Which of the following transactions and events would result in a deterioration in Net Tangible Asset Backing in year 2020? A. the consumption of a prepaid expense from the previous period B. a payment for wages owing from the previous period C. the recognition of income tax expense owing at the end of the period
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Which of the following transactions and events would result in a deterioration in Net Tangible Asset Backing in year 2020?
A. the consumption of a prepaid expense from the previous period
B. a payment for wages owing from the previous period
C. the recognition of income tax expense owing at the end of the period
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Solved in 2 steps
- 1. Assuming the investment is appropriately recognized as financial assets at amortized cost: What is the carrying value of the investment on December 31, 2020? 2. Assuming the investment is appropriately recognized as financial assets at amortized cost: Determine the gain or (loss) to be recorded upon the sale of the investment. 3. Assuming the investment is appropriately recognized as financial assets at amortized cost: How much interest income is to be recognized in 2021?a. how much should TRUE recognize as gain or loss on extinguishment? b. how much should TRUE recognize as interest expense for the year ended, December 31, 2021?How about these questions: 1. how much is the Net Income (Loss) in 2021? 2. assuming the collectability of the note is uncertain, how much is the Franchise Revenue to be recognized in 2021?
- What is the net adjustment to retained earnings on the disposal of Security A? What amount in OCI should be recognized in the statement of changes in equity on December 31,2020?How much should be included as unrealized loss on the income statement for the year 2019?How much should be reclassified to Retained Earnings as a result of derecognizing the investment in 2019?
- 38. The current asset section of a balance sheet most likely will include: a. goodwill arising in a business combination accounted for as acquisition b. all deferred income taxes resulting from interperiod income tax allocation c. rent receivable for a security deposit on a lease d. a receivable from a customer not collectible for over one yearWhich of the following items isreported net of related income taxes?a. Gain or loss from discontinued operations.b. Gain or loss from disposal of property, plant, andequipment.c. Interest on long-term debt.d. Gain or loss from early extinguishment of debt.What amount should be reported as pretax loss from discontinued operations in 2021?
- Assuming the investment is appropriately recognized as financial assets at amortized cost: How much is the interest receivable to be recognized on December 31, 2020?Required: Ignoring income tax, what is the net income for the current year?The return on plan assets a.is the change in the fair value of the plan assets during the year. b. includes interest, dividends, and gains or losses from the sale of investments. c. is the actual rate of return times the fair value of the plan assets at the beginning of the period. d. does not include unrealized gains and/or losses on the assets in the plan.