Interpersonal communication
The correct answer would be option A, computer,desk,legal/incorporation fees,roof.
She also paid $6000 in legal/incorporation fees and spent $12000 for a new roof for the office building she owns. Computer, desk, legal/incorporation fees, roof, purchases she can expense in 2018 without limitations.
Explanation:
Wendy is a financial planner who began his business in 2018. She purchased computers, desks, paid legal/incorporation fees, and also spent money for a new roof for the office building.
All these purchases are already paid by him in the running year. So he does not have to worry about their limitation at least in 2018. These are mostly one time purchases that would need only maintenance in years, or he might have to pay only for the renewal of the legal/incorporation. Otherwise there would be no limitation on him in 2018 at least.
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By personal characteristics
Answer:
$44,592
Explanation:
The book value of a building = Cost Price - Accumulated Depreciation
= $(251,060 - 109,510)
= $141,550
The present value of the non-interest-bearing note due on January 1, 2023 (or Discounted Cash Flow) =
FV/(1+i)^t
= $241,060/(1+0.09)^3
= $241,060/1.29503
= $186,142
Gain on Sale of the building = $(186,142 - 141,550) = $44,592
The first thing that Caroline should do is: disclose the violation in accordance with policy to the appropriate person in her firm.
<h3> AICPA interpretation</h3>
Based on the scenario she should disclose the violation in accordance with policy to the right person.
Which is why AICPA code of professional conduct was created so as to ensure that accountant or professional accountant comply with independence rule.
Therefore she should disclose the violation.
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