Answer:
The interest expense is $521
Explanation:
The amount of interest expense for the fiscal year is the interest expense of 31 days which ,in other words the interest incurred only in the month of July ,calculated thus:
interest expense=days in the month/360days*interest rate*loan amount
interest expense=31/360*10%*$60,500=$ 521
The interest expense for the current fiscal year rounded to the nearest dollar amount is $ 521
The easiest function available in MS Access to begin collecting data quickly is to use a pre-designed Template.
<h3>What is
pre-designed Template in MS Access?</h3>
Basically, the Ms Access is a database app that helps to store information for reference, reporting and analysis.
The pre-designed Template makes collection of data faster because the query, tables are already designed for instant use.
Hence, the Option B is correct since the easiest function available in MS Access to begin collecting data quickly is to use a pre-designed Template.
Read more about MS Access
<em>brainly.com/question/24643423</em>
Answer:
B) False: since it is still a closely held C corporation, it cannot reduce its ordinary income through passive losses. If it hadn't been a closely held C corporation then it could have made the deductions.
Explanation:
Passive losses are losses resulting from financial activities, i.e. investments in other corporations where the investor doesn't participate in.
Passive losses cannot offset ordinary income, they must be matched against passive gains only. If passive losses exceed passive gains, they can be carried forward without limitation.
The only exception applies to C corporations that are not;
- closely held corporations or
- personal service corporations.
Qualifying C corporations can actually deduct passive losses from certain ordinary income.
Closely held C Corporations are corporations where during the last 6 months, 50% or more of its stock is owned by 5 or fewer investors.
