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Marizza181 [45]
3 years ago
12

Which of the following transactions would be least likely to have an effect on the net income for 2020? A : Stock purchased in 2

003 and deemed worthless in 2020. B : Correction of an error in the financial statements of a prior period discovered subsequent to their issuance. C : Collection in 2020 of a dividend from an investment. D : Sale in 2020 of an office building contributed by a stockholder in 1971.
Business
1 answer:
Alex777 [14]3 years ago
8 0

Answer:

B : Correction of an error in the financial statements of a prior period discovered subsequent to their issuance

Explanation:

As the accounting uses the matching principles to assing revenues and expenses a prior perior expense will not affect the current period of 2020.

The accountning should represent the reality and the event that generate the income/expense was before 2020 Thus, it should not affect 2020

Else,  the information will be tained as 2020 period is taking expenes fro mother period making the current income understated.

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Managerial Economics as a specialized branch of EconomicsA. Provide ready-made solutions to business problemsB. Provide logic an
Y_Kistochka [10]

The correct answer is choice b.

Managerial Economics deals specifically with the application of economic concepts, theories, tools, and methodologies in order to solve practical problems in a business. This definition aligns with choice b, which is to provide logic and methodology to find solutions to business problems.

5 0
3 years ago
If you fail to provide proof of insurance, your drivers license and license plates will be suspended for up to ______
kupik [55]
It will suspended up to 5 to 10 or years.
3 0
3 years ago
Tanner, Inc. incurred a financial and taxable loss for 2018. Tanner therefore decided to use the carryback provisions as it had
inessss [21]

Answer:

The refund claimed should be shown as a benefit due to loss carryback in 2018.

Explanation:

Since Tanner, Inc. incurred a financial and taxable loss for 2018. and decided to use the carryback provisions as it had been profitable up to this year, the amounts related to the carryback should be reported in the 2018 financial statements as a benefit due.

Tax loss carryback is when a corporation <u>retrospectively adjusts its tax returns for prior periods</u> if it incurs a net operating loss (NOL) in current period.

The loss carryback <u>generates a tax refund</u> for the business because it reduces previous year tax liability. After the carried back loss is applied, it will be <u>as though the business overpaid taxes the previous year; which will now be shown as a benefit in the current year</u>

4 0
2 years ago
Determining the true cash balance, starting with the unadjusted book balance
Law Incorporation [45]

Answer:

True Cash Balance $7,688

Explanation:

The computation of the true cash balance is shown below:

Unadjusted Cash Balance as of May 31 $7,176

Add: Interest Earned   $14

Note Collected by Bank $600

Less: NSF check ($67)

Less Bank charges ($35)

True Cash Balance $7,688

Hence, the true cash balance is $7,688 and the same is to be considered

3 0
3 years ago
Under what elasticity conditions would the following be true? "Increasing the minimum wage will result in a decrease in employme
nydimaria [60]

Answer:

The elasticity of labor is elastic (low elastic).

Explanation:

The given situation or condition, the rise in minimum wage will lead to decrease the employment for the person who earns lower than new minimum wage shows that the labor demand is elastic or elasticity for the labor is low because the increase in the minimum wage lead discourages to the producer to hire unskilled labor. Therefore, employment will decrease with an increase in the minimum wage.

5 0
3 years ago
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