Answer and Explanation:
The balance sheet is shown below:-
The computation of note payable is below:-
Notes Payable = $1,198,000 - $649,600
= $548,400
Total notes payable by the company are$1,198,000, of which $649,600 is common stock issue and $548,400 is cash liquidate.
Windsor Company
Partial Balance sheet
December 31, 2020
Particulars Amount
Current Liabilities:
Notes Payable $548,400
Long term Debt:
Notes Payable $649,600
Answer:
From 2018, there is a threshold limit of $250,000 defined by IRS for single:
(a) Tim has an excess business loss:
= Business loss - Threshold
= $350,000 - $250,000
= $100,000
(b) Tim may use $250,000 of the $350,000 LLC business loss to offset non business income.
The excess business loss is treated as the portion of the Tim's NOL carry forward.
Excess business loss of $100,000 will be treated as the NOL carryforward to subsequent years.
The revenue recognition principle guides accountants in Answer: D determine when to record revenues. The revenue recognition principle lets accountants know when they need to record revenues and at what amount to record. The revenue recognition principle states not to record revenue until it has been earned in full.
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Answer:
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