Answer:
Journal entry For Depreciation
Date Account and explanation Debit Credit
July 1 Depreciation expense $7,500
(105000/7)*6/12
Accumulated depreciation-Machine $7,500
(To record Depreciation)
1) Journal entry
Date Account and explanation Debit Credit
July 1 Cash $45,500
Accumulated depreciation-Machine $67,500
Machine $105,000
Gain on Sale of Machine $8,000
(To record sale of Machine)
2) Journal entry
Date Account and explanation Debit Credit
July 1 Cash $25,000
Accumulated depreciation-Machine $67,500
(105000/7*4.5)
Loss on sale of machine $12,500
Machine $105,000
(To record sale of Machine)
Answer: (B) Disclose
Explanation:
According to the question, the salesperson should disclose about the home that he has listed that the home was only used as the meth lab at once in the specific period of time.
Disclose is the process that helps in revealing the data or information about the specific things or the different types of financial statements.
The main advantage of the disclosure is that it helps in understanding the things more clearly without any interruption and makes the thinks more crystal clear.
Therefore, Option (B) is correct.
Answer: 1. D. Economic entity
2. C. Circumstances prevent the exercise of control.
3. B. Consolidation used for both Sell and Vane.
4. B. In form, the companies are separate; in substance, they are one entity
Explanation:
1. When a parent–subsidiary relationship exists, it can be infered that consolidated financial statements will be prepared in recognition of the accounting concept of economic entity.
2. Consolidated financial statements are prepared when one company has a controlling interest in another unless the circumstances prevent the exercise of control.
3. Based on the information given, in Penn’s consolidated financial statements, it should be noted that Sell and Vane should be consolidated. Therefore, the correct option is B.
4. The best theoretical justification for consolidated financial statements is that in form, the companies are separate while in substance, they are regarded as one entity.
<span>The convenience offered by electronic communication needs to be weighed against security and privacy concerns.
Security and Privacy encompasses the rights and obligations of individuals and organizations with respect to the collection, use, retention, disclosure, and disposal of personal information. Security and Privacy is a risk management issue for all organizations, and many are looking to CPA firms for solutions.</span>
Answer:
A, it is prohibited
Explanation:
Under the U.S GAAP, subsequent reversal of a previously recognised intangible asset impairment loss is prohibited with the exception that the intangible asset is held up for the purpose of sale.
Cheers.
