Answer:
$12,000
Explanation:
30%×$40,000= $12,000
Brass Co.'s 2017 taxable income of $60,000 exceeds the $40,000 net operating loss carry forward from 2016.
Therefore the total net operating loss carry forward can be utilized in 2017 in which $40,000 carryforward will be used to offset $40,000 of Brass' taxable income.
Answer:
<u>Account Name</u> <u>Balance Sheet Classification</u> <u>DR or CR Balance
</u>
1. Accounts Receivable CA Debit
2. Prepaid Expense CA Debit
3. Inventories CA Debit
4. Long-Term Debt NCL Credit
5. Cash and Cash Equivalent CA Debit
6. Accounts Payable CL Credit
7. Income Tax Payable CL Credit
8. Contributed Capital SE Credit
9. Property Plant and Equipment NCA Debit
10. Retained Earning SE Credit
11. Short-Term Borrowing CL Credit
12. Accrued Liabilities CL Credit
13. Goodwill (an Intangible Asset) NCA Debit
Explanation:
Answer:
$400 .Since inventory is valued at cost or market value(current replacement cost) whichever is lower .
Therefore value of inventory : $400*8=$3200
Explanation:
There are four types of businesses organisation. Sole trader is owned by one person and he makes all the decisions, and earns profit and bears the loss himself. A partnership is owned by 2 or more people and they help each other. The profit and loss is divided between them.