Answer:
The correct option is b. The income from continuing operations is $1141000.
Explanation:
Based on the information given we were told that the tax rate is 30% while the income before income taxes was $1,630,000 which means that the The income from continuing operations is $1141000 calculated as:
Income from continuing operations=[$1,630,000-(30%*$1,630,000)]
Income from continuing operations=$1,630,000-$489,000
Income from continuing operations=$1,141,000
Answer:
"$224,000" is the correct solution.
Explanation:
The given values are:
Corporation purchased percentage,
= 25%
Original investment,
= $210,000
Short's net income,
= $80,000
Paid cash dividend,
= $24,000
Now,
The share of net income will be:
=
=
= ($)
The cash dividend will be:
=
=
= ($)
hence,
On December 31, 2021, the balance will be:
=
=
=
= ($)
Answer:
b. $765000
Explanation:
Depreciation is a non-cash item and as such will not be considered in the computation of the amount to be disbursed in the month.
Given that the company pays for 70% of its purchases in the month of purchase and the remaining 30% in the next month for direct materials, it means the company will pay 70% of the material purchase in August and 30% of July's purchase in August.
Hence, The budgeted cash disbursements for August are
= 70% * $530,000 + 30% * $370,000 + $160000 + $73,000 + $50,000
= $765,000
The answer is<u> "Claim will be paid and coverage will remain in force</u>".
After a policy has been in force for 2 (some of the time 3) years, it enters the incontestable period, in which the insurer may not deny a claim in view of data not uncovered at the time of application.
An Occurrence policy shields you from any secured episode that "happens" amid the policy time frame, paying little heed to when a claim is documented.