The statement in regards Candy is that Maryann is incorrect because general damages would be presumed. Thus the correct option is (D).
<h3>What are General Damages?</h3>
Damages that inevitably and directly result from a contract breach. Or, to put it another way, those losses that, in a perfect world, every damaged party would sustain is known as the General Damages.
As per the above situation, Candy is suffering from the loss of the reputation due to the Maryann actions against her for writing the editorial and spreading the wrong news about her saloon.
Candy is the subject of the claim, and Maryann is mistaken since general damages would be assumed. hence, the appropriate choice is (D).
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Answer:
Statement of Comprehensive Income for 2021;
Net Income = $1,376,000
Other Comprehensive income (loss):-
Foreign Currency Translation Gain (Net of Tax):
= $350,000 - 25% of $350,000
= $350,000 - $87,500
= $262,500
Unrealized losses on investment securities (Net of tax):
= $90,000 - 25% of $90,000
= $90,000 - $22,500
= ($67,500)
Total other Comprehensive income:
= Foreign Currency Translation Gain (Net of Tax) + Unrealized losses on investment securities (Net of tax)
= $262,500 + ($67,500)
= $262,500 - $67,500
= $195,000
Comprehensive Income = Net Income + Total other Comprehensive income
= $1,376,000 + $195,000
= $1,571,000
Answer:
The correct answer is (D) it has appreciated in terms of other currencies.
Explanation:
Currency appreciation is the increase in the value of a country's currency with respect to one or more foreign reference currencies, which normally occurs in a floating exchange system.
The reasons that can make a currency or currency appreciate are diverse and usually related to a high demand for it. For example, the consideration of a currency as a low risk of depreciation or a very high level of exports of a country (the demand for the currency to pay for exports will increase) are causes that give rise to the appreciation of a currency.
Answer:
The book value of the machine at the end of year 2 is $35,000
Explanation:
Straight line method depreciates the asset on its useful life after deducting salvage value from the cost of the asset.
Depreciation per year = ( Cost of Machine - Residual Value ) / Useful life
Depreciation per year = ( $42,000 - $7,000 ) / 10 years
Depreciation per year = $3,500 per year
Book value of machine at the end of year 2 = $42,000 - ( $3,500 x 2 )
Book value of machine at the end of year 2 = $42,000 - $7,000
Book value of machine at the end of year 2 = $35,000
