Answer:
over 1 year
Explanation:
IRS known as Internal Revenue Service interpret internal revenue code and they control treasure regulation. They also have code that control disposition of asset which is the process of selling out of an asset
It should be noted that Under IRS regulations, a gain or loss upon current disposition of an asset is first considered to be long term if the asset has been held for over 1 year.
Answer:
C. Because the couple is divorced, the IRS must apportion the deficiency between Mr. and Mrs. Pitt based on their relative contribution to their 2015 taxable income.
Explanation:
Because Mr and Mrs Pitt filed for a joint tax return in 2017 and got divorced in 2018 and IRS audited their tax return and found that they both underpaid their tax, the IRS must apportion the deficiency 50-50 between both of them based on their separate returns.
Answer:
c. allocates overhead to activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers.
Explanation:
The activity based costing is the costing that helps to allocated the indirect cost or we can say the manufacturing overhead cost with the help of the many cost drivers or the many activity cost pools
Like if we allocate the setup cost so we have to allocated with the number of machine setups.
For the inspection cost, the number of inspections is required so that the allocation could be done
Answer:
Koski Inc.
Quick Ratio:
Quick Ratio = (Current Assets - Inventory) divided by Current Liabilities
Quick Ratio = $(23,595 - 12,480) / $(17,160 -5,460)
Quick Ratio = 11,115 / 11,700 = 0.95
Explanation:
The quick ratio is a financial metric that shows the short-term liquidity position of a company. It measures the company's ability to settle its short-term obligations using its most liquid current assets. The most liquid assets are cash and near cash current assets.
Inventory is always removed in calculating the most liquid current assets. Inventory will take some time before it can be converted to cash or near cash, given the cash conversion cycle.
The quick ratio is also called the acid-test ratio. It is also considered as more conservative than the current ratio which measures the coverage of current liabilities by all current assets, including inventory.
In our workings, we eliminated inventory from current assets. We also eliminated notes payable which would be rolled over the next year.
Refrained from making commitments to its partners and ensured that they do the same.
A strategic alliance is supposed to be two or more companies working together to achieve a common goal while still maintaining their independent company identity, but if they fail to manage that relationship then the should refrain from making promises or goals they cannot keep.
