The face value of a bond is the ___

Greg, a self-employed plumber, commutes from his home to his office which is 10 miles away. At his office, he loads his truck fo

Tasya [4]

Answer:

26 Miles

Explanation:

As per IRS,

Commuting is a personal nature of expense, which is not allowable as deduction.

The following things are not deductible for Greg:

(i) Distance traveled from office to home and home office is not deductible.

(ii) At the end of day, 7 miles distance traveled towards home from Martin's dry cleaning is not deductible.

Deductible includes the miles traveled to the business sites from the office for Greg.

Therefore,

Deductible transportation miles:

= Distance traveled from office to smith's house + Distance traveled from smith's house to martin's dry cleaning

= 5 miles + 21 miles

= 26 Miles

4 0

3 years ago

Suppose a bank's balance sheet is as follows and banks are required to hold reserves equal to 20 percent of deposits: assets lia

Ganezh [65]

Which of the following statements are true?
A) A bank's assets are its sources of funds.
B) A bank's liabilities are its uses of funds.
C) A bank's balance sheet shows that total assets equal total liabilities plus equity capital.
D) A bank's balance sheet indicates whether or not the bank is profitable.

4 0

4 years ago

First Link Services granted 4.4 million of its $1 par common shares to executives, subject to forfeiture if employment is termin

EastWind [94]

Answer and Explanation:

First Link Services granted

1. Total compensation

$4.4 million × $5

=$ 22 million

2.

Dr Compensation Expenses 11 million

Cr Paid in capital restricted stock 11 million

Dr Paid in capital restricted stock 22 million

Cr Common stock 4.4 millon

Cr Paid in capital excess of 17.6 million

5 0

3 years ago

Hodge Co. exchanged Building 24 which has an appraised value of $4,971,000, a cost of $7,691,000, and accumulated depreciation o

VLD [36.1K]

Answer:

Hodge Co. Books

Debit : Building M $4,163,000

Debit : Accumulated Depreciation Building 24 $3,528,000

Credit : Cost of Building 24 $7,691,000

Fine Co. Books

Debit : Building 24 $4,283,000

Debit : Accumulated Depreciation Building 24 $4,796,000

Credit : Cost of Building 24 $9,079,000

Explanation:

Where an exchange transaction lacks commercial substance, the accounting standard IAS 16 requires that the Asset that is acquired is measured at the Carrying Amount of the Asset given up, and no gain or loss can be estimated reliably.

Carrying Amount is Cost of Asset minus Accumulated Depreciation

The Carrying Amounts for Building 24 and Building M can now be calculated as follows -

Carrying Amount :

Building 24 = $7,691,000 - $3,528,000 = $4,163,000

Building M = $9,079,000 - $4,796,000 = $4,283,000

Then, apply the Carrying Amounts as new cost of assets acquired for Both Companies as required by the standard.

5 0

3 years ago

Guns R Us overstated its ending inventory in the current year by $5,000. The company incorrectly reported $100,000 of net income

mr_godi [17]

Answer:

Cost of goods sold will be too low by $5,000.

Explanation:

7 0

3 years ago

The face value of a bond is the ____.