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Dahasolnce [82]
2 years ago
11

Suppose you sell a fixed asset for $99,000 when its book value is $75,000. if your company's marginal tax rate is 39 percent, wh

at is the gain or loss on the sale of the asset?
Business
1 answer:
strojnjashka [21]2 years ago
3 0

Determining Depreciation Recapture.

Sale Value = $99,000

Less: Adjusted basis(book value) = ($75,000)

Depreciation recapture = $24,000

So Depreciation recapture = $24,000

The marginal tax rate is the amount of additional tax paid for each additional dollar earned in income. The average tax rate is the total tax paid divided by total income. A marginal tax rate of 10% means that 10 cents from the next dollar you earn will be tax deductible.

In taxation, a tax rate is a rate at which a company or individual is taxed. There are several ways to express tax rates, including statutory, average, marginal, and effective. These tax rates can also be presented using different definitions (inclusive and exclusive) that apply to the tax base.

Learn more about marginal tax here

brainly.com/question/14145043

#SPJ4

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Does a rising GDP benefit everyone? Explain
Nastasia [14]

Answer:When a country's GDP is high it means that the country is increasing the amount of production that is taking place in the economy and the citizens have a higher income and hence are spending more. However, increase in GDP does not necessarily increase the prosperity of each and every income class of the nation.

Explanation:

3 0
3 years ago
Received a $665 deposit from a customer who wanted her piano rebuilt in February. Rented a part of the building to a bicycle rep
andrey2020 [161]

Answer:

1. Dr Cash 665

        Cr Advance from customer   665

2. Dr Cash  685

           Cr     Other income   685

3. Dr cash   18675

      Cr   Account receivable    18675

4. Dr Account receivable     9600

          Cr        Sales revenue         9600

5. Dr Cash     8000

             Cr Account receivable      8000

6.Dr Utility expense   395

            Utility expense payable     395

7. Dr Supplies   1255

         Cr            Accounts payable   1255

8. Dr Accounts payable   2600

               Cr Cash                    2600

9.Dr Salaries and wages expense   12200

                 Cr Cash                                        12200

Explanation:

4 0
3 years ago
Prestwich Corporation has two service departments and two operating departments. Costs of the Building and Grounds service depar
shepuryov [24]

Answer:

$20,880

Explanation:

Under the direct method we ignore services that are provided to the other service departments.

In order to allocate the building operation costs to Operating department A, we need to determine what percentage of the building space taken up by Operating departments is used by Operation Department A.

There is a total of 50000 square feet and Operating Department A occupies 60%(30000/50000 of that.

So Operating Department A will get 60% of the building costs

  i.e., 60% × 34800 = 20,880

7 0
3 years ago
Kincaid Company provided consulting services of $2,500 to a customer who paid $1,300 and promised to pay the remainder next mont
Anon25 [30]

Answer:

B. Cash 1,300  Dr, Accounts Receivable 1,200 Dr, Consulting Revenue 2,500 Cr

Explanation:

                             Kincaid Company

                                  Journal Entry

Date      Description                             Debit       Credit

              Cash                                      $1,300

                     <em>Accounts Receivable                      $1,200</em>

                     Consulting Revenue                        $2,500

6 0
3 years ago
The sec filed civil false-certification charges against which u.s. financial institution
drek231 [11]
If these were the given choices:
A) Wells Fargo
B) Countrywide
C) J.P. Morgan Chase
D) Bear Sterns
My answer would be C) J.P Morgan Chase The SEC filed civil false-certification charges against J.P Morgan Chase because they misled investors into investing in a complex mortgage securities transaction during the time when the housing market was starting to go down. J.P Morgan Chase agreed to pay a settlement that will reimburse the affected investors their total investments.
7 0
3 years ago
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