Under which ownership type is an owner (or owners) not liable for the company’s lawsuits?

Brief Exercise 12-8 have a carrying Ayayai Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill

blsea [12.9K]

Answer:

Explanation:

Since the fair value of the division is less than the carrying value of the division so the loss on impairment is recorded

The journal entry to record the impairment of the goodwill is shown below:

Loss on impairment A/c Dr $30,000

To Goodwill A/c $30,000

(Being loss on impairment is recorded)

The computation is shown below:

= Carrying value - fair value

= $300,000 - $270,000

= $30,000

4 0

3 years ago

Abe Lincoln was scheduled to give a speech that was rumored to be better than his Gettysburg Address. Many citizens were plannin

Assoli18 [71]

Answer:discharge by frustration of purpose

Explanation:

Discharge by frustration of purpose is a defense concept used in law in order to bring about a breach or termination of a contract.This occurs when unplanned,spontaneous or unforeseen circumstances occurs and thus,it prohibits or prevents the core reason in which the contract was being entered into at the time of the contracts agreement,with both parties fully aware of the core reason which brought about the establishment of the contract.That is to say,the primary objective in which the contract was being created upon has automatically brought about a halt of the secondary reason(which is the contract itself),having in mind that both parties were originally aware of the primary reason for entering the contract.

Here,Paul and Patti Smith rented a room an amount triple it's original price because they were so excited to hear Lincoln speak. A day before Lincoln's speech, he was assassinated.So this disappointment brought about a "discharge by frustration of purpose" by the Smiths,not forgetting that that The bed and breakfast knew it was their original intent,that's why they paid such exorbitant prices for the room rental,although it sued them.

5 0

3 years ago

When the accounts of Blue Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual

torisob [31]

Answer:

1.-

insurance expense 1,020 debit

prepaid insurance 1,020 credit

2.-

rent revenue 1,650 debit

cash 1,650 credit

cash 1,650 debit

unearned revenue 1,650 credit

unearned revenue 1,100 debit

rent revenue 1,100 credit

3.-

advertizing expense 535 debit

advertizing supplies 535 credit

4.-

interest expense 802 debit

interest payable 802 credit

Explanation:

2-years of 4,896 AKA 24 months

months outstanding during the year: August 1st to December 31th: 5 months

4,896 x 5/24 = 1,020

purchases of advertising materials 801

materials on hand at year-end (266)

advertising expense 535

we must reverse the entry as the rent revenue wasn't accrued yet we have unearned revenue and at year-end we adjust for the earned protion which is 2 months: 1,650 x 2/3 = 1,100

as the inerest are accrued it means we aren't paying them at year-end

5 0

3 years ago

There are 45 potential workers in this economy. How many people are unemployed?

liberstina [14]

i hope this helps! good luck

4 0

3 years ago

Complete the explanation of how polygenic inheritance could be the basis of a trait showing continuous phenotypic variation.

DerKrebs [107]

Answer:

Additive; continuous; homozygous; homozygous.

Explanation:

The variation in weight in a population may be explained by the segregation of 10 genes that control weight in a simple additive genetic fashion, the distribution will be continuous from the lowest value homozygous for one allele at all 10 genes to the highest value homozygous for the other allele at all 10 genes.

Continuous phenotypic variation can be caused by many genes affecting a trait and/or environmental variation.

4 0

3 years ago