Answer:
a. True
Explanation:
Under the U.S corporate tax laws, when a taxpayer transfers property subject to a mortgage to a controlled corporation in an exchange qualifying under section, § 351, the transferor shareholder’s basis in stock received in the transferee corporation is increased by the amount of the mortgage on the property.
The answer is;
<u>Money
</u>
<u>Property
</u>
<u>Investment</u>
Personal finance is everything to do with dealing with your money and saving and contributing. It covers planning, managing an account, protection, contracts, ventures, retirement arranging, charge arranging and home arranging. It regularly alludes to the whole business that gives budgetary administrations to people and family units, and exhorts them about money related and venture openings.
Personal finance is tied in with meeting individual money related objectives, regardless of whether it's gathering here and now budgetary requirements, getting ready for retirement or putting something aside for your kid's school training.
Answer:
A. An asset account increases.
G. Retained Earnings increase.
Explanation:
The starting point for this analysis would be using the double entries for the transaction,hence the invoicing of customers would give rise to the below entries:
Dr Receivables (asset increases) $4,150
Cr Sales revenue(increase in retained earnings) $4,150
Ultimately, the correct options are A,an asset account increases and G retained earnings increase,since the sales revenue brings about net income that would be recorded as part of retained earnings at the close of the period under consideration
Answer:
Fixed price contract
Explanation:
A fixed price contract states that price for services rendered is fixed as mentioned in the contract irrespective of time taken and resources used.
Price cannot be revised in case effort and time has increased more than expected. In this case, Mister Plow cannot ask for more money as service contracts are fixed price contracts and terms of contract including price cannot be changed.