Answer:
How much of the loss can Carlos deduct if the loan from the bank is non-recourse?<u> No deduction because he is not personally liable for debt or loan used in the trade that holds real property.</u>
How much does Carlos have at risk at the end of the first year? <u>$30000</u>
Answer:
Credit the following;
Investment (Available for sale) $18,000
Gain on sale of an investment $2,000
Explanation:
Assuming all the unrealized holding gains and losses have been reversed, the investment will be recorded at the original cost of $18,000 instead of the fair value and the gain would then be $2,000.
The Journal entry for the sale would be;
DR Cash.......................................... .............$20,000
CR Investment (Available for sale)......................... $18,000
Gain on sale of an investment .................................$2,000
<em>(To record sale of bond investment)</em>
a, since twenty-seven should say 27 or twenty seven without a dash
Answer:Yes, there was a bargained for exchange.
Explanation:
The contract is valid for there was offer and acceptance, also consideration has been exchange by both parties. Evangeline is in a position to make the offer been the administrator of Rodrick estate
Complete question:
Compton Corporation, with operations throughout the country, will soon allocate corporate overhead to the firm's various responsibility centers. Which of the following is definitely not a cost object in this situation?
A) The maintenance department.
B) Product no. 675.
C) Compton Corporation.
D) The Midwest division.
E) The telemarketing center.
Answer:
Compton Corporation is definitely not a cost object in this situation
Explanation:
A cost object is a concept commonly used in financial reporting to describe the costs. Definitions commonly found in expense items include: product lines, geographical areas, clients, teams or anything else handling the costs.
Any object to which costs are independently calculated is a cost entity. In an organization, an expense item can be, for example a team, workmanship, production line or procedure.
For example, the costs of construction, customer support or revamping of a returned product may be tracked.
