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3 years ago

(q.d) have you been an appointee or employee of any regulator at any point over the past two years?

1 answer:

4 0

<span>I have not been an appointee of employee of any regulator at any point in the past two years. I have worked as an independent contractor for a computer company for the last 5 years. Since a regulator company is one that usually involves systematic schemes and benefits to the employee, my emoployer would not fall into the category.</span>

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Trail Corporation has gross profits on sales of $140,000 and deductible expenses of $180,000. In addition, Trail has a net capit

creativ13 [48]

Answer:

a. $20,000.

Explanation:Gross profit is a term used in the business Organisations to describe the total amount earned from the business activities of an organisation after deducting the total cost incurred which includes the total fixed cost and the total variable cost.

Deductible expenses is the total amount of cost that can be deducted from the business activities of an organisation over a given period of time.

FOR TRAIL CORPORATION ITS TAXABLE INCOME IS $20,000 DERIVED FROM DEDUCTING $180,000 FROM THE SUM OF $140,000 AND $60,000.

4 0

3 years ago

Which of the following is not a service offered by zoos?

Pepsi [2]

Answer:

can we see the choices so we can answer.

Explanation:

3 0

3 years ago

Crane Corporation was organized on January 1, 2020, with authorized capital of 502000 shares of $10 par value common stock. Duri

Finger [1]

Answer:

The amount of additional paid-in capital at December 31, 2020 is $97600.

Explanation:

Additional paid-in capital from stock issuance 31400*(13-10) 94200

Additional paid-in capital from treasury stock 3400*(14-13) 3400

Additional paid-in capital at December 31, 2020 97600

Therefore, The amount of additional paid-in capital at December 31, 2020 is $97600.

6 0

3 years ago

The following information pertains to property contributed by Gray on July 1, 2015, for 40% interest in the capital and profits

kotegsom [21]

Answer:

The amount of gain that was reportable in Gary's 201 return on the contribution of property to the partnership is:

a. $0

Explanation:

We need to determine the amount of gain the Gray will receive from the transaction.

Use the Fair market value to determine the value of his contribution

Value of Gray's contribution=$30,000

Total Kag and Gray contribution=$150,000

Determine the value of Gray's property interest as shown;

V=T×I

where;

V=Gray's share of Capital interest

T=total partnership capital

I=interest

This can also be written as;

Value of Capital interest=total capital×interest

where;

V=unknown

T=$150,000

I=40%=40/100=0.4

replacing;

V=0.4×150,000=$60,000

Gray's share of capital interest=$60,000

Gray's share of capital interest($60,000)>Fair market value ($30,000)

It has to be noted that the non-recognition rule applies in this case even if the partnership capital interest exceeds the fair market value of the contributed property.

So the amount of gain that was reportable in Gary's 201 return on the contribution of property to the partnership is $0

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3 years ago

The stock of Kenny Corp. is owned equally by two brothers. During 2013, they transferred land (basis of $300,000; FMV of $320,00

SpyIntel [72]

Answer:

long-term capital loss 140,000

Explanation:

the land enter the partnership at 320,000 cost

then it is being liquidate at 180,000

so it will be a capital-loss by 140,000

because it was held for more than two years It will be a long-term capital loss

This amount will be distributed amount the brother shares for profit and losses. Regardless of the fact that one of them contributed the land.

6 0

3 years ago