The three items that are included in the substantiation requirements are:
- Date Placed in Service
- The total mileage; and
- Vehicle Type.
<h3>What is IRS guidelines?</h3>
Internal Revenue Service Guidelines are guidelines that individuals and corporates must follow in order to be compliant with the requirements of the IRS.
Thus, it is correct to indicate that according to the IRS Guidelines, the three items that are included in the substantiation requirements are:
- Date Placed in Service
- The total mileage; and
- Vehicle Type.
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Answer:
<u>Advantages</u>
Dividends
These are payments to shareholders as a way to share the profits the company has accumulated.
This is an advantage to the issuing company because they are usually not under any obligation to pay Dividends with respect to common Equity. As a result profits can be plowed back into the company to increase profitability.
Repaid
This refers to the fact that shareholders do not have to be repaid for their investment like debt holders are. Stock Holders bought a piece of the company instead of loaning money to the company so they do not have to be paid back. This is an advantage because it frees up Cashflow for the company as well as allowing it to maintain a better credit rating due to lower debts.
Future Buy-Back
This is a clause inherent in most shares. It means that the Issuing company can choose to buy back the stock at a given time in future.
This is an Advantage because it allows the Issuing company to regain control of the company at a future date.
<u>Disadvantages</u>.
Shareholders
Shareholders are people or entities who buy shares in the Issuing company. As such, they are owners in the company and have voting rights on decisions that the company makes. This is a disadvantage because it means loss of Independence for the company who now legally have to take the opinions of shareholders into account.
Net Profit After Tax
This is money that the company has after paying off interests and then taxes. This is the money that the company retains. Having shareholders means that a company may have to pay shareholders from this amount instead of retaining all of it thereby making it at a disadvantage to the Issuing company.
One Vote per Share
This means that every shareholder has a vote for every share they hold in the company. This means that Shareholders therefore have a say in the affairs of the company. This is a disadvantage to the Issuing company because it means a loss of Independence for them when decisions need to be made.
Answer:
D) is used exclusively in manufacturing
Explanation:
- As the processing costs are directly related to the direct and the indirect costs of the manufacturing processes. These costs are usually assigned to large scale batch processings and assigned to every individual cost of each unit. Assigned when the company processes huge homogeneous products.
<u>Thus has the following four steps</u>:
1. Summarize the flow of all physical units of the output.
2. Compute the output in the terms of the equivalent units.
3. Summarize total costs to the account for and the Compute equivalent unit of costs.
4. Assign total costs to the units completed and to the units in ending work in the process inventory.
Explanation:
On the books of Shore Co
Cash A/c Dr $111,560
Sales discount A/c $2,240 ($11,2000 x 2%)
To Accounts receivable A/c $113,800 ($112,000 + $1,800)
(Being cash is received)
On the books of Blue star
Accounts payable A/c Dr $113,800 ($112,000 + $1,800)
To Merchandise inventory A/c $2,240 ($11,2000 x 2%)
To Cash A/c $111,560
(Being cash is paid)
Answer:
Dr Treasury stocks 200
Cr Cash 200
Explanation:
Whenever treasury stock is repurchased, you must record the full purchase price under treasury stock account (debit balance) and credit cash or any other asset used to pay for them.
Treasury stock is a contra equity account that reduces the value of shareholders' equity, that is why it has a debit balance while shareholders' equity has a credit balance.
