Answer:
That is $2,000 loss
Explanation:
After the hurricane Oscar received $140,000 for his loss, the adjusted basis for his property was $130,000 so he had a gain of 140,000- 130,000=$10,000.
According to Sec. 1033(a)(2) since the new property that was built (the replacement) was similar we will recognise the amount received from the insurance company ($140,000) to the extent that it pays for the replacement property.
That is
Gain or loss = amount paid by insurance company- cost of replacement property
Gain or loss= 140,000- 142,000
Gain or loss= -$2,000
That is $2,000 loss
Entrepreneurship comes with its share of ups and downs. The most obvious advantage is the opportunity to be your own boss. Being in charge and making the important decisions regarding your business can be fulfilling, but it can also be challenging.
Answer:
1. a. Only major materials and components.
Only the major materials and components are include as direct materials because these are the materials that directly needed for production.
b. Only hourly production workers (aka assembly workers).
The direct labor has to be those people who are directly involved in production which in this case is the assembly workers. Managers and Supervisors are not integral so are not direct labor.
c. Both big items that cannot be traced (e.g., factory rent) and small items that are not worth tracing (e.g., glue, grease).
All other items involved in production should be included as manufacturing overheads including big items and small items that cannot be traced.
2.
Rent for the factory building ⇒ <u>Manufacturing Overhead (OH).</u>
Cost of engines used in production ⇒ <u>Direct materials (DM).</u>
Depreciation on production equipment ⇒ <u>Manufacturing Overhead (OH). </u>
Cost of lubricant used in production. ⇒<u> Manufacturing Overhead (OH). </u>
Production supervisor's salary. ⇒ <u>Manufacturing Overhead (OH). </u>
Assembly workers' wages. ⇒ <u>Direct Labor.</u>
Answer:
c. You cite large chunks of an article published on Wikipedia on your online news site without offering financial compensation
Explanation:
Intellectual property law deals with the rudiments for securing and enforcing legal rights to inventions, designs, and artistic works,copyrights. Just as the law protects ownership of personal property and real estate, so also does it protect the rights to intangible assets.
Types of Intellectual Property are
Patents.
Trademarks.
Trade Secrets.
Copyrights.
The answer to the above question will be C, as the work belongs to wikipedia and they are entitled to compensation if there work is to be used in large quantities
c. You cite large chunks of an article published on Wikipedia on your online news site without offering financial compensation
Answer:
PV= $332,528.56
Explanation:
Giving the following information:
Future value= $500,000
Number of periods= 7 years
Discount rate= 6% compounded annually
<u>To calculate the present value, we need to use the following formula:</u>
<u></u>
PV= FV/(1+i)^n
PV= 500,000 / (1.06^7)
PV= $332,528.56