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3 years ago

13

A type of service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party

is a(n) Group of answer choices

1 answer:

Nesterboy [21]3 years ago

5 0

Answer:

no

Explanation:

creo

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Laurel contributed equipment worth $200,000, purchased 10 months ago for $250,000 cash and used in her sole proprietorship, to S

Gnoma [55]

Answer: See explanation

Explanation:

a. What is Laurel’s initial tax basis in her LLC interest?

This will be the addition of the $250,000 basis for the equipment, accounts payable of $15,000 and also the $15,000 (15% × $100,000). This will be:

= $250,000 + $15,000 + $15,000

= $280,000

b. True.

Laurel’s holding period in the partnership interest begins the day the LLC interest is acquired. This is due to the fact that the asset contributed isn't a section 1232 asset. The reason for this is due to the fact that the asset was used for a year or less.

c. Sand Creek’s initial basis in the contributed property is $250,000.

d. Ten months.

Sand Creek’s holding period in the contributed property will be 10 months.

5 0

3 years ago

Using the following information:

Bond [772]

Answer:

$9,000

Explanation:

As for the information provided,

Current allowance for bad debts = $35,000

Expected year end allowance = $40,000

Bad Debt written off = $4,000 during the period.

While writing off entry shall be:

Allowance for bad debts A/c Dr. $4,000

To Accounts Receivables $4,000

This will simply reduce the balance of allowance by $4,000

Effective balance = $35,000 - $4,000 = $31,000

As the allowance account balance is credit in nature.

Now desired year end balance = $40,000

For this entry shall be:

Bad Debt Expense A/c Dr. $9,000

To Allowance for Bad Debts $9,000

The amount is calculated as follows:

Desired amount of allowance - Balance in allowance.

$40,000 - $31,000 = $9,000

5 0

3 years ago

Campbell's has been marketing soup in Japan for more than 40 years. Early on, Japanese consumers were not receptive to ads featu

Alex

Answer:

D, product-communication adaptation

Explanation:

Product adaptation can be defined as the process of modifying a product to make it useful for a variety of users.

Communication adaptation can also be defined as the change in a product's communication as a result of a change in product strategy.

Product-communication adaptation can be defined as the modification of a product for a variety of users but ensuring that the marketing of the product is through standard communication channels.

In the case of Campbell adapted his product to look like M'm M'm Good product but ensured that he used a standard communication channel (ads) to market his product.

Cheers.

6 0

3 years ago

These items are taken from the financial statements of Windsor, Inc. at December 31, 2017.

nordsb [41]

Answer:

To make balance sheet we first have to calculate net income/net profit for the year.

<em><u>Net profit Calculation</u></em>

Service revenue $ 13,524

Insurance expense ($ 718 )

Depreciation expense ($ 4,876)

Interest expense ($ 2,392)

Profit $ 5,538

<em><u></u></em>

Balance Sheet

Asset

Non-Current Asset

Land $56,304

Buildings $97,336

Accumulated depreciation—buildings ($41,952)

Equipment $75,808

Accumulated depreciation—equipment ($17,222)

Total non Current Asset $170,274

Current Asset

Cash $10,893

Accounts receivable $11,592

Prepaid insurance $2,944

Current Asset $25,429

Total Asset $195,703

Equity

Common stock $55,200

Retain Earning (36,801+5,538) $42,339

Total Equity $97,539

Liability

Non-Current Liability

Current Liability

Accounts payable $8,740

Notes payable $86,112

Interest payable $3,312

Total Current Liability $98,164

Total Liability + Equity $195,703

5 0

3 years ago

Wessner Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.20 Direct labor $

Sveta_85 [38]

Answer:

d. $13.00

Explanation:

contributon margin = selling price - variable cost

sales price: $25 per unit

<u>list of variable cost:</u>

Direct mateirals 6.20

Direct labor 2.80

variable overhead 1.45

sales commisions 1.00

adminsitrative variable<u> 0.55 </u>

total variable cost 12.00

$25 selling price per unit - $12 variable cost per unit =

$13 contribution margin per unit

This is the amount each units "contributes" to ay the fixed cost and make a gain during the period.

5 0

4 years ago