A ______ is different from a sole proprietorship because it is legally defined as an entity that is separate from its owners.

The additional dining space will occupy space next to Olaf’s that was recently rented to a tenant. By claiming the space for the

Illusion [34]

Answer:

$12,146

Explanation:

The computation of present value of this opportunity cost is shown below:-

Net After tax Operating Profit Per month = Rent space per month × Profit margin on the renting the space percentage

= $1,000 × 30%

= $300

Project is for 4 Years

Total months = 4 × 12

= 48 Months

Interest Rate Per month = 9% ÷ 12

= 0.75%

As per the question the Rent is Received at the start of the month

So Present Value of this opportunity cost = $300 (1 + PVAF (0.75%,47))

= $300 × ( 1 + 39.486)

= $12,145.85

= $12,146

3 0

3 years ago

During the year, credit sales were $820,000. Cash collected on credit sales was $750,000, and $15,000 was written off. Smoot

KengaRu [80]

Answer:

$37,000

Explanation:

The computation of the bad debt expense is shown below:

= Amount estimated as uncollectible + written off amount - credit balance of allowance for bad debts

= $28,000 + $15,000 - $6,000

= $37,000

We simply applied the above formula to determine the bad debt expense. Hence, all other information which is given is not relevant therefore, ignored it

3 0

3 years ago

promissory note received from a customer in exchange for an account receivable is recorded by the payee as

luda_lava [24]

Answer: Note Receivable

Explanation:

A Note Receivable is a written document from a party promising to repay another party with interest on amounts borrowed in form of cash or otherwise thereby creating a debtor - creditor relationship between them.

When a promissory note is received from a customer in exchange for an accounts receivable it is a <em>Note Receivable</em> and the Payee being the creditor will record it as such.

4 0

3 years ago

Elasticity is the percentage change in quantity divided by the percentage change in _____.

Snezhnost [94]

Answer:

The price.

Explanation:

Elasticity is the percentage change in quantity divided by the percentage change in price.

6 0

3 years ago

Jebali Corporation, a calendar year taxpayer utilizing the completed contract method of accounting, constructed a building for S

melamori03 [73]

Answer:

Jabeli must include = $2,220,000

Explanation:

As per the data given in the question,

Gross Income in 2019 = $2,300,000 - $80,000

= $2,220,000

So, Jabeli should include $2,220,000 in gross income and Jabeli is allowed to deduct $2,100,000 in 2019

In completed contact method of accounting :

Till the contract is completed and accepted, no revenue from the contract is recognized

In this case the purchaser may desire additional work to be done on a long term contract.

The regulations do not provide any amount of income(or loss) until the dispute is resolved.

7 0

3 years ago