T. inflation is a very big issue
Answer:
It’s like the price or the cost
Explanation:
Answer:
LIFO. usually results in a balance sheet valuation of inventory farthest away from its economic value. LIFO. would result in the highest after-tax cash flow in periods of rising prices and non-decreasing levels of inventory.
smort doggo is off to another question
Answer:
Interest expense --------$1,500
Interest payable-------------- $1,500
Explanation:
Given the following ;
Amount of note signed = $75,000
Annual interest rate = 12% = 0.12
Date signed = November 1
Calculate interest expense to be made in the adjusting entry by December 31 :
NOTE: No entries have been made previously for the interest expense
Monthly Interest = (Amount × rate) ÷ 12
Monthly interest = ($75,000 × 0.12) ÷ 12
Monthly interest = $9000 ÷ 12 = $750
November 1 to December 31 = 2 months
$750 × 2 = $1500
Interest expense = $1,500
Answer:
1.Quinlan distribution has realized a loss of
$214,480 of which $0 is recognized.
2. The shareholder received property with a basis of $321,720
Explanation:
1.
When property is been said to be distributed to shareholders the amount of dividend equal to the fair value of the said property which is $321,720 on the date of the distribution. Therefore the amount of taxable dividend is $321,720 which is before the dividends received deduction.
Therefore;
Net loss which shall not be allowed ($536,200-$321,720)
=$214,480
Quinlan distribution has realized a loss of
$214,480 which is not allowed to be recognized
2. Adjusted basis of the property distributed is $321,720
