1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
puteri [66]
3 years ago
7

Juanita owns 60% of the stock in a C corporation that had a profit of $200,000 in the current year. Carlos owns a 60% interest i

n a partnership that had a profit of $200,000 during the year. The corporation distributed $45,000 to Juanita, and the partnership distributed $45,000 to Carlos. With respect to this information, which of the following statements is incorrect?
(a) Juanita must report $120,000 of income from the corporation.
(b) The corporation must pay corporate tax on $200,000 of income.
(c) Carlos must report $120,000 of income from the partnership.
(d)The partnership is not subject to a Federal entity-level income tax.
(e)None of the above.
Business
1 answer:
Ivan3 years ago
4 0

Answer:

The statement which is incorrect or not true is Option A.

Explanation:

Juanita owns 60% of stock in the corporation, so from the profit of $200,000 in the current year, she should report

= $200,000 × 60%

= $120,000

But the Corporation distributed $45,000 to Juanita. Therefore, she should report only $45,000 for this year not $120,000.

Therefore, the first option is incorrect.

You might be interested in
Maas LLP developed software that helps farmers to plow their fields in a manner that prevents erosion and maximizes the effectiv
Dafna1 [17]

Answer:

The correct option is D. $ 20,000

Explanation:

$ 20,000 is the revenue that will recognize in the first year of the contract Because the company Mass LLP will have no more continuing involvement with the Company Sunny Dale.

All the license transfers a right of use to Sunny Dale, and all license revenue $20,000 will be recognized upon transfer of control of the software to the customer

4 0
3 years ago
Isabelle, customer relations manager at future tools, inc., must inform her clients of a 25 percent price increase for all servi
Art [367]
In doing so, she should be sure to emphasize clients' options for saving money, such as bundling services or choosing less <span>comprehensive plans.
Telling this options will reduce the chance of that customer to stop using the service and move out to another competitor. Providing saving money options will give a reward for customers who are loyal to the company and make them feel valued.</span>
7 0
2 years ago
true or false filtering data in Excel online keeps all data on the screen and highlights the content that fits your criteria​
mrs_skeptik [129]

The answer would be true. The reason for that is because excel automatically saves what you added on the sheet.

7 0
3 years ago
Read 2 more answers
Doris recently started her position at Monro Company. The company uses the dollar-value LIFO inventory method. On her first day
Furkat [3]

Answer

2

Explanation:

Cost index in dollar - value LIFO method is used to determine the change in prices since the beginning of he base year by comparing the year end inventory to the base layer cost.

The extended cost of the ending inventory at the most recent  price is divided by the cost of the ending inventory at the base year price.

Workings

Cost in term of base layer = $50,000

Cost in term of the layer layer $100,000

Cost index = 100000/50000 = 2

7 0
3 years ago
A politician attempts to gain support for her campaign for city mayor by releasing a poll showing that almost 70 percent of resi
Dafna11 [192]

Answer: consensus

                                   

Explanation: In simple words, it refers to the psychological phenomenon which states that the likelihood that an individual is going to perform an activity increases when he or she thinks that their potential act aligns with the willingness of others that are related to the outcomes.

In the given case, the politician is trying to persuade that majority of the voters are in his favor. This idea will generate a perception that majority are in his favor so there must be something positive in him.

Hence we can conclude that he is using consensus.

8 0
3 years ago
Other questions:
  • On January 1, Year 1, Big Co. enters into a contract with a customer to build a bridge on the customer’s land for $2,500,000. Th
    13·1 answer
  • The marginal-cost curve intersects the average-total-cost curve at the output level where average fixed costs are zero.
    8·1 answer
  • Definition: to strengthen your ideas and opinions with examples, facts, or details is to add _____ details.
    11·2 answers
  • Personal selling is especially needed for complex or new goods and services.​
    9·1 answer
  • What is the different between economic profit and accounting profit
    12·1 answer
  • The primary advantage an entrepreneur gains by leasing rather than buying facilities is
    15·1 answer
  • Please give examples of circumstances in which a project would employ lag relationships between activities using: a. finish to s
    9·1 answer
  • Please Answer Quickly! I need to get my Unit Test(s) for the semester done! (Thank You in Advanced!!!)
    8·2 answers
  • 1. Employees at a call centre have earned a bonus of 0.25% of their salary. The bonus that an
    10·1 answer
  • The Tax Cuts and Jobs Act allows owners of a sole proprietor or partnership to deduct up to _____ percent of the income earned b
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!