Answer:
Gain $1,600
Explanation:
Amount Realized = (290 shares × $93) − $240
=$26,970-$240
= $26,730
Adjusted Basis = (290 shares × $86) + $190
=$24,940+$190
= $25,130
Gain = $26,730 − $25,130
= $1,600
Therefore the amount of the gain/loss Kevin must report on his 2019 tax return will be $1,600
Answer:
A. $ 4,123
Explanation:
For accounting purposes we will consider as cost to ivnentory all the necessarycost incurred to get the merchandise ready for use. Therefore the returns and dsicount decrease the inventory as they weren't cost incurred.
The freight will count as necessary and incurred thus, added.
Invoice nominal 4,800
returns
4,800 x 20% = <u> (960)</u>
balance 3,840
discount 2% <u> (76.8) </u>
merchandise cost 3.763,2
freights-in <u> 360 </u>
total cost 4,123.2
The allowance for doubtful accounts has a normal credit account.
This account is a contra-asset account. Since assets have a normal debit balance, this account would have a normal credit balance.
Answer:
The infant industry argument is an economic rationale for trade protectionism. The core of the argument is that nascent industries often do not have the economies of scale that their older competitors from other countries may have, and thus need to be protected until they can attain similar economies of scale.
