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nexus9112 [7]
3 years ago
5

Ivory Fast Delivery Company, an accrual basis taxpayer, frequently has claims for damages to property the company delivered. Oft

en the claim is not filed until a month after the delivery. In the past, approximately 80% of the claims are paid by Ivory. In 2017, claims for $80,000 were filed. The company refused to pay $20,000 of the claims (because they were not valid), and paid $50,000 . The
remaining $10,000 in claims were processed and paid in January 2018 . Also, in January 2018, claims for $8,000 were filed for deliveries made in 2017, and $6,000 was paid on these claims by March 15, 2018 . Ivory has not elected to use the recurring item exception to economic performance. Under the all-events and economic performance tests, Ivory can accrue as an expense for 2017:
a. $68,000.
b. $66,000.
c. $60,000.
d. $50,000.
e. None of the above.
Business
1 answer:
Virty [35]3 years ago
4 0

Answer:

D) $50,000.

Explanation:

Economic performance requires that the company provided services or products to another party (i.e. a customer).

The all-events test states that all the events that caused the liability actually occurred during the accounting period and that occurrence can be accurately established. During 2017, the company could only accurately establish that $50,000 of the claims were real.

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"APR is calculated by multiplying the periodic interest rate by the number of periods in a year in which it was put in".

APR=((Fees+Interest/p/n)×365)×100

Where-

Interest=Total interest paid during life of the loan

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n=Number of days in loan term

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6 0
1 year ago
Population estimates show that by the year 2030, nearly 72 million of the population in the united states will come from which g
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According to the UN Population Division, by 2035, 1 in 5 persons will be 65 or older. Furthermore, the younger generations of today anticipate that the older population of the future will be better educated, healthier, culturally savvy, and, as people, more discerning consumers.

As their physical and sensory abilities start to deteriorate, they will demand—and respond to—goods and services that enable them to continue their active lifestyles and activities. Examples include flexible scheduling, ongoing education, travel, engaging experiences, and opportunities for companionship.

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5 0
2 years ago
A basic principle of economics is that a country’s standard of living depends on its a. Quantity of physical capital. b. Abundan
Nookie1986 [14]
This answer should be C
7 0
3 years ago
Cheyenne Corp. purchased a piece of equipment for $58,800. It estimated a 9-year life and $3,400 salvage value. At the end of ye
bogdanovich [222]

Answer:

the revised depreciation is $ 3,753

Explanation:

<em>Straight Line Method of Depreciation charges the same amount of depreciation over the useful life of the asset.</em>

Depreciation Charge (Straight line) = (Cost - Salvage Value) / Useful life

Year 1

Depreciation Charge = ( $58,800 - $3,400) / 9 years

                                   = $6,156

Year 2

Depreciation Charge = $6,156

Year 3

Make the adjustment as if the adjustment happened at the beginning of the year

Make the following changes

(1) Adjast the Depreciable Amount (numerator)

(2) Adjast the Useful life (denominator) to 11 years

Depreciation Charge = (Cost - Previous Depreciation Charges - New Residual Value) / Revised Number of Useful life

Depreciation Charge = ($58,800 - $6,156 - $6,156 - $5,200)/ 11 years

                                   = $ 41,288/ 11 years

                                   = $ 3,753

5 0
2 years ago
The price a property will bring when neither the buyer nor the seller is acting under duress and it has been on the market for a
PilotLPTM [1.2K]

Answer:

The answer is arms- length transaction

Explanation:

The price a property will bring when neither the buyer nor the seller is acting under duress and it has been on the market for a reasonable length of time is defined as arms- length transaction

7 0
3 years ago
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