Depreciation is a statutory requirement for any business. You need to calculate it before sharing the (blank) in dividends.
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- When a business calculates taxable income from gross income, which ofthe following is true? a. Depreciation, interest, and principal are all subtracted b. Depreciation and interest are subtracted, principal is not c. Depreciation is subtracted, interest and principal are not d. Interest and principal are subtracted, depreciation is not.If the cash amount paid to satisfy the “Asset Retirement Obligation” (ARO) account balance is greater than the ARO balance, which of the following is true? A gain should be recorded A loss should be recorded Neither a gain nor a loss should be recordedWhen does a dividend become a liability? According to your text, it occurs on the: Date of record Date of payment Date of declaration Last day of fiscal year None of the above
- Which of the following statements about depreciation is not true? a. Depreciation helps companies estimate the cost of doing business b. U.S. tax law permits deductions from taxable income for depreciation c. Depreciable property may be tangible or intangible d. Depreciation is a cash flow that is recognized as an expense to a business.Which of the following is not deductible from business income? Group of answer choices Casual losses on properties connected in the conduct of trade or business Loss of business property due to embezzlement Loss on exchange of capital assets NOLCOIf common stockholders are the owners of the company, why do they have the last claim on assets and a residual claim on income? Can you please explain your answer
- 1. How did you calculate the depreciation? 2. How did you calculate the profit in the partner's capital account?As per IAS 16: PPE, how would you recognize your company’s assets that were acquired with the intention of generating Revenue? Explain how you would treat debtors of business?1. When a business ceases to operate and its inventories are disposed of a gain on the inventories will be treated as a capital gain unless an election is made by the selling taxpayer True or False 2. When a business ceases to operate and its accounts receivable are disposed of with the other business assets any loss on the receivables will be treated as a capital loss unless a joint election is made by the purchaser and seller. True or False
- Which of the following is deductible as interest on Schedule A? a.Subscriptions to professional publications. b.Unreimbursed business expenses. c.Charitable contributions. d.Investment expenses. e.Gambling losses to the extent of gambling winnings.How is the valuation of cuIrent assets affected if the company follows IFRS? ( OValuation is based on historical cost. OValuation is based on market adjustments. OValuation is based on LCM accounting. O Assets are expensed immediately. Aliability created for receiving cash for future services to be provided is termed O service revenue. O estimated warranty payable. Ounearned revenue. Oaccrued liability.A property dividend is recorded at the adjusted carrying value, on the date of declaration, of the non cash asset to be distributed as dividendsRequired to answer. Single choice. True False
