The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called a. an account. b. a journal. c. a ledger. d. a trial balance .

Question

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Answer 1

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called

a. an account.

b. a journal.

c. a ledger.

d. a trial balance.

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

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JH, Inc., is a calendar year, accrual basis corporation with Joe as its sole shareholder (basis in his stock is $90,000). On January 1 of the current year, JH Corporation has accumulated E & P of $200,000. Before considering the effect of the distribution described below, the corporation’s current E & P is $50,000. On November 1, JH distributes an office building to Joe. The office building has an adjusted basis of $80,000 (fair market value of $100,000) and is subject to a mortgage of $110,000. Assume that the building has been depreciated using the ADS method for both income tax and E & P purposes. What are the tax consequences of the distribution to JH and to Joe? (In your answer, be sure to describe the effects on taxable income for both JH and Joe, the impact of the distribution on JH’s E & P, and Joe’s basis in the building.)

Joe is the sole shareholder of JH Corporation. Joe sold his stock to Ethan on October 31 for $150,000. Joe’s basis in JH stock was $50,000 at the start of the year. JH distributed land to Joe immediately before the sale. JH’s basis in the land was $20,000 (fair market value of $25,000). On December 31, Ethan received a $75,000 cash distribution from JH. During the year, JH has $20,000 of current E & P and its accumulated E & P balance on January 1 is $10,000. Which of the following statements is true? a. Joe recognizes a $110,000 gain on the sale of his stock. b. Joe recognizes a $100,000 gain on the sale of his stock. c. Ethan receives $5,000 of dividend income.d. Joe receives $20,000 of dividend income. e. None of the above.

Answer 2

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called

a. an account.

b. a journal.

c. a ledger.

d. a trial balance.

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

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Answer 3

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called

a. an account.

b. a journal.

c. a ledger.

d. a trial balance.

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

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Answer 4

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called

a. an account.

b. a journal.

c. a ledger.

d. a trial balance.

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

Answer 8

Expert Solution & Answer

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer to Problem 1QC

(a) an account.

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Conclusion

Hence, the correct option is (a).

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Account: A record which documents or records the changes in assets, liabilities, or equity for a particular period is referred to as an account.

To find: The correct term for the given description.

Answer 12

Answer to Problem 1QC

(a) an account.

Answer 13

Explanation of Solution

Explanation for correct answer:

Account is a document which registers the changes in assets, liabilities, or equity, in detail. Hence, (a) is the correct option.

Explanation for incorrect answers:

Option (b) is incorrect because journal is record of transactions.
Option (c) is incorrect because ledger is record of accounts.
Option (d) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Answer 14

Conclusion

Hence, the correct option is (a).

Answer 15

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The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called a. an account. b. a journal. c. a ledger. d. a trial balance .

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Answer to Problem 1QC

Explanation of Solution

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