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Answer: $3,575
Explanation:
Opening balance for Allowance for Noncollectable Accounts for 2022 is closing balance for 2021 = $1,300.
Cool wear wrote off $775 during the year which would come out of the allowance;
= 1,300 - 775
= $525
An allowance of $4,100 was determined for the year which means that the Bad debt expense is the difference between the determined allowance and the current balance because this is the amount that the account had to be increased by to cater for the bad debt expense.
= 4,100 - 525
= $3,575
Answer:
ordinary income.
Explanation:
Life insurance death proceeds are generally tax free, I guess once you die you stop paying taxes, but your beneficiaries will also not pay taxes in case of death.
But generally all other events that affect the cash value of a permanent life insurance are taxed as ordinary income. The policy cost basis is the total amount paid in premiums. E.g. if the policy is surrendered for its cash value, and that value exceeds the premiums paid, the excess is taxed as ordinary income.
Answer: Regardless of the method that is applied, the investment account of the parent company will be reduced by the collection of dividends. In other words, if the cost method is applied, the investment account of the parent company will be reduced and if the Partial Equity Method is applied, the investment account of the parent company will be reduced.
