____ help companies meet the legal requirement that their human resource decisions be job-related.

Reports how much the company is worth to the owners at the

SashulF [63]

I really want to say income statement

6 0

3 years ago

Leon exchanges an office building which he held as investment property for a bowling alley. His office building has a basis of $

exis [7]

Answer:

According to Section 1031 of Internal Revenue Code, an exchange of like-kind property is referred to as like-kind exchange, if the exchange meets the following criteria:

The property should be exchanged only for the 'like-kind' (same class) property.
The 'like-kind' property that is in exchange should be either used in operations of business or held for investment purposes.
The exchange should be done under specific timing restrictions or requirements (for indirect exchanges through third parties).

Explanation:

A) Explanation: Since both the properties in exchange are real properties which are used in business, this is a like-kind exchange

B)

Description Amount ($)

Fair market value of bowling alley 120,000

Add: Mortgage value L is relieved off 40,000

Amount reali7ed 160,000

Less: Adjusted basis (175:000)

Realized loss by L (15,000) 

C) Explanation: Since the loss realized is due to exchange, the loss is not recognized.

D) Explanation: Since the loss is not recognized, the character of gain or loss could not be

E) Explanation: The total of realized loss, $15,000 (From Requirement (b)) is deferred.

F) Determine the basis of property acquired in exchange, bowling alley.

Description Amount ($)

Fair market value of bowling alley 120,000

Add: Deferred loss 15,000

Basis of bowling alley 135,000

8 0

3 years ago

Vijay Inc. purchased a three-acre tract of land for a building site for $350,000. On the land was a building with an appraised v

alexandr402 [8]

Answer: b) $364,090

Explanation:

The Capitalized cost of the land would be the costs incurred to acquire the land and to set it up.

Capitalized cost = Purchase price + demolition of old building + title insurance + attorney fees + property taxes(for period since purchase) - scrap value

= 350,000 + 11,700 + 810 + 540 + (3,000 - 350) - 1,610

= $364,090

3 0

2 years ago

A customer purchases $340 worth of merchandise from The GAP using a gift card. What is the journal entry The Gap records?

OLga [1]

Answer:

Option (d) is correct.

Explanation:

Given that,

Customer purchases $340 worth of merchandise from The GAP using a gift card.

A gift card is having an amount of money that is used by the gift card holder for the purpose of purchasing goods. So, in the books of GAP, the value of gift card is debited as an unearned revenue and the sales revenue is credited.

The journal is as follows:

Unearned revenue A/c Dr. $340

To sales revenue A/c $340

(To record the merchandise sold for a gift card)

6 0

3 years ago

Carmel Inc. has come up with the idea of creating a television ad for its new range of assorted cookies. The marketing executive

Debora [2.8K]

Answer: (B) Production house

Explanation:

A production house is one of the type of studio or the company where the team basically providing the different types of duties on the basis of specialization.

According to the given question, the RT designs is one of the example of production house as the RT design is the company that basically designing the whole advertisement and also recording, filming the specific given advertisement.

Therefore, this company performing this type of functions is known as the production house.

4 0

3 years ago