Nello Company owed $23,400 overdue rent to its landlord, Bonview Inc. Because Nello is a desirable tenant, Bonview agreed to settle the overdue account for a $15,000 cash payment from Nello. Both Nello and Bonview are accrual basis taxpayers.

a. What is the tax consequence to Nello of the settlement of its S23,400 account payable to Bonview? Compute Nello's net cash outflow from the settlement assuming its tax rate is 35 percent.
b. What is the tax consequence to Bonview of the settlement of its $23,400 account receivable from Nello? Compute Bonview's net cash inflow from the settlement assuming its tax rate is 30 percent.

Which of the following statements is true regarding the definition of a fund? a fund is a fiscal entity which is designed to provide reporting that demonstrates conformance with finance-related legal and contractual provisions separately from gaap reporting. a fund exists to assist in carrying on activities and attaining objectives where there are no specific rules or restrictions. a fund is an accounting entity which is designed to enable reporting in conformity with gaap without being restricted by legal or contractual provisions. a fund is a mechanism developed to provide accounting for revenues and expenditures that are subject to certain restrictions separate from revenues and expenditures that are not subject to restrictions.

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If the findings and the results are not presented properly, the research completed was a waste of time and money. true false