Answer:
True
Explanation:
Like-kind property is real property held for investment or use in a trade or business exchanged for real property held for investment or use in a trade or business.
However, Taxpayers must defer gain or loss realized on the exchange of like-kind property.
Answer:
$16,800
Explanation:
The amount of the note payable as the current position of long term notes payable on the balance sheet as of December 31, 2016 can be calculated by just dividing the principal amount by the number of periods it has been borrowed for
Calculation: 84000/5 = $16,800
Answer:
d.
Explanation:
Based on the information provided within the question it can be said that the correct steps that are used by the FASB in developing GAAP (generally accepted accounting principles) would be the following: issuing a discussion memorandum, issuing an exposure draft, and issuing a statement of principle. This collection of accounting rules was then adopted by the U.S. Securities and Exchange Commission.
Answer:
B. Make sure each main point is brief
Explanation:
Based on the answers provided within the question it can be said that answer that is not an effective principle for preparing main points is making sure each main point is brief. Main points need to be emphasized and thoroughly detailed as they are the most important aspects in a presentation. Only the subtopics may be made brief.
Answer:
$37,100
Explanation:
Calculation for what Vaughn should report as cash and cash equivalents
Cash in bank $36,200
Petty cash 300
Short-term paper with maturity of 2 months 600
Cash and cash equivalents $37,100
Therefore Vaughn should report cash and cash equivalents of:$37,100
