In which of the following situations would someone have to pay a gift tax?

Blue Spruce Corp. reported net income of $377000 for the year. During the year, accounts receivable increased by $27000, account

Alla [95]

Answer:

The correct solution is "$397000".

Explanation:

Given:

Net income,

= $377000

Depreciation,

= $59000

Accounts receivable increase,

= $27000

Accounts payable decreased,

= $12000

Now,

From operating activities, the cash flow will be:

= $Net \ income+ Depreciation-Account \ receivable \ increase-Accounts \ payable \ decrease$ By putting the values, we get

= $377000 + 59000 - 27000 - 12000$

= $397000$ ($)

3 0

3 years ago

Consider the following: Lumber Revenues, $120,000; Hardware Revenues, $90,000; Cost of Sales, $130,000; All other costs and expe

ANEK [815]

Answer:

19.05%

Explanation:

Data provided in the question:

Lumber Revenues = $120,000

Hardware Revenues = $90,000

Cost of Sales = $130,000

All other costs and expenses = $35,000

Investment Income = $8,000

Income Tax Expense = $13,000

Net Income = $40,000

Now,

The net profit margin = [( Net income) ÷ (Total revenue ) ] × 100%

or

The net profit margin = [ $40,000 ÷ ( $120,000 + $90,000 ) ] × 100%

or

The net profit margin = [ $40,000 ÷ $210,000 ] × 100%

or

The net profit margin = 0.1905 × 100%

or

The net profit margin = 19.05%

5 0

3 years ago

A basic premise underlying analytical procedures is that

Tcecarenko [31]

Answer:

C Plausible relationships among data may reasonably be expected to exist and continue in the absence of known conditions to the contrary.

Explanation:

Analytical procedures are defined as a set of practices during financial audit that assists the auditor asses potential risk, gain better understanding of a business, and give a framework for planning of future audits.

It shows relationship between financial and non financial data.

For example variability in relationships between financial and non financial data can result from factors like unusual events, business changes, random fluctuations, and misstatements.

So the basic underlying premise is that relationship among data will continue except conditions influence it to the contrary

7 0

3 years ago

Suppose you are interested in determining if the volume of the hippocampus is associated with the amount of stress a person was

Bad White [126]

Answer:

CAT

Explanation:

Computed tomography scan (also called a CT or CAT scan) is one of the diagnostic tests for Neurological Disorders.

5 0

3 years ago

1. On December 31st, 2012, Bingo Corp. borrowed $50,000 from a bank. Half of the loan was to be repaid in 2013, and the other ha

olga2289 [7]

Answer:

undervalued assets an liabilities by 50,000

Explanation:

The financial statement for the fiscal year ended on December 31th, 2012

will have the following mistake:

Liabilities are undervalued by 50,000

Cash wll be undervalued by 50,000

As the note payable is not recorded neither the cash receipts from the loan.

Because this transaction is missing, we are not doing a correct representation of reality. This account will be undervalued.

4 0

4 years ago