Answer:
Net loss in 2018 reported in Puritan’s income statement = $360,000
Explanation:
Net Loss:
Net loss is the amount by which a company's total costs are more than its total sales during a particular period.
Formula:
Net loss = -taxable income + Income tax benefit
As taxable income for 2018 = $600,000 and Puritan's tax rate is 40% for all years
Therefore by putting the values in the above formula, we get
Net loss in 2018 in Puritan’s income statement = -$600,000 + ($600,000 * 40%)
Net loss in 2018 reported in Puritan’s income statement = -$600,000 + 1500000
Net loss in 2018 to be reported in Puritan’s income statement = $360,000
Answer:
A residential property is greatly diminished in value because of the constant noise of jets taking off from a recently expanded municipal airport. In order to be compensated for this loss, the owner could:
B.bring a suit alleging inverse condemnation
Explanation:
A law suit is a claim or legal problem taken to a court of law by an individual or organization rather than the authorities for a legal decision to be made. In the case above, the residential property diminished in value after constant noise of jets taking off from a recently expanded municipal airport. The loss in value is as a result of the recently expanded municipal airport and the property owner wants to be compensated for this loss.
In law, there are different terminologies and phrases that have specific meaning, some of them are as follows;
1. Inverse condemnation
Inverse condemnation is a case where a government entity takes private property or influences the value of that private property in one way or another then fails to compensate. In our case, this law suit can apply since the municipal airport is under the jurisdiction of the government and there action of expanding the airport caused a decline in value of neighboring residential property thus they should compensate the owner for this loss. The owner can bring a suit alleging inverse compensation.
Answer:
Being able to communicate at school and in the workplace may mean the difference between success and failure. With your peers, communication helps you to engage and find common ground, allowing you to build friendships that not only last a lifetime, but may lead to future employment opportunities.
Explanation:
Answer:
January 1, 2020
Bonds Payable 1600000 Dr
Loss on Redemption of bonds 36800 Cr
Discount on Bonds Payable 4800 Cr
Cash 1632000 Cr
Explanation:
The redemption of bonds before the maturity usually requires a payment for redemption which is a certain percentage of its face value. It is usually higher than the face value. The above bonds are redeemed at 102 which means at 102% of the face value of the bonds. Thus, the cash paid to redeem the bonds is,
Cash = 1600000 * 102% = 1632000
The bonds have a carrying value, which is the face value less discount or add premium, of,
Carrying value = 1600000 - 4800 = $1595200
If they are redeemed for an amount in excess of the carrying value, they are redeemed at a loss.
The loss on redemption is,
Loss = 1595200 - 1632000 = $36800