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3 years ago

Why should companies be careful to report cash and cash equivalents correctly?

1 answer:

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<span>Companies should be careful to report cash and cash equivalents correctly because this is there responsibility. Companies must be prepared for random audits by the IRS and must show these records and calculations when the need arises. This will save a lot of money from penalties and other fees that may be owed to the IRS and can update the IRS of any incorrect calculations they may have.</span>

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Jason and Paula are married. They file a joint return for 2020 on which they report taxable income before the QBI deduction of $

mote1985 [20]

Answer: $28940

Explanation:

Their QBI deduction for the year goes thus:

Jason's QBI amount will be:

= $173000 × 20%

= $173000 × 0.2

= $34600

Paula's QBI amount will be:

= $28,300× 20%

= ($5660)

Therefore, their combined qualified business income will be:

= $34600 - $5660

= $28940

The overall limitation which is based on th modified taxable income will be:

= $247000 × 20%

= $49400

Since $28940 is lesser than $49400, their QBI deduction for the year is $28940

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3 years ago

Imagine that a small manufacturing company decides to invest in a materials resources planning (MRP) system. This is a computeri

klio [65]

The correct answer to this open question is the following.

Although there are no options attached, we can say the following,

The human resource functions that are likely to be affected by this change are Resource Management, Personal Data Management, Training, and Performance Management.

Human Resource Management helps the organization carry out this change successfully, explaining how these modifications can benefit the employees and the entire organization. HR has to use the proper means of internal communication to explain in advance the kinds of oof changes that are coming. This will prevent fear and anxiety, and eliminate rumors about the situation of the employees in the organization.

HR has to be careful in confirming that nobody is going to be fired by the arrival of new technologies. Then, HR has to explain in detail the many benefits in planning, scheduling, organizing, inventory, and many other benefits for each department. If employees do not feel threatened by this new technology they would welcome changes that allow them to do their work more productively.

5 0

2 years ago

You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months a

dusya [7]

Answer: $450

Explanation:

Total tickets purchased = 2

The cost of one ticket three months ago = $100

Current price of one ticket = $225

Total cost of two tickets = $225 × 2

= $450

The opportunity cost is the benefit that is foregone by selecting some other alternative. So, here two options are available that either attend the concert or resell the ticket at $450. Therefore, the opportunity cost of attending the concert is $450.

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3 years ago

A company has the following information: Net credit sales = $400,000 Net income = $100,000 Average total assets = $80,000 Averag

andre [41]

Answer:

The average collection period of the company is 18 days

Explanation:

The formula for computing the average collection period of the company is as follows:

Average Collection period = 365 / Accounts receivable turnover ratio

where

Accounts receivable turnover ratio is computed as:

Accounts receivable turnover ratio = Net credit sales / Average accounts receivable

Putting the values above:

Accounts receivable turnover ratio = $400,000 / $20,000

Accounts receivable turnover ratio = 20

Now putting the values of the Accounts receivable turnover ratio in the formula of average collection period:

Average collection period = 365 / 20

= 18.25 or 18 days

8 0

3 years ago

Casey transfers property with a tax basis of $2,000 and a fair market value of $5,000 to a corporation in exchange for stock wit

pochemuha

Answer:

B. $4,700

Explanation:

Calculation for the amount realized by Casey in the exchange

Using this formula

Amount realized in the exchange=Fair market value+ Qualifies deferral transaction+Property transferred Liability-Incurred selling expenses

Let plug in the formula

Amount realized in the exchange=$4,000 +$400 +$600 - $300

Amount realized in the exchange=$4,700

Therefore the amount realized by Casey in the exchange will be $4,700

7 0

3 years ago