Answer:
false
Explanation:
edge
Answer: Option B
Explanation: In simple words, a corporation refers to an entity which has its own separate legal identity from its owners. Generally these entities works on a very large scale and the ownership rights of such companies is divided into many shares which are hold by several different individuals.
The holders of stock of such entities gets return in form of dividend and can resell their shares for capital gain in an open market of securities. As the owner and the company are two different entities the owner is not liable to report for the action of selling shares to the company.
$ 12,000.
$1,080,000.
$1,200,000.
Answer: The answer is $1,080,000
Explanation :
Step one :
Since the said approved amount is
$1,200,000 and it is subject to 10% retention
10%of $1,200,000=
10/100*$1,200,000=$120,000
Step two:
The amount that should be debited to Construction Expenditures is approved amount
$1,200,000 minus 10% retention amount
$1,200,000-$120,000
$1,080,000
Answer:
$1,080,000
Explanation:
Progress billing submitted on the construction contract = $1,200,000
If the bill was approved to 10% retention, the retention amount will be 10% of $1,200,000
Retention amount = 10/100×$1,200,000
Retention amount = $120,000
Amount debited to construction expenditure = Initial billing - retention amount
Amount debited to construction expenditure = $1,200,000 - $120,000
Amount debited to construction expenditure = $1,080,000
Answer:sober
Explanation:
Answer:
$600
Explanation:
Using the straight-line depreciation method:
Cost amount $12,000:
useful life five years
depreciation per year: =$ 12000/ 5
=$ 2,400.00
Book value at the beginning of year five:
=cost price minus four years of depreciation
=$12,000-($2400 x 4)= $ 12,000- $ 9,600
=$2, 400.00
Another four years of useful life:
Depreciation = Book value /4
=$2400/4
= $600
Arnold is functioning in a managerialposition at Galbrook Manufacturing.
Explanation:
A non-managerial executive job is to look at the everyday tasks of the workers. Management jobs are those professions where the job responsibilities are to accomplish things through other people's work, instead of doing the primary oneself.
An Effective Manager is the one who is committed to working efficiently together with the staff, out of respect for the organization's good will and target achieving strategy. This post always show some real respect and kindness for the employees under post.
Answer:
D) Carry the loss forward to reduce income in future years
Explanation:
The IRS allows corporations to carry losses both forward and backwards in order for them to reduce their taxable income. A corporation can carry an operating loss back two years, and it can carry them forward up to 20 years in order to reduce taxable income generated in subsequent years. A backwards carryover lowers the taxes that the corporation might owe to the government.