Answer:
1,000 long-term capital loss
new shares basis $7,000
Explanation:
The sales realize a long term loss for 1,000 dollar
It is long term as the shares were held for a period of time over 2 years
and is a loss as these shares were bought at 10,000 while sold at 9,000
The new share basis will be of 7,000 as it is the value ofthe new purchase.
Author Peter Schwartz in his book "The Art of the Long View" referred to scenarios, when identifying the process of building stories that could happen and following an important step for companies.
<h3 /><h3>What is the purpose of the book?</h3>
The author creates a scenario approach to assist in the development of the strategic vision, through the analysis of possibilities that help to create a broad and systematic vision in the decision-making process.
Therefore, the strategic vision is essential for every organization, as it helps in making more effective decisions to deal with different situations and inherent risks of the internal and external environment, making the business more positioned and competitive in the market.
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Answer: Debit Bad debt expense $7,300; Credit Allowance for doubtful accounts $7,300.
Explanation: 5% of accounts receivable of $190,000 is $9,500. Remember the credit balance in Allowance for uncollectible accounts is $2,200 prior to any adjustment and this reports to the balance sheet. To reinstate this account to the required provision for uncollectible amount of $9,500, we need to adjust for the difference (that is, $9,500 minus $2,200 existing balance), which is $7,300. <u>Then, the entries above would be recorded. </u>
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Martin is likely to see credits and debits appear on the closing statement. since he is looking at his Closing Disclosure.
<h3>What is closing disclosure?</h3>
Closing disclosure is a document which gives full information about loan taken by an individual or institution.
In other words, closing disclosure provides final details about the mortgage loan you have selected.
Contents of closing disclosure are:
- Loan fees
- Interest rate
- Purchase price
- Projected payment
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Third-party check. check negotiated through a bank, except one payable to the writer of the check, that is, a check written for cash. The primary party to a transaction is the bank on which a check is drawn. The secondary party is the drawer of the check against funds on deposit in the bank.
