Answer:
Nippon Technology
Value of Cash between January 1 and March 31, 2018:
= $1,737,000
Explanation:
a) Calculations:
Beginning Cash Balance $37,000
Net Income 2,400,000
Increase in other assets ($300,000)
Decrease in Liabilities ($200,000)
Dividends paid ($200,000)
Ending Cash balance $1,737,000
b) Nippon Technology's cash balance at the end of March 31, 2018 is the net effect of cash transactions that took place between January 1, 2018 and March 31, 2018. It shows what Nippon Technology received in the form of cash receipts from customers and what it spent in operational, investing, and financing activities during the period of 3 months.
Answer:
b. Income from both sole proprietorship and partnerships that is taxable is treated as individual income.
Explanation:
The correct choice is b according to the following statements. Because income from both the sole proprietorship and the partnership is treated as individual income because there are no specific tax levels or separate tax rates, the income generated in these types of business should be reported in their individual income tax returns.
Therefore, all other statements given are wrong as a general partnership is completely different from the company plus partnership is not the most complicated type of business. Not all business organizations have by-laws nor limited lives for sole ownership, but the partnership has also limited lives.
Answer:
Goodwill Impairment (Debit)
Goodwill (Credit)
Explanation:
In case goodwill is impaired, then the entry to record this impairment will be Goodwill Impairment Debit and Goodwill Credit.
By crediting the Goodwill, the account will be reduced. This shows that the business is currently worth less than is accounted for. The Goodwill account is reduced to identify this difference.
The Impairment loss is an expense and must be reflected in the income statement. Therefore, while we reduce Goodwill amount from balance sheet. We record the expense on the income statement, which would mean that the current year profit amount will be reduced.