Need help with my career planning

Oscar owns a building that is destroyed in a hurricane. His adjusted basis in the building before the hurricane is $130,000. His

damaskus [11]

Answer:

That is $2,000 loss

Explanation:

After the hurricane Oscar received $140,000 for his loss, the adjusted basis for his property was $130,000 so he had a gain of 140,000- 130,000=$10,000.

According to Sec. 1033(a)(2) since the new property that was built (the replacement) was similar we will recognise the amount received from the insurance company ($140,000) to the extent that it pays for the replacement property.

That is

Gain or loss = amount paid by insurance company- cost of replacement property

Gain or loss= 140,000- 142,000

Gain or loss= -$2,000

That is $2,000 loss

8 0

3 years ago

If a CPA who is a member of the AICPA fails to abide by the Principles section of the AICPA’s Code of Professional Conduct, but

Alborosie

Answer:

The correct answer is D. Not subject to any form of punishment regarding the license to practice accounting

Explanation:

The accounting professional should use their professional judgment to make their decisions, consult a guide such as the Code of Conduct, give some guidelines on what is the correct behavior, to apply the rules and reach correct conclusions.

However, when the professional acts fraudulently, he will be responsible to the competent authorities. When it does not follow the guidelines but still acts under the law, it cannot be sanctioned.

7 0

3 years ago

Whispering Corporation has retained earnings of $715,700 at January 1, 2020. Net income during 2020 was $1,567,700, and cash div

Setler79 [48]

Answer:

$2,288,740

Explanation:

Preparation of a retained earnings statement for the year ended December 31, 2020

RETAINED EARNINGS STATEMENT

For the Year Ended December 31, 2020

Retained earnings, January 1, as reported $715,700

Correction for overstatement of expenses in

prior period (net of tax) $88,840

Retained earnings, January 1, as adjusted $804,540

($715,700+$88,840)

Add Net income $1,567,700

Less Cash dividends ($83,500)

Retained earnings, December 31 $2,288,740

($804,540+$1,567,700-$83,500)

Therefore retained earnings statement for the year ended December 31, 2020 will be $2,288,740

7 0

3 years ago

When an organization needs employees with good basic skill sets but does not need the applicants in the recruitment pool to have

evablogger [386]

Answer:

Educational institutions

Explanation:

Educational institutions -

It refers to the place , where the children and people of various age groups tends to learn new things , is referred to as an educational institutions .

An educational institution are the schools , universities , colleges , etc.

These institutes provides a knowledgeable environment for the people to grab information in various fields .

Hence , from the given scenario of the question ,

The correct term is educational institutions .

5 0

3 years ago

The balanced budget multiplier applies when a $50 billion increase in government expenditure is financed by a $50 billion ______

AlexFokin [52]

Answer:

Increase; a positive

Explanation:

An aggregate demand in economics terms is an economic measurement of the total amount of demand for all finished goods and services produced in an economy.

Aggregate demand is expressed as the total amount of money exchanged for those goods and service at a specific price level and point in time.

5 0

4 years ago