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4 years ago

Piercing the corporate veil means revealing to shareholders the internal rules of corporate management.

Business

1 answer:

olga2289 [7]4 years ago

4 0

False because piercing the corporate veil means removing the limited liability from a corporation

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Slack Inc. borrowed $400,000 on July 1, 2020. The note requires interest at 12% and principal to be paid in one year. Which acco

ale4655 [162]

Answer:

The account is debited on December 31, 2020: Interest expense by the entry:

Debit Interest expense $24,000

Credit Interest Payable $24,000

Explanation:

Slack Inc. borrowed $400,000 on July 1, 2020. The note requires interest at 12%.

The amount of interest Slack Inc. pays per year = $400,000 x 12% = $48,000

On December 31, 2020, the company has borrowed $400,000 for 6 months. Following the Accrual basis, Slack Inc. would report on December 31, 2020 the interest expense for 6 months:

$48,000/12 x 6 = $24,000

The adjustment entry:

Debit Interest expense $24,000

Credit Interest Payable $24,000

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3 years ago

jillian wishes to purchase an all-inclusive insurance policy for her new car. If an insurance company quotes her a price of $100

DerKrebs [107]

Ask what coverage is included for $100.

A low cost policy may not be an all-inclusive policy- you always have to look at the details.

6 0

3 years ago

What does the term rop stand for at u-haul?

pav-90 [236]

The term ROP for U-Haul means Roll Over Protection which is a service that is offered for rental units of trailers.

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4 years ago

On January 2, 20Y4, Whitworth Company acquired 40% of the

Gelneren [198K]

Answer:

Journal entries needed for:

a. Purchase of stock

b. Share of Aloof income

c. Dividend

d. Sale of Aloof company stock

a. Purchase of stock

Date Account Title Debit Credit

Jan 2, 20Y4 Investment in Aloof company $340,000

stock

Cash $340,000

b. Share of Aloof income

Date Account Title Debit Credit

Dec 31, 2024 Investment in Aloof company $72,000

stock

Income of Aloof Company $72,000

Working:

= 40% * 180,000 income

= $72,000

c. Dividend

Date Account Title Debit Credit

Dec 31, 2024 Cash $4,000

Investment in Aloof company $4,000

stock

Working:

= 40% * 10,000 dividend

= $4,000

d. Sale of stock

Date Account Title Debit Credit

Dec 31, 2024 Cash $405,000

Loss on sales of Aloof $3,000

company stock

Investment in Aloof company $408,000

stock

Working:

Value of stock = Purchase price + share of Aloof income - Share of dividend

= 340,000 + 72,000 - 4,000

= $408,000

6 0

3 years ago

Which items listed on the ledger represent credits? a. Credit bill and craft fair b. Gift and online auction c. Gift and insuran

Yuki888 [10]

The answer to your question is B

8 0

3 years ago

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