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1 year ago

Where should a company undergoing reorganization report the gains and losses resulting from the reorganization?

1 answer:

7 0

A company undergoing reorganization report the gains and losses resulting from the reorganization On the income statement, separate from other gains and losses.

An income statement is a financial statement that suggests you the agency's income and expenditures. It also indicates whether a company is making income or loss for a given length. The income announcement, along with balance sheet and coins flow declaration, enables you apprehend the monetary health of your commercial enterprise.

What is income statement formula?

The simple components for an income statement is sales – expenses = net income. This simple equation shows whether or not the business enterprise is worthwhile. If revenues are more than charges, the business is worthwhile.

Why is income statement prepared?

The cause of the income statement is to show the reader how a great deal profit or loss an organization generated at some point of a reporting length.

What is the main elements of income statement?

The income statement offers sales, costs, and net earnings. The additives of the earnings statement consist of: sales; value of income; income, fashionable, and administrative charges; other operating prices; non-working income and fees; profits and losses; non-habitual objects; internet profits; and EPS.

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In 2018, Wilma Way’s sole proprietorship, WW Bookstore, generated $120,000 net profit. In addition, Wilma recognized a $17,000 g

kiruha [24]

Answer:

A. $120,000 is subject to self-employment tax

B. Wilma’s 2018 self-employment tax is $16,955

C. Wilma's allowable Section 199A deduction is $21,500

D. The taxable income from her bookstore activity is $107,982

Explanation:

A. The income from normal business activities are eligible for self employment tax, therefore $120,000 is subject to self-employment tax.

B. To calculate Wilma’s 2018 self-employment tax we have to make the following calculation:

Wilma’s 2018 self-employment tax=($120,000×92.35%)×15.30%

Wilma’s 2018 self-employment tax=$16,955

C. Assuming $43,000 of W-2 wages and $90,000 unadjusted basis of tangible depreciable property, the computation of Wilma's allowable Section 199A deduction would be as follows:

In this case would be 50% of W2 wage, therefore:

Wilma's allowable Section 199A deduction=$43,000×50%=$21,500

D. The taxable income from her bookstore activity=Gross Income-50%self-employment tax-Wilma's allowable Section 199A deduction

Gross Income=$120,000+$17,000+$960=$137,960

50%self-employment tax=$16,955×50%=$8,478

Wilma's allowable Section 199A deduction=$21,500

Therefore, The taxable income from her bookstore activity= $137,960-$8,478-$21,500=$107,982

7 0

3 years ago

William pays his $500 premium every 6 months for automobile insurance with collision coverage. His deductible is $750. William c

snow_lady [41]

William will pay a total of $750 out of pocket for both cars to be fixed.

The other car is covered by the property damage portion of his insurance, so it is covered 100% by the insurance company and there is no deductible or amount that William needs to pay. William’s car will be covered by the collision portion of his insurance. He is responsible for paying the $750 deductible and the insurance company will pay the remaining $50.

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3 years ago

What is digital citizenship?

lesya [120]

Digital citizenship can be defined as the norms of appropriate, responsible behavior with regard to technology use. 1. Digital Access: full electronic participation in society. Technology users need to be aware that not everyone has the same opportunities when it comes to technology.

4 0

3 years ago

Mcmurtry Corporation sells a product for $110 per unit. The product's current sales are 12,200 units and its break-even sales ar

denis23 [38]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Mcmurtry Corporation sells a product for $110 per unit. The product's current sales are 12,200 units and its break-even sales are 10,614 units.

The margin of safety is the number of units or amount of dollars that provide genuine profit to the company. It is the "margin" that gives room to try new strategies.

It is calculated using the following formula:

Margin of safety ratio= (current sales level - break-even point)/current sales level

Margin of safety ratio= (12,200 - 10,614) / 12,200

Margin of safety ratio= 0.13=13%

5 0

3 years ago

When preparing her monthly budget, marge kent has a total spending allowance of $4,600. each month she pays $1,200 in rent, $60

Naya [18.7K]

The rent, cable bill, and auto loan are fixed expenses that add up to $1500. $1500 divided by the $4600 total that she has is .326 so Margie spends about 33% of her budget on these fixed expenses. That is about one third of her total budget going to fixed expenses.

8 0

3 years ago