Charleston Corporation operates a branch operation in a foreign country. Although this branch operates in euros, the U. S. dollar is its functional currency. Thus, a remeasurement is necessary to produce financial information for external reporting purposes. The branch began the year with 504,000 euros in cash and no other assets or liabilities. However, the branch immediately used 312,000 euros to acquire a warehouse. On May 1, it purchased inventory costing 127,000 euros for cash that it sold on July 1 for 182,000 euros cash. The branch transferred 26,000 euros to the parent on October 1 and recorded depreciation on the warehouse of 11,000 euros for the year. Currency exchange rates for 1 euro follow: January 1 $1.47 = 1 euro May 1 1.51 = 1 July 1 1.53 = 1 October 1 1.51 = 1 December 31 1.41 = 1 Average for the year 1.49 = 1 What is the remeasurement gain or loss to be recognized in the consolidated income statement?

Benton company (bc), a calendar year entity, has one owner, who is in the 37% federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). bc's gross income is $395,000, and its ordinary trade or business deductions are $245,000. ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. if required, round computations to the nearest dollar. a. bc is operated as a proprietorship, and the owner withdraws $100,000 for personal use. bc's taxable income for the current year is $ , and the tax liability associated with the income from the sole proprietorship is $ . b. bc is operated as a c corporation, pays out $100,000 as salary, and pays no dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . the shareholder's tax liability is $ . c. bc is operated as a c corporation and pays out no salary or dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . d. bc is operated as a c corporation, pays out $100,000 as salary, and pays out the remainder of its earnings as dividends. bc's taxable income for the current year is $ , and bc's tax liability is $ .

Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false

Under t, the point (0,2) gets mapped to (3,0). t-1 (x,y) →