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Troyanec [42]
3 years ago
5

An individual client asks a CPA to determine whether the client is solvent for federal tax purposes. The client has assets consi

sting of cash and marketable securities with a basis of $250,000 and a fair market value of $155,000. The client has liabilities of $175,000, which include $130,000 of non-dischargeable liabilities under the Bankruptcy Code. Which of the following statements is correct?
Business
1 answer:
allochka39001 [22]3 years ago
6 0

Answer:

The client is insolvent since the client's liabilities exceed the fair market value of the client's assets by $20,000

Explanation:

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Define organization and explain three of the characteristics of organization. Give three examples of organizations, try to inclu
Mekhanik [1.2K]

Answer:

Organization is arranging or coordinating especially in a business, society, or association aspect. Examples of organization could be:

1. Arranging a group of people who work in specific studies

2. Taking books by their genre, and putting them together

3. The economic pyramid, is the perfect example of an organization. Defining society by class.

5 0
2 years ago
Advertising department expenses of $26,700 and purchasing department expenses of $46,700 of Cozy Bookstore are allocated to oper
allochka39001 [22]

Answer:

The advertising department expense allocated to each department are as follows:

Books Dept = $11,748

Magazines Dept = $8,010

Newspapers Dept = $6,942

Totals advertising department expenses allocated = $26,700

The purchasing department expenses allocated to each department are as follows:

Books Dept = $20,081

Magazines Dept = $10,741

Newspapers Dept = $15,878

Total purchasing department expenses allocated = $46,700

Explanation:

Note: See the attached excel for the completed table used in allocating the expenses of the two service departments (advertising and purchasing) to the three operating departments.

From the attached excel, the advertising department expense allocated to each department are as follows:

Books Dept = $11,748

Magazines Dept = $8,010

Newspapers Dept = $6,942

Totals advertising department expenses allocated = $26,700

From the attached excel, the purchasing department expenses allocated to each department are as follows:

Books Dept = $20,081

Magazines Dept = $10,741

Newspapers Dept = $15,878

Total purchasing department expenses allocated = $46,700

Download xlsx
7 0
3 years ago
Rent is $1,258. Phone charges last month were $46.88. Groceries cost about $115/week. What is a good estimate of your monthly ex
Papessa [141]

I'd say $1,807.00 (C)

6 0
3 years ago
1The main reason that U.S. currency cannot be turned in to the government in exchange for a tangible asset such as gold is that:
White raven [17]
The correct answer for the question that is being presented above is this one: 
(1) <span>B)People prefer tangible items, so the government would not be able to satisfy demand for the tangible item at any fixed rate of exchange
</span>(2) <span>B)Potential buyers of the assets of a bank, incorrectly rumored to be distressed, may suspect the assets to be of poor quality.
</span>(3) <span>C) The Federal Reserve ("the Fed") stands ready to inject reserves into the system more quickly in a crisis.
</span>(4) <span>A)Checkable Deposits / Required Reserves</span>
7 0
3 years ago
Freeman and Associates is a​ medium-sized construction company specializing in​ high-end custom homes. The bookkeeper handles al
ololo11 [35]

Answer:

Answer is a.

Explanation:

The key word here is "streamlined" system. The aim here is to make the company more efficient and effective by  employing faster or simpler working methods, which many times means utilizing more technology or software. So we need to focus on automating a task and eliminate any type of human intervention. As a result we have to integrate the modules in the financial system.

3 0
3 years ago
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