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3 years ago

What criteria is used to determine the date when foreign taxes are accrued for purposes of the foreign tax credit?

1 answer:

7 0

➡️ If you choose to take the foreign tax credit, and the taxes paid or accrued✔️

➡️Use the rate of exchange in effect on the date you paid the foreign taxes to the ✔️

➡️For this purpose, withholding tax includes any tax determined on a gross basis.✔️

➡️Need to know how to qualify for Foreign Tax Credit and avoid double taxation✔️

➡️high tax foreign countries, it may be preferable to use the Foreign Tax Credit alone.✔️

➡️ and excess profits taxes paid or accrued during your tax year to any foreign ✔️

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On January 1, 2018, Plummer Company issued $250,000 of 4%, five-year bonds payable at 102. Plummer Company has extra cash an

Anna [14]

Answer:

1. Carrying amount = $250,000

2. Cash paid to retire bond = $225,000

3. Gain on the retirement = $25,000

Explanation:

1. What is Plummer Company's carrying amount of the bonds payable on the retirement date?

Carrying amount of a bond payable on the retirement date is its par value amount.

Therefore, Plummer Company's carrying amount of the bonds payable on the retirement date is $100 par value for 2,500 units with a total carrying amount of $250,000.

2. How much cash must Plummer Company pay to retire the bondspayable?

Units of bond = $250,000/$100 = 2,500 units.

Since Plummer pays the market price of $90 to retire the bonds, cash amount Plummer Company must pay to retire the bonds payable can be calculated as follows:

Cash paid to retire bonds = 25,000 * $90 = $225,000

3.Compute Plummer Company's gain or loss on the retirement of the bonds payable.

Gain (loss) = Carrying amount - Cash paid on retirement = $250,000 - $225,000 = $25,000

7 0

3 years ago

Cassandra is a 21-year-old who is still in college. She wants a credit card so she can order items online.

ycow [4]

The most logical answer to me would be A, however I recommend you don’t go with my answer JUST YET because this is an educational guess. Take time to think about my answer. Sorry if it’s wrong

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3 years ago

The ABC Corporation is considering introducing a new product, which will require buying new equipment for a monthly payment of $

scZoUnD [109]

Answer:

5500 units per month must be sold to earn the required profit

Explanation:

The target profit is the amount of profit that a business wants to earn. To calculate the target profit, we can use the break even analysis and include the factor for target profit under its formula and calculate the units and the dollar sales needed to earn the target profit.

In this case, the target profit is $50000 per month.

The break even in units = Fixed cost / contribution margin per unit

Contribution margin per unit = selling price per unit - variable cost per unit

To calculate units required for target profit, we will add the target profit to the fixed cost and divide by the contribution margin per unit

Target profit units = (fixed cost + target profit) / Contribution margin per unit

So,

Contribution margin per unit = 20 - 10 = $10 per unit

Target profit units = (5000 + 50000) / 10

Target profit units = 5500 units per month

7 0

3 years ago

Inventory control models assume that demand for an item is:______________.

Zielflug [23.3K]

Answer:

Explanation:

Inventory control models assume that demand for an item is either independent of or dependent on the demand for other items. This is because the amount of stock that the company should have for an item depends on the demand for that item, but at the same time demand for that item will sometimes vary depending on the demand for other similar items which may or may not be taking market share away from the first item.

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3 years ago

2. Explain the role of required & excess reserves in the banks approach to the making of loans to the consumer & busines

pav-90 [236]

Answer:

Every time a dollar is deposited into a bank account, a bank's total reserves increases. The bank will keep some of it on hand as required reserves, but it will loan the excess reserves out. When that loan is made, it increases the money supply. This is how banks “create” money and increase the money supply.

Explanation:

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3 years ago