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3 years ago

Which of the following fiduciary entities are required to use the calendar year as their taxable period for income tax purposes?

Business

1 answer:

Fofino [41]3 years ago

5 0

Answer:

B) Trusts (except those that are exempt)

Explanation:

The only three entities that are allowed to select a fiscal year are: estates, C corporations and tax exempt entities.

Trusts, along with partnerships, S corporations and personal service corporations mus use the calendar year as their taxable period or the tax year of their owners. Some trusts can change to a different calendar year if they can establish a business purpose for doing so.

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Jelf and Ricardo share a hotel room for Jason's wedding Jeff and Ricardo predictably drink too much alcohol, felf passes out. Ai

alekssr [168]

Answer: 'C' in my personal opinion

Explanation:

6 0

3 years ago

An investor bought a one-acre lot on the outskirts of a city for $12,700 cash. Each year she paid $175 of property taxes. At the

german

Answer:

79.5%.

Explanation:

Rate of return = $\frac{final value - initial value}{initial value}$ x 100

The cost of the acre = $12700.

Total property taxes paid for 7 years = $175 x 7

= $1225

Net value of cost = $12700 + $1225

= $13925

Net value of the land when sold = $25000

∴ Rate of return = $\frac{25000 - 13925}{13925}$ x 100

= 0.7953 x 100

= 79.53%

The rate of return of the acre of land is 79.5%.

7 0

3 years ago

Twenty-six years ago, several small vineyard owners in california joined voluntarily to market their grapes and wine in an attem

pentagon [3]

<span>Diversification. The wine got them started and they progressed into the very items that brought them income. They are trying to control the market and also expand into financial and tech so you can consider them a business development business.</span>

8 0

3 years ago

A company uses the departmental overhead rate method. Total overhead costs are $5,000,000. Of this total, the machining departme

AleksAgata [21]

Answer:

Allocation rate Machining= $50 per machine hour

Explanation:

Giving the following information:

Estimated Machining cost= $4,000,000

Estimated Number of machine hours= 80,000

<u>To calculate the allocation rate for the Machining department, we need to use the following formula:</u>

Allocation rate Machining= total estimated costs for the period/ total amount of allocation base

Allocation rate Machining= 4,000,000 / 80,000

Allocation rate Machining= $50 per machine hour

4 0

3 years ago

Two companies are financed as follows: X Co. Y Co. Bonds payable, 9% issued at face $5,000,000 $3,000,000 Common stock, $25 par

BartSMP [9]

Answer:

The Earnings per Share on Common Stock X Co. $ Y Co is $9.15 and $10.05 respectively.

Explanation:

To compute the earning per share, first we have to calculate the net income and number of outstanding shares.

In mathematically,

Earning per share = Net income ÷ Number of outstanding shares

where,

Net income = Income before bond interest and income taxes - interest - tax

where,

Interest = Bonds × Rate

Tax = income tax rate × remaining balance

whereas, number of outstanding shares = Common stock ÷ price of shares

So,

For X,

The net income is = $2,280,000 - ($5,000,000 × 9%) - (40% of remaining balance)

= $2,280,000 - $450,000 - $732,000

= $1,098,000

And, Number of outstanding shares = 3,000,000 ÷ $25 = 120,000

So, Earning per share for X is

= $1,098,000 ÷ 120,000 = $9.15

For Y,

The net income is = $2,280,000 - ($3,000,000 × 9%) - (40% of remaining balance)

= $2,280,000 - $270,000 - $804,000

= $1,206,000

And, Number of outstanding shares = 3,000,000 ÷ $25 = 120,000

So, Earning per share for X is

= $1,206,000 ÷ 120,000 = $10.05

Hence, the Earnings per Share on Common Stock X Co. $ Y Co is $9.15 and $10.05 respectively.

3 0

3 years ago