option is D. Risk is eventually transferred to the other party
Explanation: A Partnership is a type of business arrangement in which two or more parties come into an agreement to engage in business together. These parties are known as partners.
Benefits of long-term partnerships include all the options in the question above except transferring risk to the other party, because the risk in partnerships cannot be transferred, risks are shared by all members of the partnership.
Answer:
A. True
B. False
C. False
D. True
Explanation:
A.<em> Brands do a great job creating the meaning associated with a symbol or tagline</em>. True.
Just like humans have names and personalities, so do brands. The symbols of brands are just like human names. The personality of the brand goes a long way in determining the meaning people attribute to that symbol
<em>B. What a brand represents is very consistent across everybody.</em> False.
Just as societies have different cultures, so do the meanings they attribute to a brand differ. For example,some cultures feel the color red is associated with ill luck. This will affect how they see such brands which have the red color.
<em>C. A brand's meaning is controlled by the brand. </em> False.
On a holistic note, a brand can control only a certain aspect of its meaning. the other aspect is left to individualism and culture.
<em> D. A brand's meaning is up to potential and actual customers.</em> True.
This is because the customers and kings and they have their personal views about life. This view often affects how they see brands.
