The statements are:
Because Dazzle is not a separate tax entity, all the owners declare revenue earned through the company on their personal federal tax returns.
The $5 million dollar villa is protected from business liabilities unless the liability is incurred through wrongful acts.
Answer:
Gain $72,480
Explanation:
Calculation for the amount of gain or loss that Sheffield should recognize on the exchange
Using this formula
Gain/Loss= Book value – Fair value
Let plug in the formula
Gain/Loss= $978,480 – $906,000
Gain=$72,480
Therefore the amount of gain or loss that Sheffield should recognize on the exchange will be $72,480
Answer:
the ending cash balance is $330,300
Explanation:
The computation of the ending cash balance is shown below:
Ending cash balance = Opening cash balance + Profit
= $270,000 + (9% × $670,000)
= $270,000 + $60,300
= $330,300
We simply added the opening cash balance and the profit so that the ending cash balance could come
Hence, the ending cash balance is $330,300
$250
COVERAGE LIMIT-DEDUCTIBLE = $4000-$1500 = 2500
$2500/10 = $250
