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Nostrana [21]
3 years ago
11

Taxpayer L has income of $55,000 from Norway, which imposes a 40 percent income tax, and income of $45,000 from France, which im

poses a 30 percent income tax. L has additional taxable income from U.S. sources of $200,000 and U.S. tax liability before credits of $105,000. What is the amount of the foreign tax credit?
Business
1 answer:
saveliy_v [14]3 years ago
3 0

Answer:

The amount of the foreign tax credit is $52,500

Explanation:

Given:

Income from Norway = $55,000

Income tax in Norway = 40%

Income from France = $45,000

Income tax in France = 30%

Taxable income from U.S. sources = $200,000

U.S. tax liability = $105,000

Tax paid in Norway = $55,000 × 40% = $22,000

Tax paid in France = $45,000 × 30% = $13,500

Foreign tax credit = (Net foreign income ÷ U.S. taxable income) × U.S. tax liability

= ($100,000 ÷ $200,000) × $105,000

= $52,500

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Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is avai
GalinKa [24]

Answer:

Ending inventory is $20,390

Cost of goods sold = $14,190

Explanation:

Given:

Unit sold in April = 450

Beginning inventory = 260 units × $29 = $7,540

Purchased on April 15 = 360 units × $35 = $12,600

Now goods sold is 450 units. Since company follows FIFO, it will sell 260 units @ $29 first and then 450 - 260 = 190 units from goods purchased on April 15.

Cost of goods sold = 7,540 + (190×35)

                                 = $14,190

Closing inventory:

April 15 purchase = 35×(360 - 190)

                            = $5,950

April 23 purchase = 380×$38 = $14,440

Total closing inventory = 14,440 + 5,950 = $20,390

Cost of goods sold can be verified in the following manner:

Total cost of goods available for sale = $34,580

Ending inventory = $20,390

Cost of goods sold = 34,580 - 20390

                              = $141,90

6 0
3 years ago
Todd and his brother Robert are going to use 512 square feet of their backyard for skateboard ramps. The shape of the backyard i
Sergio039 [100]
The first answer is 512=2w^2 and the width is 16 and the length is 32
7 0
3 years ago
Read 2 more answers
State the following statement is True or False, and explain why. Thor who lives in Montana purchased a car produced in Japan for
Likurg_2 [28]

Answer:

false

His purchase left GDP unchanged

Consumption of non durables would increase.

Also, net export would decrease.

these effects would cancel out

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports – imports

3 0
2 years ago
Ashton borrows $25,000 from Amanda, who lends the money without taking an interest in collateral for the loan. Amanda is relying
polet [3.4K]

Amanda is kind of an unsecured creditor.

<h3>What Is an Unsecured Creditor?</h3>

An unsecured creditor is an individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because it will have nothing to fall back on should the borrower default on the loan.

If a borrower fails to make a payment on a debt that is unsecured, the creditor cannot take any of the borrower's assets without winning a lawsuit first.

In other word, An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor.

Therefore, we can conclude tat the correct option is A. Amanda is kind of an unsecured creditor.

Your question is incomplete, but most probably your full question was:

Ashton borrows $25,000 from Amanda, who lends the money without taking an interest in collateral for the loan. Amanda is relying on Ashton's credit standing when she made the loan. In this case, what kind of creditor is Amanda?

A) an unsecured creditor

B) a secured creditor

C) an administrative claim creditor

D) a post-petition creditor

Learn more about Unsecured Creditor on:

brainly.com/question/2872411

#SPJ4

3 0
1 year ago
Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only two goods are produced and con
Maksim231197 [3]

Answer:

Casey's opportunity cost of producing 1 kg of potatoes is 5 kg of steak.

Casey's opportunity cost of producing 1 kg of steak is 0.2 kg of potatoes.

Rick's opportunity cost of producing 1 kg of potatoes is 3 kg of steak.

Rick's opportunity cost of producing 1 kg of steak is 0.33 kg of potatoes.

Casey should produce steak while Rick should produce potatoes, since Rick has a comparative advantage in producing potatoes (lower opportunity cost) and Casey has a comparative advantage in producing steak.

As long as the price of steak per kilogram of potatoes is less than 5 kg of steak and more than 3 kg of steak, then both would win. In order for both of them to win is a similarly proportional way, the exchange price should be 4 kg of steak per kg of potatoes.

4 0
2 years ago
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