Answer:
superseding or intervening event
Explanation:
A superseding or intervening event refers to an event that occurred after the initial negligent event that caused the injury or the accident. If this intervening event causes further injury or damage, the tortfeasor is not responsible for it.
The golfer (tortfeasor) is responsible for hitting the spectator (initial negligent act), but the lightning hitting him/her while lying on the floor is considered a superseding event and the golfer is not responsible for any damages caused by the lightning.
Answer:
Herman's tax professional should "Advise the client of the tax definition of disabled, and apply sound judgment and common sense to see if the definition is met."
Explanation:
Earned Income Tax Credit (EITC) is a refundable tax credit that can be earned by low and middle income workers, especially those who have children.
According to EITC guidelines, a parent can claim EITC on behalf of a disabled child and there is no age limit for such a child to quality for EITC. However;
• The child must be totally and permanently disabled such that he cannot work or engage in any activity to earn income.
• A doctor's report has to be provided to confirm that the child is permanently disabled.
Herman's tax professional must therefore carefully explain these requirements to Herman, and also apply sound judgement and common sense to see if Herman's child meets the requirements.
When the discount rate for the investment as given above is $10,000 and other such conditions, the present value will be $28835.72.
<h3>What is present value?</h3>
The current value of an assured sum of future annuity throughout the period of such engagement of money into any investment classes as such, is known as the present value.
The computation of the present value for the given information will be done as,
Hence, the computation of the present value is as done above.
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The balance in the cash account <u>decreases, </u>when a company incurs a cash expense.
<h3>What is cash expense? </h3>
In cash basis accounting, cash expense refers to the recording of expenses as they are paid directly in cash.
- Cash expense is recorded as the total costs less (minus) depreciation.
When a company incurs a cash expense, the balance in the cash account <u>decreases, </u> and the balance in the expense account increases.
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Answer:
Dr. Allowance for Doubtful Accounts $7,400
Cr. Accounts Receivable $7,400
Explanation:
A write off eliminates the account receivable balance. It is recorded as the debit to Allowance for Doubtful Accounts because of its credit nature. It reduces the balance of the allowance use it for actual write off. On the other hand it credit the account receivable balance to reduce it as it is debit in nature.