These organizations are called Political Action Committees.
The tax consequence in 2019 is $10584 while the tax consequence from 2020 to 2023 will be $13229.
Bases on the information given, the realized gain will be:
= $90000 - $25000 - $1500
= $63500
The gross profit percentage will be:
= 63500/(90000 - 18000) × 100
= 63500/72000 × 100
= 88.19%
The tax consequence in 2019 will be:
= $12000 × 88.19% = $10584
The tax consequence in 2020 will be:
= $15000 × 88.19% = $13229
The tax consequence in 2021 will be:
= $15000 × 88.19% = $13229
The tax consequence in 2022 will be:
= $15000 × 88.19% = $13229
The tax consequence in 2023 will be:
= $15000 × 88.19% = $13229
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Answer: Three items will appear being;
2. Sale of delivery truck at book value
5. Sale of a debt security held as an available-for-sale investment
6. Collection of loan receivable.
Explanation:
The Investment Section of the Cash Flow Statement contains activities related to investment such as the buying or selling of fixed assets and the buying or selling of other company stocks or bonds.
Out of the above therefore, there are 3 activities that would fall under this section of the Cash Flow Statement.
They are;
2. Sale of delivery truck at book value.
- This refers to the sale of a Fixed asset and as such it goes to the investment section.
5. Sale of a debt security held as an available-for-sale investment.
- As a debt security of another firm that was considered available for sale, this goes to the Investment Section as well.
6. Collection of loan receivable.
- Finally, collection of loan receivable means that the company loaned money to another company making it an investment related cash inflow as it is a long term Investment income source.
Answer:
C: Mutual Assent.
Explanation:
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Hence, the criteria that parties to a contract must be in agreement is also known as mutual assent.
<em>In a nutshell, mutual assent connotes agreement, acceptance and consent to a contract by both parties. </em>
Answer:
Present value of interest is $5,062 and future value is $5,796
Explanation:
The formula for finding the Present value of the interest reported as revenue is calculated as under:
Present Value of $40,000 receivable in 2 years = $40,000 / (1+7%)^2
Present Value of $40,000 receivable in 2 years = $34,938
The difference of the future value receivable and present value of the future amount receivable is the interest's present value which is given as under:
Interest Present value = $40,000 - $34,938 = $5,062
Using the compounding formula, the future value of the interest that will be recorded in the financial statement will be = $5,062 * (1 + 7%)^2 years
Future value of interest = $5796
