Answer:
True
Explanation:
yes it is true that you should ask the taxpayer if they had any other interest income to avoid double taxation elsewhere
Return on assets = .138/(1+ .72414) = .08, or 8 percent.
Answer:
DR Interest receivable 26,400
CR Interest revenue 26,400
Explanation:
As first lease has already been paid, the amount left of the lease is;
= 280,000 - 40,000
=$240,000
Interest is 11% so the interest to be received in December is;
= 11% * 240,000
= $26,400
This will be debited to Interest receivable as it is money owed and credited to Interest revenue as it is money earned.
Answer:
Explanation:
When the future revenue producing ability of the inventory is above its original cost the
companies should reports their inventory value with LCNV method.
