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horsena [70]
3 years ago
6

Which one of the following types of losses is excluded from the determination of net income in income statements? Material losse

s resulting from transactions in the company's investments account. Material losses resulting from the write-off of intangibles. Material losses resulting from correction of errors related to prior periods. Material losses resulting from unusual sales of assets not acquired for resale.
Business
1 answer:
alexgriva [62]3 years ago
7 0

Answer: The correct answer is "Material losses resulting from correction of errors related to prior periods.".

Explanation: It is generally established that the type of loss that is excluded from the determination of net income in the income statement are the material losses resulting from transactions in the company's investments account.

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How does unemployment impact a society
Tju [1.3M]

People living in a society judge a person very quickly If the person is unemployment society starts to judge and they start to dominate who is unemployment

To decrease unemployment we need to respect each work but the people living in a society starts to judge people and that's the great weakness of the people so if Unemployment is decreased in the country, than there would be positive impact

i hope i have give my answer according to my thoughts

4 0
3 years ago
Arthur owns a tract of undeveloped land (adjusted basis of $145,000) which he sells to his son, Ned, for its fair market value o
Dovator [93]

Answer:

Arthur’s recognized gain or (loss) = $0

Ned’s basis in the land = $105,000

Explanation:

As the adjusted basis for Arthur was $145,000 and he sold it for $105,000 hence, there is no gain. Ned basis is the fair market value at which he purchased the tract of land.

4 0
3 years ago
On June 30, 20X8, Lomond, Inc. issued twenty $10,000, 7% bonds at par. Each bond was convertible into 200 shares of common stock
salantis [7]

Answer:

c.$ 2.92 per share

Explanation:

The earnings per share is calculated by dividing the net income by the weighted average number of shares outstanding. The bond holders converted their bonds into shares on July 01, 20x9 so their shares were only outstanding for 6 months.

The weighted average number of shares is determined as follows:

January - June                                                                10,000 shares

July December 10,000 + (20 *200= 4,000 shares)      14,000 shares

The weighted average no of shares outstanding is    12,000 shares

The net income                                                           $  35,000

Earnings per share                                                      $ 2.92 per share      

7 0
3 years ago
Presented below is information related to equipment owned by Novak Company at December 31, 2020.
Rama09 [41]

Answer:

Debit : Impairment loss $1,250,000

Credit : Accumulated impairment loss $1,250,000

Explanation:

Impairment of an asset happens when, the Carrying Amount of an Asset is greater than the Net Realizable Value of an asset.

Carrying Amount is Cost of asset less Accumulated depreciation. Carrying Amount for the equipment is $10,000,000 ($11,250,000 - $1,250,000).

The Net Realizable Value of an asset is the higher of Fair Value of Asset and Future Value. For the equipment the Net Realizable Value is $8,750,000

Then, since Carrying Amount ($10,000,000) > Net Realizable Value ($8,750,000), the equipment is impaired.

Impairment loss will be $1,250,000 ($10,000,000 - $8,750,000).

The journal entry to record the impairment loss would be :

Debit : Impairment loss $1,250,000

Credit : Accumulated impairment loss $1,250,000

4 0
3 years ago
What supports the codes that are chosen for an insurance claim to ensure reimbursement?
horrorfan [7]
The diagnostic code set of ICD-10 would help ensure a patients reimbursement. By using the code, the patient could give the diagnosis properly and would help the claim not to be denied because of incorrect coding and consequently incorrect billing.
4 0
3 years ago
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