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kondaur [170]
3 years ago
15

Deb has found it very difficult to repay her loans. Because of these difficulties, the bank decided to forgive one of her most r

ecent loans, an amount of $73,500. After the loan was discharged, Deb had total assets of $264,000 and her remaining loans totaled $255,000. What amount must Deb include in her gross income
Business
1 answer:
antiseptic1488 [7]3 years ago
3 0

Answer:

$9,000

Explanation:

Calculation of the amount that Deb must include in her gross income

Total assets $264,000 -Remaining loans $255,000 =$9,000

Therefore the amount that Deb must include in her gross income would be $9,000. Hence a discharge of indebtedness will not be taxable in a situation where the taxpayer is insolvent before and after the debt might have been forgiveness and in a situation where the the discharge of indebtedness tend to makes the taxpayer solvent, the taxpayer will tend ro recognizes the taxable income to the extent of his solvency.

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On January 1, 2021, Legion Company sold $290,000 of 6% ten-year bonds. Interest is payable semiannually on June 30 and December
stira [4]

Answer:

the bond interest expense for the six months ended June 30, 2021, in the amount of $10,8864

Explanation:

The computation of the interest expense is shown below

= Carrying Value of Bond × Effective interest rate

= $217,719 × 10% yield interest × 6 months ÷ 12 months

= $10,886

Hence, the bond interest expense for the six months ended June 30, 2021, in the amount of $10,8864

Therefore the second option is correct

6 0
3 years ago
A sustaining innovation is one that initially provides a lower level of performance than the marketplace has grown to accept. Tr
dezoksy [38]

Answer:

False

Explanation:

A sustaining innovation improves existing products. It does not create new markets or value markets, but develops existing ones with better value, allowing companies to compete against each other’s sustaining improvements.  A sustaining innovation targets demanding, high-end customers with better performance than what was previously available. Some sustaining innovations are the incremental year-by-year improvements that all good companies grind out. Other sustaining innovations are breakthrough, leapfrog-beyond-the-competition products. It doesn’t matter how technologically difficult the innovation is, however: The established competitors almost always win the battles of sustaining technology. Because this strategy entails making a better product that they can sell for higher profit margins to their best customers, the established competitors have powerful motivations to fight sustaining battles. And they have the resources to win.

3 0
4 years ago
Determine which sentence has achieved a casual, yet professional tone.
KATRIN_1 [288]

Answer:

b. We will send your order as soon as we have confirmed the sizes you need

Explanation:

The second sentence b) is more casual than the first sentence a) simply because the words used are part of everyday english language.

Despite that, the sentence in ordered in a manner that is both polite, and clear, which gives it a professional tone while at the same time being easy to understand, meaning that the sentence can easily achieve the goal of providing effective communication to the customer.

5 0
4 years ago
Linetech Company's bank statement showed an ending balance of $8,300. Items appearing in the bank reconciliation included: outst
Valentin [98]

Answer:

$9,215

Explanation:

Given that,

Bank balance = $8,300

Outstanding checks = $650;

Deposits in transit = $1,300;

Bank service charges = $53

Bank error = $265

Book cash balance:

= Bank balance - Outstanding checks + Deposits in transit + Bank error

= $8,300 - $650 + $1,300 + $265

= $9,215

Therefore, the correct cash balance at the end of the month is $9,215.

8 0
3 years ago
Which of the following statements is not true concerning Peter Jackson's use of computer-generated imagery in The Lord of the Ri
Sonbull [250]

Answer:

c

Explanation:

I believe its C due to the fact. stunt doubles are actual individuals. or they would just have the actor be edited instead of placing a digital stunt double.

6 0
3 years ago
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