Answer:
$99,750
Explanation:
Matulis's taxes are = (asset's fair market value - asset's basis) x corporate tax rate = ($800,000 - $325,000) x 21% = $475,000 x 21% = $99,750
Since the C corporation is turning into a S corporation it must recognize the gain on holding the asset. The Tax Cuts and Jobs Act set the corporate tax rate at 21%.
Answer:
B. Institute of Management Accountants (IMA)
Explanation:
B. Institute of Management Accountants (IMA)
The Institute of Management Accountants is an institute where individuals are taught courses in accounting, financial accounting, management accounting, business studies, economic laws etc. This institute prepares the person to have professional study of all the managerial accounting practices involving different fields of study. There are three basic stages, the first is the operational level, then the managerial level and the third is the strategic level. At each level a competitive exam is held to ensure the learning of accurate and high structured policies among emerging accounting managers.
It is a member of different international accounting bodies and firms .
Answer:
Firm’s sales uncollected for year is 42 days.
Explanation:
Account receivable turnover ratio = $621,000 / $70,422
Account receivable turnover ratio = 8.69
Thus, accounts receivable turnover ratio is 8.69
Average collection period = 365 / Account receivable turnover ratio
Average collection period = 365 days / 8.69
Average collection period = 42.00
Thus, firm’s sales uncollected for year is 42 days.
Answer:
Using familiar words, occasional contractions, and pronouns such as you and I.
Explanation:
This is the best strategy in order to create a conversational but professional tone in letters, e-mail messages, instant messages and memos. This strategy suggests the use of familiar words. This will give a personal, relaxed tone to your texts. Moreover, it suggests the use of occasional contractions. Contractions are useful when it comes to making a text less formal and more intimate. Finally, using pronouns such as "you" and "I" gives a tone of closeness, while remaining professional.
