Answer:
$27,000
Explanation:
Computation for the charitable contribution deduction
Using this formula
Charitable contribution deduction = (Adjusted basis )+[ 50% (Fair Value – Adjusted Basis)]
Let plug in the formula
Charitable contribution deduction= 24,000 + [50% (30,000 – 24,000)]
Charitable contribution deduction= 24,000+ (50%*6,000)
Charitable contribution deduction= 24,000+3,0000
Charitable contribution deduction = 27,000
Therefore the charitable contribution deduction will be $27,000
Answer:
$1,400,000
Explanation:
Calculation to determine how much bond interest expense should the company report for the 6 months ended December 31, 2024
December 31, 2024 Bond interest expense = Carrying value * Effective interest rate/2
Let plug in the formula
December 31, 2024 Bond interest expense= $28,000,000 * 10% / 2
December 31, 2024 Bond interest expense= $1,400,000
Therefore the amount of bond interest expense should the company should report for the 6 months ended December 31, 2024 is $1,400,000
The tax-exempt is 6.48 %
<h3>How to calculate the tax-exempt ?</h3>
The bond yield is 9%, let's divide 9% by 100
= 9/100
= 0.09
The marginal tax rate is 28%, let's divide 28% by 100
= 28/100
= 0.28
Therefore the tax-exempt can be calculated as follows
0.09(1-0.28) × 100
= 0.09(0.72) × 100
= 0.0648 × 100
= 6.48
Hence the tax-exempt is 6.48%
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Answer:
Explanation:
a. QXd = 1,200 – 3PX – 0.1PZ
Pz = $300 and Px = $140, plugging the values, we get,
Qx = 1200 – 3*140 – 0.1*300.
Qx = 750 units.
Elasticity of demand = \deltaQx/\deltaPx * Px/Qx.
\deltaQx/\deltaPx = -3.
E = -3 * 140/750.
E = -0.56
The elasticity of demand is INELASTIC because the absolute value of elasticity is less than one. If the firm charges a price below $140it might lose out in revenue because the percentage change in demand is less than the price.
b. Px = $240, substituting this into the equation we get
Qx = 1200 – 3*240 – 0.1*300
Qx = 450 units.
E = -3 * 240/450.
E = -1.6
The demand is elastic because the absolute value is less than one. If the firm charges a price above $240 it might lose out on its revenue because the percent change in demand is more than the price.
c. Cross price elasticity of demand Es = \deltaQx/\deltaPz * Pz/Qx.
\deltaQx/\deltaPz = -0.1
Es = -0.1 * 300/750.
Es = -0.04
The goods are complements of each other. As the price of one increases, the demand for other would fall, and vice-versa is true.
Answer:
Journal Entry
01 July Debit Taxes Receivable $4,000,000 Credit Allowance for uncollectible tax $200,000 Credit Revenue $3,800,000
30 April Debit Bank $3,710,000 Credit Taxes Receivables $3,710,000
Debit Interest and penalties on Unpaid Taxes $14,300 Credit Allowance for interests and penalties $1,600 Credit Revenue $12,700
30 June Debit Bank $56,600 Credit Tax Receivable $52,000 Credit Interest and taxes on unpaid taxes $4,600
Explanation:
Allowance for uncollectible tax = $4,000,000*5% =$200,000
Allowance for interests and penalties = 14,300 - 12,700 = 1,600
