We had it and lost it due to the concepts that people thought businesses had to much free reign to do what they wanted so the government started passing regulations de facto giving the freedom that businesses had and making it power for the government.
Answer:
a
Depreciation Expense $2,112 (debit)
Accumulated Depreciation $2,112 (credit)
b.
Cash $13,860 (debit)
Accumulated Depreciation $13,200 (debit)
Machinery at Cost $26,400 (credit)
Profit and loss $660 (credit)
Explanation:
a.
2021 Depreciation Expense calculation
Depreciation Expense = $3,168 × 8 /12
= $2,112
Therefore total accumulated depreciation will be :
Accumulated depreciation = $11,088 + $2,112
= $13,200
b.
The following happen when the asset is sold :
- Derecognize the cost of asset
- Derecognize the accumulated depreciation of the asset
- Recognize the proceeds from sale
- Recognize the profit or loss on the sale of the asset.
Answer:
D
Explanation:
The Community Development Financial Institutions Fund (CDFI Fund) plays a major role in causing economic growth and solutions in some of the nation’s most distressed communities. They offer tailored resources and creative programs that invest federal dollars alongside private sector capital, the CDFI Fund serves mission-driven financial institutions that take a market-based approach to supporting economically disadvantaged communities.
Financing busineese, creating jobs building homes is a critical step in the transformation of a life, a family, and a community. This is real change. This is what the CDFI Fund does to the community.
Answer:
Corporation
Explanation:
The reason is that the company provides laibility shield and also a great opportunity to raise finance through listing in the stock exchange. Furthermore the tax rates in the limited partnerships is higher than the companies required that the profits are not distributed to its shareholders. However in the corporation legal form can be used to defer the income tax by not issuing dividends and reinvesting that money in the business (Tax benefits).
So the best legal form of business is corporation.
Answer: A. $ 9,600,000
Explanation:
According to GAAP Principles on Financial Accounting for Property taxes, taxes which are Government revenue, can be accounted for in the period they are to be accrued for (the period incurred) provided that they do not exceed 60 days after the period elapses for it is assumed that they can still be used to pay off expenses in that period.
The total property tax revenues for 2020, related to 2020 tax bills should therefore the sum of the collected amount and the amount to be collected within 60 days after.
= 9,500,000 + 100,000
= $9,600,000
The total property tax revenues for 2020, related to 2020 tax bills is $9,600,000 which is Option A.
