Answer:
Back Stop, Inc.
1. The amount of gain or loss that will be recognized by the company:
a. $30,000 gain
b. $80,000 loss
2. The corporation's basis in the property after the transfer:
a. $150,000
b. ($80,000)
Explanation:
1) Data and Calculations:
a. Building $150,000 Capital, Kelly $120,000 Unrealized gain $30,000
b. Unrealized loss $80,000 Capital, Kelly $80,000
2) The building contributed by Kelly is worth $150,000 for the corporation. However, the contribution by John is worth nothing in real terms. Instead, an unrealized loss is being suffered by the corporation.
Answer:
<u>product recalls</u>
Explanation:
Note, the Consumer Product Safety Commission is an agency that is concerned with consumer product safety in general regardless of whether they are food-related products or not.
Hence, <u>this agency among its stated primary objectives on its official website includes carrying out product recalls where necessary.</u>
Answer:
The correct answer are option D for both questions.
Explanation:
Recessions is characterized with decrease in consumer and investment spending. During recessions there is a decline in inflation rate and the unemployment rate increases.
While during expansion, there is a boost in economy. So, with increase in investment and production, the unemployment rate falls. There is a rise in inflation rate as well.
Though even in the stages of recovery, the unemployment rate continues to increase because some firms are pessimistic and are operating below their capacity. Also, the rate of growth of labor force is higher than rate of employment growth, which leads to increase in unemployment.
Answer: Option A
Explanation: Assets having no physical existence are called intangible assets for example :- goodwill, patent rights.
Amortization can be defined as the method of distributing the value of intangible assets over its useful life, thus for amortization the asset must have a definite life.
While amortizing , first its recoverability is evaluated by comparing fair value with carrying value and after that the difference in both is calculated.
This type of municipal government is called the commission form. It is the type that combines the executive and legislative functions into a single body. In this type, the voters elect a small group called commission to lead the whole municipality.
