Answer:
D) $60,000
Explanation:
Loss which Karen can report on her tax return will be 50% of the loss for the year = 50% of $ 120,000 = $ 60,000
Answer:
Date Account Title Debit Credit
Dec. 31, 2019 Lease Receivable $97,001
Cost of Goods sold $67,000
Sales Revenue $97,001
Inventory $67,000
Date Account Title Debit Credit
Dec. 31, 2019 Cash $22,879
Lease Receivable $22,879
A certified clean county is a name given to a county in county for <span>have to employ a solid waste coordinator with enforcement powers, maintain compliance with the county solid waste plan, agree to clean up and keep clean all open solid waste dumps in the county, to use all tools available under law.</span>
Answer: a. joint venture.
Explanation:
A Joint Venture refers to when 2 or more entities come together and put up resources necessary to accomplish a certain task or venture that will be beneficial to all of them.
For example, BMW and Toyota jointly started research into utilizing hydrogen fuels and Google cooperated with NASA to create Google Earth.
Firm C is a Joint venture between Firms A and B.
Answer:
"No."
This transaction does NOT require an accounting adjustment to the financial statements for the fiscal year ending 12/31/2019 - If you believe that statement is correct - answer "No."
Explanation:
The check disbursement does not require an adjustment to the financial statements for the fiscal year ending 12/31/2019, because the check is dated 1/6/2020.
Adjusting entries are changes to the journal entries which tries to match transactions to their correct accounting periods. A check dated January 6, 2020 does not belong to the fiscal year ending December, 2019.
Adjusting entries are usually for Accrued Revenue, Accrued Expenses, Deferred Revenue, Prepaid Expenses, and Depreciation Expenses.
