TRUE. A company might conduct full-scale practice drills, including closing a building and working from a remote location, in order to test its contingency plans
Answer: $6,600
Explanation:
Income, although not typically in a taxpayer’s possession, is usually constructively received in the taxable year which is when it is credited to the person's account, or made available so that the person may draw upon it at any time, or could have drawn upon it in the taxable year when the notice of intention to withdraw has already been given.
However, income is not constructively received when the taxpayer’s control of receipt is subject to limitations or restrictions. In this case, the last month’s rent ($600 security deposit) has already been constructively received and is included; but, the rent that was received in January for the December rent has not been constructively received and is therefore not included for a total of $6,600 which was derived from the [$600 deposit which was last month rent + ($600 × 10 months Feb-Nov)].
= $600 + $6000
= $6600
An investor holds a 4% corporate bond with a yield to maturity of 2.75%.
a) $27.50 will be received in interest on each of the scheduled interest payment dates.
A corporate bond is a type of bond issued by a company and sold to investors. The company receives the required capital and in return the investors receive a predetermined number of interest payments at fixed or variable interest rates.
Corporate bonds are bonds issued by companies to raise funds for a variety of reasons, including B. For ongoing business, M&A, or business expansion. This term is usually used for long-term debt instruments with a maturity of one year or more.
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Answer:
A
Explanation:
Sales revenue are recorded when the risks and reward are transferred to the buyer.
The key factors to determine a complete sales arrangement are price , evidence of sales agreement and delivery to the buyer.
In the given scenario of discount paper , the price of $5000 has been determined and delivered to the customer.
The customer did not object to the transaction , which mean acceptance.
Therefore the sales revenue should be recorded on the date of dispatch which is September 1
Answer:
Manufacturing overhead was over-applied by $15,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $274,000
Explanation:
Under / over applied manufacturing overhead = Applied Manufacturing overhead - Actual Manufacturing overhead
Over-applied manufacturing overhead = $74,000 - $59,000
Over-applied manufacturing overhead = $15,000
Cost of Goods Sold = $289,000 - $15,000 = $274,000
Manufacturing overhead are over-applied by $15,000 and cost of goods sold is $274,000.
