Answer:
As the $3,000 is unrecaptured losses, it will be carried forward to this year and would be set off against the current year's capital gains.
Explanation:
The previous year unrecaptured loss of $3000 will carried forward and would be set off against the capital gains of $12,000. The gain for the year can be calculated as under:
Capital Gain for the year = Gain Before unrecaptured losses - Carried Forward Losses
By putting values, we have:
Capital Gain for the year = $12,000 - $3,000 = $9,000
The resultant $9,000 would be the capital gain for the year.
Answer:
$1,560 and $0
Explanation:
According to the accrual method of accounting, the revenue should be recognized when it is realized or when the sale is made not when the cash is received
Since Digby delivers 104 units in April
So for the March income statement, the amount is
= 104 units × $15
= $1,560
And, for the April income statement, it would be zero as the total units order received in March only
Rick has received a rebate. A rebate is a sum paid by a method for diminishment, return, or discount on what has just been paid or contributed. It is a sort of offers advancement that advertisers utilize basically as motivating forces or supplements to item deals. There is confusion on discount and rebate, the rebate is a backend discount while the discount is the upfront meaning you the customer is discounted by the time he/she bought the item.
<span>Firms should seek to continually develop new core competencies because all core competencies have limited life spans.
true</span>
Julius and Rachel have formed a valid contract because Rachel's outward expression showed the formation of a contract. A valid contract is an expressed agreement between two parties to produce a product or service. The essential elements of a valid contract are: an offer, an acceptance, an intention to create a legal relationship and a consideration, usually in form of money.<span />
