Answer:
The correct answer is option (E).
Explanation:
According to the scenario, computation of the given data are as follows:
Equipment = $15,300
Estimated annual depreciation = $3,060
Time period = 1 month
So, Depreciation = $3,060 × 1 ÷ 12
= $255
So, Here journal entry are as follows:
Depreciation A/c Dr $255
To Accumulated depreciation A/c $255
(Being the depreciation is recorded)
Popson Inc. incurred a material loss that was unusual in character. This loss should be reported as: a line item within income from continuing operations.
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Any income or loss that was incurred during the continuous operations of any segment of business or in the continuous operations of any segment of business will be either represented as after tax gain or loss on selling the business segment and the after tax effect of the operations of the discontinued business segment.
The areas such as expenses, revenues, loss and gain and those excluding the operation discontinued and extra ordinary items will included as the income from continuing operations.In the example given, the company has material loss during its operations and hen it should be reported as a line item within income from continuing operations.
Answer:
What is Swan’s taxable gain on the distribution of the cottage?
Fair market value of property = 200000
Less: adjusted basis of property= 115000(150000-35000)
Taxable gain on distribution = 85000
What is Swan's current E&P after the distribution on 12/31/13?
Swans current E&P = 300000
Add: taxable gain on distribution = 85000
Less: distribution made = 165000(200000-35000)
After distribution E&P = 220000
What is the taxable dividend to the shareholder (if any)?
Taxable dividend to shareholders = 200000-35000 = 165000
What is the shareholder's basis in the cottage?
Shareholders basis is FMV of property i.e. 200000
Community Supervision and Corrections Departments are residential facilities run by the Department of Corrections at which offenders on probation and post-parole release receive supervision, vocational training, and counseling.
Beginner
My bad if i'm not wrong or i am
Answer:
C
Explanation:
Material price variance
Actual cost of materials =$ 6,888
Standard cost of material = 8200*0.8 =$6560
Variance ( Difference between the actual and budgeted price for materials)
= (6888-6560)
= $328 unfavorable variance.
Material quantity variance
Standard material per unit = 8 kilogram
Actual units produced = 870
Standard material = 6960
Actual material used = 7150
Material quantity variance = Difference in quantity of material used multiplied by the standard cost of material (7150-6960)*0.8
=$ 152 unfavorable variance
The two variances are unfavorable as they exceeded the budget
