Answer:
The $86,870 is correct answer.
Explanation:
Annual payments for finance lease = 20000-3000 = $17000
Annual payments 17000
X Present value factor of annuity due (12%) 5.11
Right- of-use asset = 17000 * 5.11= 86870
$86,870 is correct
Answer:
B) Promptly advise Ms. Smith that she did not comply with the Internal Revenue laws by failing to file federal income tax returns for the Year 1 and Year 2 tax years and of the consequences she may face under the Code and regulations.
Explanation:
Tom is required to tell Ms. Smith that she didn't file her taxes during the two previous years, maybe she isn't aware of it. He is also required to tell her about the serious consequences of not filing taxes. The IRS will fine Ms. Smith, but if she continues to not file her taxes then she might be sentenced to one year in jail. Probably Tom will end up filing Ms. Smith's taxes for years 1, 2 and 3.
The said scenario is an example of one performing a Root Cause Analysis. And this analysis requires five steps:1. Determine what is the problem. This process involves you to know what is the problem and the symptoms that the problem causes.2. Data-gathering. The next process requires you to find evidence that a problem is present. You should also know how long the problem has started and what is the effect of the problem.3. Determine potential factors causing the problem. This is where you should determine which events caused the problem. Furthermore, you have to figure out the conditions where the problem tends to happen. And you also need to identify whether there are other problems that cause, worsen, and intensify the main problem you're dealing with.4. Determine the root cause/s. This step will require you to analyze the problem, and determine the reason why the problem occurred, and the reason why it occurred.5. Provide the solution to the problem. From all the observation and analysis and determining the real cause of the problem, you now have to implement a solution for the problem. Provide ways on how you can avoid facing the same problem in the future. And determine how you should solve the problem, and who will do it. Lastly, identify whether there are risks in solving the problem.
To answer the question, Alex is in the fourth step: determining the root cause why the paper-jam occurred.
Answer and Explanation:
There are three main accounting elements that are as follows
1. Assets: Assets means the resources that are owned through which the future benefits would be anticipated. It is a properties owned by the business
2. Liabilities: The liabilities are the obligations that the company or an individual have to pay
3. Equity: The equity is the amount invested in the business, it also records the withdrawals, income and expenses etc
Now the accounting equation would be
Total assets = Total liabilities + total equity
The sum of total liabilities and total equity is known as total assets
Answer:
(B) cash inflow; cash outflow
Explanation:
There are two parts i.e cash inflow and cash outflow.
The cash inflow is increase the cash balance whereas the cash outflow is decrease the cash balance
Like
There are three types of activities in the cash flow statement which are described below:
1. Operating activities: It includes those transactions which affect the working capital after net income. The increase in current assets and a decrease in current liabilities would be deducted whereas the decrease in current assets and an increase in current liabilities would be added.
These changes in working capital would be adjusted. Moreover, the depreciation expense is added to the net income
2. Investing activities: It records those activities which include purchase and sale of the long term assets. The purchase is an outflow of cash whereas sale is an inflow of cash
3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance. The issue of shares is an inflow of cash whereas redemption and dividend is an outflow of cash.
