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AleksandrR [38]
3 years ago
13

Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations.

Business
1 answer:
pshichka [43]3 years ago
5 0

Answer:

Follows are the solution to the given points:

Explanation:

In point a:

Formula:

= \text{sales-Cost of product sold -Selling and Administrative expense}

=316,550-150,400-53,900\\\\=112,250

In point b:

Formula:

=\text{Income from operation + Gain on sale of plant assets} - \text{Interest Expense} -\text{Loss from discontinued operations}\\\\=112,250+30,560- 5,840- 11,990\\\\=124,980

In point c:

Formula:

=\text{Net Income-  Allocation to noncontrolling interest}

= 124,980 - \text {missing value}

In point d:

Formula:

=\text{Net Income+ Unrealized gain on available for sale debt investments}\\\\= 124,980- 9,460\\\\=115,520

In point e:

Formula:

=\text{Net Income - Dividends declared and paid}\\\\=124,980- 4730\\\\=120,250\\\\

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Answer:

Answer A

Explanation:

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4 0
3 years ago
____ refers to experimenting with work first and then deciding on a path instead of doing all the ethical considering up front.
Vlad1618 [11]
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2 years ago
Whom do progressive taxes asses
grin007 [14]

Answer

Hi,

Progressive tax assesses a taxpayer’s ability to pay. Higher rates are on the wealthy than on the poor.

Explanation

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6 0
3 years ago
Read 2 more answers
During the current year, Cary and Bill incurred acquisition debt on their residence of $1,300,000 and a home equity loan of $200
77julia77 [94]

Answer:

qualified acquisition debt = $750,000

qualified home equity debt = $0

Explanation:

Qualified acquisition debt refers to the debt incurred to purchase or build your home. In this case, Cary and Bill are allowed to itemize the interests paid for up to $750,000 of the acquisition debt ($375,000 if filing separately). This limit was reduced due to the TCJA of 2017, and will remain in place until 2025. After 2025, the limit will return to the normal $1,000,000.

Certain amount of interests on qualified home equity loans will also return in 2025, but currently they are not deductible.  

8 0
3 years ago
Which of the following journals would a company use to record cash collections from customers, net of discounts taken?
erastova [34]

Answer:

b. Cash receipts journal.

Explanation:

When cash will be collected from customers net of discounts cash receipts journal will be used.

As at time of sale customers account will be debited and at the time when the payments will be received cash receipts journal will be debited and customer's account will be credited and accordingly, since cash is received and specific it is, General Journal will not be affected, and cash disbursements journal will also not be affected.

Also, as there are no purchases purchase journal will also not be affected, and sales journal will be affected at time of sale but not at he time of receiving payments from customers.

Thus, correct answer is

b. Cash receipts journal.

6 0
2 years ago
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