Answer:
Southwestern Mutual Bank
This would increase the loans account and the deposit account by $100 respectively.
Explanation:
a) Data and Calculations:
Southwestern Mutual Bank
Balance Sheet
Assets Liabilities and Owners' Equity
Reserves $150 Deposits $1,200
Loans $600 Debt $200
Securities $750 Capital (owners' equity) $100
Total assets $1,500 Total liabilities + equity $1,500
New customer deposit = $100
New loans made by the owners = $100
Answer:
The amount of Uncollectible Account Expense reported on the income statement will be: $ 64,800
Explanation:
Jumpin Corporation
Percent of Sales method
Net credit sales $ 2 100 000,
Un collectible estimated 3%
Un collectibles Accounts = 3% of $ 2 100,000, = $ 63,000
Unadjusted Allowance for Un collectible Accounts $ 1, 800 Dr.
Required Adjustment = $ 64,800
The amount of Un collectible Account Expense reported on the income statement will be: $ 64,800
In the percent of sales method emphasis is laid on the matching principle in the income statement and amount of bad debts expense is subtracted from the accounts receivables.
Answer:
e. None of the above
Explanation:
The taxable asset purchases allows the individual to increase or step up the tax basis of acquired assets so as to reflect the price of the purchases made.
If one buy an assets, then he or she wants to allocate total purchase price in a way which gives a favorable postacquisition tax results.
In case of taxable asset purchases, the tax credits or the net operating losses cannot be transferred from the target firm to the acquiring firm.
Was horrible for growing crops if I remember correctly
