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Katarina [22]
3 years ago
5

Matulis, Inc., a calendar year C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000.

Matulis holds a positive E & P balance. The entity elects S corporation status for 2020 and then sells the asset. Compute the corporate-level bt1ilt-in gains tax that mt1st be paid by Matulis.
Business
1 answer:
Talja [164]3 years ago
3 0

Answer:

$99,750

Explanation:

Matulis's taxes are = (asset's fair market value - asset's basis) x corporate tax rate = ($800,000 - $325,000) x 21% = $475,000 x 21% = $99,750

Since the C corporation is turning into a S corporation it must recognize the gain on holding the asset. The Tax Cuts and Jobs Act set the corporate tax rate at 21%.

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Q 8.15: The financial statements of the Tyler Company report net sales of $300,000 and accounts receivable of $50,000 and $10,00
skelet666 [1.2K]

Answer:

10 times

Explanation:

The financial statement of Tyler company reports a net sales of $300,000

The account receivables at the beginning of the year is $50,000

The account receivables at the end of the year is $10,000

Therefore, the accounts receivable turnover for Tyler company can be calculated as follows

= net sales/average net account receivables

= $300,000/($50,000+$10,000/2)

= $300,000/($60,000/2)

= $300,000/$30,000

= 10 times

Hence the accounts receivable turnover for Tyler company is 10 times

3 0
4 years ago
Hubert lives in New York City and runs a business that sells boats. In an average year, he receives $723,000 from selling boats.
vodomira [7]

Answer:

A. the rental incomw darnell could receive if he choose to rent out his showroom

6 0
3 years ago
Read 2 more answers
What is another activity Andy may perform within this function? D Making a decision to open an additional restaurant with a wood
Cloud [144]
  • Owner, Andy Pforzheimer, talks about technical skills to his employees. In the meeting, they are looking at the chef's food costs. Andy is performing the controlling function of management.
  • The Correct Option is - To check monthly sales figures and compare them to the restaurant's goals.
  • The Correct Option is - Contingency perspective. According to the contingency approach, which is a school of management thought, the most effective method of leadership changes from scenario to situation, and dogmatic adherence to any one method is counterproductive.

This is further explained below.

<h3>What is Communication?</h3>

Generally, "Apparent response to the unpleasant barriers between self and other, private and public, inner thinking and the outward world is communication," writes the author.

In conclusion, Andy Pforzheimer, the owner, addresses his staff on the need for technical proficiency. The meeting participants are analyzing the chef's food budget. As a manager, Andy is exercising control.

The best answer is to examine sales data monthly and evaluate it against targets set by the restaurant.

Correct Response: an emphasis on potential outcomes. The most successful leadership style, according to the contingency approach (a school of management philosophy), varies from context to scenario, and blind adherence to any one style is detrimental.

Read more about Communication

brainly.com/question/18100115

#SPJ1

The Complete Question is attached below

6 0
2 years ago
Bocelli Co. purchased $120,000 of 6%, 20-year Sanz County bonds on May 11, Year 1, directly from the county, at their face amoun
Lina20 [59]

Answer:

S/n    General journal                                  Debit              Credit

a        Investment in Sanz County bonds   $120,000

         Interest                                                $800

         (120,000*6%*40/360)

                 Cash                                                                  $120,800

         (The purchase of the bonds on May 11 plus 40 days of accrued

           interest; assume a 360-day year.)

b.       Cash                                                      $3,600

               Interest receivable                                              $800

               Interest revenue                                                  $2,800

          (Semiannual interest on October 1)

c.        Cash(150* (99%*30,000) - $100)        $29,750

          Loss on sale of investments               $400

               Investment in Sanz County bonds                     $30,000

               Interest revenue                                                  $150

          (Sale of the bonds on October 31)

d.      Interest receivables                               $1,365

               Interest revenue                                                  $1,365

         (Adjusting entry for accrued interest of $1,365 on

          December 31, Year 1.)

6 0
3 years ago
TB MC Qu. 6-75 Kuzio Corporation produces and ... Kuzio Corporation produces and sells a single product. Data concerning that pr
alukav5142 [94]

Answer:

Effect on income= $6,450 increase

Explanation:

Giving the following information:

Contribution margin= $75

The marketing manager believes that a $7,800 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales.

T<u>o calculate the effect on income, we need to use the following formula:</u>

Effect on income= increase in contribution margin - increase in fixed costs

Effect on income= 190*75 - 7,800

Effect on income= $6,450 increase

5 0
4 years ago
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