Answer:
The statement is inaccurate.
Explanation:
Comment on the validity of this statement. LO 3 (p. 19-9).
The statement is inaccurate. When a deficit exists in current E & P and a positive balance exists in accumulated E & P, the accounts are netted at the date of distribution. If a positive balance results, the distribution is a divide to the extent of the balance. Any loss in current E & P is deemed to accrue ratably throughout the year unless the parties can show otherwise.
Answer:
The answer is: B) a condition precedent
Explanation:
Condition precedents are things that must exist before something else occurs. In contract law, condition precedents must exist before any contractual obligations exists.
In this case, the condition precedent for Josh purchasing the property is that no environmental problems exist.
<span>FDR responded to the threat of Randolph's protest by organising the Fair Employment Practices Commission. This was a wartime government agency that investigated complaints and worked to reduce workplace discrimination. Today, we have the EEOC (Equal Employment Opportunities Commission).
Short answer: The FEPC helped convince FDR.</span>
<span>This type of policy will change living benefits to taxable
as ordinary income, in contrast to non-taxable living benefits that are found
in life insurance.
A modified endowment contract</span> (MEC) refers to a
tax requirement of a life insurance policy where the policy has been financed
with more money than the money which is accepted under federal laws.
Answer:
The amount which is should be reported as an allowance for uncollectible accounts is $180,500
Explanation:
The amount for allowance for uncollectible accounts on December 31, 2021 is computed as:
Allowance for uncollectible = Gross Accounts Receivable × Percentage of uncollectible
where
gross accounts receivable amounts to $18,050,000
Percentage of uncollectible is 1%
Putting the values:
= $18,050,000 × 1%
= $180,500
