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IRISSAK [1]
3 years ago
11

Tanner, Inc. incurred a financial and taxable loss for 2018. Tanner therefore decided to use the carryback provisions as it had

been profitable up to this year. How should the amounts related to the carryback be reported in the 2018 financial statements?
The refund claimed should be shown as a benefit due to loss carryback in 2018.
Business
1 answer:
inessss [21]3 years ago
4 0

Answer:

The refund claimed should be shown as a benefit due to loss carryback in 2018.

Explanation:

Since Tanner, Inc. incurred a financial and taxable loss for 2018. and decided to use the carryback provisions as it had been profitable up to this year, the amounts related to the carryback should be reported in the 2018 financial statements as a benefit due.

Tax loss carryback is when a corporation <u>retrospectively adjusts its tax returns for prior periods</u> if it incurs a net operating loss (NOL) in current period.

The loss carryback <u>generates a tax refund</u> for the business because it reduces previous year tax liability. After the carried back loss is applied, it will be <u>as though the business overpaid taxes the previous year; which will now be shown as a benefit in the current year</u>

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Garcia Co. issued bonds with detachable common stock warrants. Only the warrants had a known market value. Cash proceeds exceed
777dan777 [17]

Answer:

Discount on bond payable

Explanation:

since in the question it is mentioned that the company has issued the common stock warrants also the cash proceeds is more than the sum of the fair value + face value

So we presume that the bond are to be sold at the discount

Therefore the excess should be reported as the discount on bond payable

5 0
2 years ago
Ben &amp; Jerry's, an ice cream manufacturer, is evaluating their strategies for days of supply. Typically, organizations with p
Phoenix [80]

Answer:

False

Explanation:

Perishable goods need to have fewer days of supply owing to their nature, as high days of supply might caause more spoilage and lead to higher inventory cost.

7 0
3 years ago
Assuming a country's economy maintains an 8% rate of growth, young adults starting at age 20 would see the average standard of l
lapo4ka [179]

Answer:

A) 30

Explanation:

to determine in how many years the economy will double with an 8% growth rate, we can use the rule of 72. The rule of 72 basically works by dividing 72 by the compounding growth rate to determine the number of years it will take an investment to double.

The rule of 72 works well when growth rate is between 6-10%, at 8% it is quite exact. For lower growth rates you should use the rule of 70 which is basically the same but instead of using 72, you use 70. For growth rates over 10% you should use 69.3.

the number of years for the economy to double = 72/8 = 9 years, so 9 plus 20 = 29 years. Since the question asks at what age the economy should have more than doubled, it would be a little over 29, and in this case it is 30.

You can always check which number is more exact calculating 1.08⁹ = 1.999

5 0
3 years ago
Given the following information, calculate the effective gross income multiplier: sale price: $950,000; potential gross income:
Paul [167]

Answer:

D. 3.6

Explanation:

The effective gross income multiplier (EGIM) is the ratio between the sale price (SP) and the effective growth income (EGI)

EGIM = \frac{SP}{EGI}

Sales Price (SP) = $950,000

Potential gross income (PI) = $250,000

Vacancy and collection losses (VC)= 15% = 0.15 * $250,000 = $37,500

Miscellaneous income (M) =  $50,000.

The effective growth income is given by:

EGI = PI +M - VC = \$250,000 +\$50,000 - \$37,500\\EGI = \$262,500

Thus, the effective gross income multiplier is:

EGIM = \frac{\$950,000}{\$262,500} \\EGIM = 3.6

6 0
3 years ago
Lisle Hair Company keeps track of the gender and age of its customers so it can target e-mails to them and be sure to have the r
topjm [15]

Answer:

demographics

Explanation:

Here gender and age is being used for targeting -email campaign which is indicator of use of demography. Demography segmentation is based on segmentation of potential consumer based on age, gender, race, income, ethnicity and other demographic characteristic. reason behind us of demography in marketing is based on premise that people of a particular demography exhibit similar purchasing behavior to a larger extent.

8 0
3 years ago
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