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kompoz [17]
3 years ago
6

Under the all-events test, in addition to specifying that all events to establish the liability must have occurred, the test als

o provides that the business must be able to determine the amount of the liability with reasonable accuracy.1. True2. False
Business
2 answers:
IgorC [24]3 years ago
8 0

Answer:

TRUE

Explanation:

It is true that under the all-events test, in addition to specifying that all events to establish the liability must have occurred, the test also provides that the business must be able to determine the amount of the liability with reasonable accuracy

Under Sec. 461(h), a three-prongall-events test is met when

(1) all events have occurred that establish the fact of the liability;

(2) <u>the amount of the liability can be determined with reasonable accuracy</u>; and

(3) economic performance has occurred.

Arte-miy333 [17]3 years ago
7 0

Answer:

True

Explanation:

An All-Events test a test under U.S. federal income tax law that states all events fixing an accrual-method, taxpayer's right to receive income, or incur expense must occur before the taxpayer can report an item of income or expense. An all-events test is said to be met when :

(1) All events have occurred that fix the fact of liability; and

(2) The liability can be determined with reasonable accuracy.

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Bark Company is considering buying a machine for $240,000 with an estimated life of ten years and no salvage value. The straight
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Answer:

option (c) 8 years

Explanation:

Data provided in the question:

Cost of the machine = $240,000

Useful life = 10 years

Salvage value = 0

Net income = $6,000 each year

Now,

Using the straight-line method of depreciation

Annual depreciation = [ Cost - Salvage value ] ÷ Useful life

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Thus,

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Therefore,

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3 0
3 years ago
Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tick
labwork [276]

Answer:

Explanation:

Job 11-101=$3,880

Job 11-102= $2,630

Job 11-103= $2,080

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Predetermined overhead rate = $22

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Applied factory overhead rate = 770 *22 = $16,940

                                      Factory labor cost

                                       Dr                        Cr

Work in progress        13,860

Factory Overhead       18,000

Wages payable                                          31,860

                                    Factory Overhead

Work in progress        16,940

Factory overhead                                       16,940

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