Answer:
a. $750
b. $750
Explanation:
The first thing to do is calculate the monthly interest as follows:
Monthly interest = Total interest ÷ 12 = $4,500 ÷ 12 = $375
The rent for two months in year 0 (November and December) = $375 × 2 = $750.
Prepaid expenses (January to October of year 1) = $4,500 - $750 = $3,750.
Decision:
Prepaid expenses is not deductible under either cash accounting method or accrual accounting method for tax purposes.
Therefore, Jaxon can deduct only $750 two months (November and December) relevant for year 0 under both cash accounting method and accrual accounting method.
The prepaid expenses of $3,750 is not deductible in year 0 but can only be deducted in year 1.
An officer or director of a corporation is not personally liable for loss sustained by the corporation as the result of the exercise of poor or mistaken business judgement. They are only liable for a loss resulting from his or her negligence of failure to exercise reasonable care. In this situation, Brown was exercising a business judgement in good faith with due care. Since a superhighway was to be constructed through the town of X, he believed it was in the corporation's best interest to build a motel there. Brown was not guilty of negligence, so the decision would be in favor of Brown.
The number of equivalent units of production for direct materials for the process for October is 326,500 units.
<u>Given Information</u>
- Beginning work in process inventory = 65,000 units
- Percentage completion of beginning inventory = 30%
- Ending work in process inventory = 45,000 units
- Units started and completed during the period = 245,000 units
- Percentage of completion of Ending work in process inventory = 80%
Equivalent Units of Production (FIFO) = [Beginning work in process inventory x Percentage completion of beginning work in process inventory] + Units started and completed during the period + [Ending work in process inventory x Percentage of completion of Ending work in process inventory]
Equivalent Units of Production (FIFO) = [65,000 x 100%-30%} + 245,000 + [45,000 x 80%]
Equivalent Units of Production (FIFO) = 45,500 + 245,000 + 36,000
Equivalent Units of Production (FIFO) = 326,500 units.
Therefore, the number of equivalent units of production for direct materials for the first process is 326,500 units.
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Answer:
may be used when the shipped goods are minerals in short supply, or when the product has been heavily subsidized by the government
Explanation:
Export taxes are imposed by the government to earn revenues. There are certain conditions which are applied when taxing imports and exports. In the above scenario, the correct option is, import tax may be imposed when the shipped goods are minerals that too in small quantity or when the product is subsidies by the government.
Yes, if the teen is educated on computers and the assembly of them.
No, if they are not educated about computers
