Aruna’s tax liability is <u>$1232</u>.
<u>Explanation</u>:
Given:
Cost of machinery= $14,250
Cost of land= $10,400
Loss on selling machinery= $1231
Gain on selling land= $1231
Character Amount Rate Tax
$1231 loss 14,250 32% 4560
$1231 gain 10,400 32% 3328
Tax 1232
Aruna’s tax liability is <u>$1232</u>.
Answer:
Marketing mix
Explanation:
Marketing mix is a market strategy that involves redesigning business experience through the coordination of many marketing activities, such as value pricing, presenting a product that includes exciting performances, locations, and promotion.
Answer: revenue of $14,000 and expense of $6,000 in Year 1.
Explanation:
In accrual accounting, it should be noted that for this accounting method, the revenue or expenses that are made by the individual or company will be recorded as at the time that the transaction took place and not when the payment for the transaction was gotten.
Since Costello company performed $14,000 of services and also incurred $6,000 of wage expenses, then Costello will report revenue of $14,000 and expense of $6,000 in Year 1.
The answer to this question is a modified endowment contract. A modified endowment contract or MEC is a type of life insurance policy where in the policy/ insurance is being funded with more money or the insurance premium payment exceeds the amount allowed under the federal law. The modified endowment contracts are taxable.
