Answer:
Carpenter will have to pay taxes for a recognized gain of $150,000
Explanation:
When you are calculating taxes, you must use the adjusted a¿basis of the buildings.
Paul is exchanging a $450,000 building + $75,000 in cash for a $375,000 office building.
Paul's realized loss = $525,000 - $375,000 = $150,000
therefore Carpenter's recognized gain = $150,000
I do not agree with the given statement that is "Only variable costs can be differential costs.".
The difference in the costs of two alternative decisions is referred to as differential cost.
When a company is faced with several similar options, it must make a decision by selecting one and discarding the other.
Variable costs in cost accounting are costs that vary according to how much a company produces.
Variable costs are typically proportional to output.
As a result, the cost difference between two alternatives, rather than the fixed and variable nature of costs, is relevant for decision-making.
Hence, I disagree with the statement given in the question.
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Answer:
The journal entry would be:
Explanation:
Note: Options are missing so providing the journal entry.
The journal entry would be for recording the collection of the note is:
October 30
Cash A/c.........................Dr $10,150
Interest Revenue A/c.........Cr $150
Notes Receivable A/c.........Cr $10,000
On October 30, the amount is collected so the any increase in cash is debited. Therefore, cash account is debited. And it is collected against a notes Receivable of $10,000 so it leads to decrease in liability, it is credited. Therefore, the notes receivable is credited. And the interest revenue is credited.
I believe the answer is: Civil court
Civil court is the place where the justice department handle all cases that does not involve the infringement of the criminal laws.
The cases that come into this court would revolve around conflict between two legal citizens or organizations, such as conflict between employees and their workers, conflict between divorced couples, conflict between rent owners and tenants, etc.
