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never [62]
3 years ago
8

Detroit Corporation sued Chicago Corporation for intentional damage to Detroit's goodwill. Detroit had created its goodwill thro

ugh providing high-quality services to its customers. Thus, no basis for the goodwill appeared on Detroit's balance sheet. The suit was settled and Detroit received $1,500,000 for the damages to its goodwill.a. The $1,500,000 is not taxable because it represents a recovery of capital.b. The $1,500,000 is taxable because Detroit has no basis in the goodwill.c. The $1,500,000 is not taxable because Detroit did nothing to earn the money.d. The $1,500,000 is not taxable because Detroit settled the case.e. None of these.
Business
1 answer:
Grace [21]3 years ago
8 0

Answer:

d. The $1,500,000 is not taxable because Detroit settled the case

Explanation:

The $1,500,000 is not taxable because Detroit settled the case, Compensation received of damaging Goodwill is not taxable.

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Amy and Lance are newlyweds. This is Lance's second marriage. Because of problems that occurred before his divorce (his ex-wife
yanalaym [24]

Answer:

c. Tenancy by the entirety

Explanation:

Based on the information provided within the question it can be said that in this scenario the best account recommendation would be a Tenancy by the entirety. This is an account in which each spouse in a marriage has an equal and undivided interest in the account and approval from both parties is needed to empty out the account.

8 0
3 years ago
Classify each cost as being either variable or fixed with respect to the number of units produced and sold.
charle [14.2K]

Answer:

Explanation:

There are primarily two types of costs, i.e. variable costs and the fixed costs. The variable cost is the cost that varies when the level of output changes, while the fixed cost is the cost that remains constant whether the level of production changes or not. The variable cost includes indirect inventory, indirect labor and factory supplies.

And, the fixed cost includes supervision, taxes ,and depreciation expense.

As we know that, the product cost would be a mix of Direct materials cost +  Direct labor cost + manufacturing overhead cost

where,

Manufacturing overhead = Factory utilities + Factory machinery depreciation + Factory building property tax + Indirect factory work + Indirect materials + Factory repairs + Factory manager salary

And, the selling and administrative cost is the cost which is incurred for selling the product. example - advertising, etc

So, the categorization is shown below:

1. Hamburger buns in a Wendy's outlet. = Variable and product cost

2. Advertising by a dental office.  =  Fixed and Selling and Administrative cost

3. Apples processed and canned by Del Monte.  = Variable and product cost

4. Shipping canned apples from a Del Monte plant to customers.  = variable and Selling and Administrative cost

5. Insurance on a Bausch & Lomb factory producing contact lenses.  = fixed and product cost

6. Insurance on IBM's corporate headquarters.  = fixed and Selling and Administrative cost

7. Salary of a supervisor overseeing production of printers at Hewlett-Packard.  = fixed and product cost

8. Commissions paid to automobile salespersons.  = variable and Selling and Administrative cost

9. Depreciation of factory lunchroom facilities at a General Electric plant.  = fixed and product cost

10. Steering wheels installed in BMWs. = variable and product cost

7 0
2 years ago
A certain supermarket chain is only found in the southeastern regions of the United States. You would expect the supermarket to
OverLord2011 [107]

Answer:

<em>Regional advertising</em>

Explanation:

Regional advertising <em>implies sponsor-paid advertising that supplies goods or  services regionally across two or more regions</em>.

Examples might include using specific location billboards to provide some of  the simplest ways to reach local communities.

6 0
3 years ago
At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $50,000, including his $5,000 share of partnership
drek231 [11]

Answer:

$62,000

Explanation:

Calculation to Determine Barnaby's basis at the end of the tax year

Using this formula

Ending tax year Barnaby's basis in the partnership=[BBB Partnership basis+( Share of debt-Share of partnership debt)+ Share of Partnership's income +Share of partnership's nontaxable income-Cash distributions]

Let plug in the formula

Ending tax year Barnaby's basis in the partnership =$50,000 + ($8,000-$5,000) + $20,000 + $1,000 - $12,000

Ending tax year Barnaby's basis in the partnership =$50,000 + $3,000 + $20,000 + $1,000 - $12,000

Ending tax year Barnaby's basis in the partnership = =$62,000

Therefore Barnaby's basis at the end of the tax year will be $62,000

5 0
3 years ago
what would the length of time you have had a checking or savings account help determine your credit score?
GenaCL600 [577]

It shows a pattern of responsibility.

If you have only had accounts for 1 month, it doesn't really give a full picture of whether or not you always make your payments on time, etc. However if you have had accounts for 20 years, creditors have more history to look through to determine if you are responsible.

Keep in mind, checking and savings accounts are not the primary type of accounts that creditors want to look at because those only deal with spending money you already have. Lenders really want to know how you handle money that you <em>borrow</em>, such as school loans, credit cards, rent payments, and auto loans.

8 0
3 years ago
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