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i need answers fasttt Question 26 (0.5 points) Uncertainties such as doubtful accounts Should not be disclosed Are provisions because they are future events arising
i need answers fasttt
Question 26 (0.5 points) Uncertainties such as doubtful accounts Should not be disclosed Are provisions because they are future events arising from past transactions Are provisions because the amounts are uncertain Are not provisions since they relate to normal business activities Are not provisions because they are future events not arising out of past transactions Question 24 (2 points) On January 1, 2021, Jack and Maya formed a partnership, JM Co. with the agreement that the partners would split income equally. Jack's initial investment consisted of cash of $5,000 and a building with a fair market value of $105,000. Maya's initial investment consisted of $110,000 cash. For 2021, the first year of operations, the net loss for the partnership was $18,000. During the first year, neither partner withdrew any money from the partnership. The partnership has a December 31 year end. On December 31, 2022, Maya decided to withdraw from the business. During 2022, business profit was $20,000 and Maya's cash withdrawals were $50,000. Upon her leaving the business at year end, Maya received $65,000 cash. Required: What is Jack's ending capital balance after Maya's withdrawal? 98,000 99,000 97,000 100,000 The payment pattern for an installment note with accrued interest plus equal amounts of principal includes Constant principal payments O Increasing total payments Increasing accrued interest Equal periodic payments Constant interest payments Celera Inc received proceeds of $164,992 on a bond issue with a par value of $200,000. The difference between par value and issue price is recorded as a O Debit to Discount on Bonds Payable Credit to Premium on Bonds Payable Credit to Interest Income Debit to Premium on Bonds Payable Credit to Discount on Bonds Payable Question 7 (0.5 points) Saved Which of the following statements is true? O Interest on bonds is not tax-deductible Dividends to shareholders are tax-deductible Bonds never create financial leverage Interest on bonds is tax-deductible Issuing bonds will dilute shareholdingsStep by Step Solution
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