Answer:
The Uniform Commercial Code section 3-311
Explanation:
Uniform commercial code is a standardized set of laws and regulations for transacting business. Then UCC code was established because it was becoming increasingly difficult for companies to transact business across sates line given the various state laws.
Uniform Commercial code (UCC) laws regulate sales of personal property and various other transactions.
Generally, UCC article 3 applies to the negotiable instruments: drafts and notes representing a promise to pay a sum of money, and they have independent value because they are negotiable.
Answer:
bad debt expense 18,000
Explanation:
bad debt 1% of credit sales:
180,000 x 1% = 18,000
When the adjustment is made base on sales, the current balance in the allowance for doubtful debts is irrelevant.
So no calculation is needed for those.
Answer:
The reasonable, probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.
Explanation:
Answer: $109,080; $145,920
Explanation:
Based on the information that have been provided in the question, the following can be gotten:
The amount for income tax expenses will be:
= 36% of $303,000
= 36/100 × $303,000
= 0.36 × $303,000
= $109,080
The net income will be:
Reported income = $303,000
Less income tax = $109,080
Less loss on discounted operation = $48,000
Net income = $145,920
Loss on discounted operation:
= $75,000 × (1 - 36%)
= $75,000 × (1 - 0.36)
= $75,000 × 0.64
= $48,000