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dolphi86 [110]
3 years ago
6

1. Using income statement data for Neros, prepare a December income statement dated December 31. 2. If Neros pays a cash dividen

d to its sole stockholder to pay for a family vacation, how is this reported on the financial statements? 3. If the sole stockholder of Neros invests cash into the business, how is this reported on the financial statements?
Business
1 answer:
Alenkinab [10]3 years ago
6 0

Answer:

A decision to convert to rental should consider factors such as the taxpayer’s marginal tax rate, availability of excluding gain from the sale of a personal residence, expected growth rate of the rental property, length of time the house will be rented before being sold, cash flow from renting, effect of the passive activity rules, and rate of return on other invested funds.

How rent-to-own investments solve cash flow issues. HomeNews. by Neil Sharma 19 Mar 2019.. and you can redirect that equity to buy rent-to-own properties.". where she explained how a single investor helped seven families become homeowners while cash flowing $60,000 a year.

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Savings Goals
romanna [79]

Answer:

I am sorry fam this won't be an answer to your question, but I figured out how to see the answers on brainly for ya'll that don't have premium. You just need to right click on the page of your question and then click on "view page source" for me the shortcut is ctrl+ U. I don't know about yall's. when you do that it will open up a weird looking page then you want to scroll down, what you wanna focus on are the black letters, the others will be colored red or blue or whatever just focus on the black letters. It just gonna show you the answer and the comments too. Your welcome pudgy boi.

Explanation:

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7 0
2 years ago
Cheizza, a pizza vendor in the country of Wisbane, believes that the taste of fresh cheese in its pizzas is its unique selling p
damaskus [11]

Answer:

The correct answer is letter "A": Resource scarcity.

Explanation:

Resource scarcity is the basic economic problem by which individuals have unlimited wants and needs but rely on limited sources to fulfill them. Because of this situation, individuals have to trade-off the satisfaction of part of some needs so others can be satisfied as well.

In the example, <em>the scarce resource is the milk that is useful to produce cheese for the pizzas sold in Wisbane.</em>

4 0
3 years ago
The following information is available for the pension plan of Concord Company for the year 2020.
anzhelika [568]

Answer:

$93,900

Explanation:

Computation for pension expense for the year 2020.

PENSION EXPENSE

Service cost $54,700

Interest cost $45,200

($452,000 * 0.10)

Less Actual return ($13,800)

Amortization of PSC $7,800

Pension expense $93,900

Therefore the pension expense for the year 2020 is $93,900

4 0
2 years ago
Canton Trade Mart has recently had lackluster sales. The rate of inventory turnover has​ dropped, and the merchandise is gatheri
Tomtit [17]

Answer:

Explanation:

Canton Trade Mart has recently had lackluster sales. The rate of inventory turnover has​ dropped, and the merchandise is gathering dust. At the same​ time, competition has forced Canton​'s suppliers to lower the prices that Canton will pay when it replaces its inventory. It is now December​ 31, 2018​, and the net realizable value of Canton​'s ending inventory is $ 50,000 below what the company actually paid for the​ goods, which was $270,000. Before any adjustments at the end of the​ period, the Cost of Goods Sold account has a balance of $760,000.

a. What accounting action that Canton should take in this​ situation is inventory write down - from cost to net realizable Value as is prescribed by financial reporting standards.

b. Give any journal entry required.

JOURNAL ENTRY

Dr. Cost of Goods Sold......(270,000 - 50,000)...$220,000

Cr. Inventory...................................................................................$220,000

Being inventory write down of closing inventory to net realizable value at year end.

c. At what amount should the company report Inventory on the balance​ sheet?

Net Realizable Value of  $50,000

d. At what amount should the company report Cost of Goods Sold on the income​ statement?

Cost of Goods Sold had a previous account balance of $760,000 and will now include the inventory write down of $220,000 making $980,000

e. Discuss the accounting principle or concept that is most relevant to this situation.

International Accounting Standard 2 (IAS 2) stipulates that inventory should be carried at the <u>lower of Cost or Net Realizable Value</u>

<u />

6 0
2 years ago
Read 2 more answers
Budget provides the financial status of the government in detail. Explain it​
My name is Ann [436]

Answer:

The budget is a central policy document of government, showing how it will prioritise and achieve its annual and multi-annual objectives. Apart from financing new and existing programmes, the budget is the primary instrument for implementing fiscal policy, and thereby influencing the economy as a whole.

5 0
1 year ago
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