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max2010maxim [7]
3 years ago
15

Which of the following is considered a capital asset for federal income tax purpose?

Business
1 answer:
Alex73 [517]3 years ago
5 0

Answer:

b) Land used in your business

Explanation:

For tax purposes the IRS classifies capital assets as those that have a productive life of more than one year and is not normally sold during the course of a business's operations.

Capital assets are a type of production cost, they are used in the production process to generate revenue.

They are expensed over the useful life of the asset in the form of depreciation.

Land is an example of capital assets for the purpose of federal income tax.

It provides the site of production and is not an item that is sold in the short run. Rather it is used over several years.

You might be interested in
Multiple-step income statements show
devlian [24]

Answer:

both income from operations and gross profit.

Explanation:

As we know that

The income statement recognized the revenues earned and the expenses incurred for a particular period

And the multiple-step income statement refers to the classification of expenses like

The format is shown below:

Sales                                   XXXXX

Less: Cost of goods sold  XXXXX

Gross profit                        XXXXX

Less: Operating expenses

Administrative expenses     XXXXX

Selling expenses                  XXXXX

Operating income                 XXXXX

Non operating income or others

Less: Interest expense           XXXXX

Rent revenue                          XXXXX

Net income                             XXXXX

Therefore, the third option is correct

4 0
3 years ago
Traditionally, the music industry signed multi-year contracts with artists and sold copyright-protected music through establishe
Anna [14]

Answer:

d) standard; fast

Explanation:

Standard cycle market is defined as a market where a company's products (competitive advantage) are shielded from imitation. This is seen in the given scenario as multi-year contracts with artists and sold copyright-protected music through established distribution channels.

Fast cycle market on the other hand occurs when the competitive advantage of a company is not shielded from imitation. The imitation occurs regularly. In the given scenario this is exemplified by a shift to the digital format and the rise of Internet technology have resulted in the sharing of music over peer-to-peer networks, a practice the industry calls "piracy

5 0
3 years ago
From past records it is known that 10% of items from a production line are defective. If two items are selected at random, what
nadya68 [22]

Answer:

0.2

Explanation:

The Probability distribution is the function which describes the likelihood of possible values assuming a random variable. The 10% of the items from the production line are assumed to be defective. There is a sample selection of 2 items. The probability that one of the item among the selected sample of two items is found defective is 0.2 (2 items sample *10%)

7 0
3 years ago
Skysong, Inc. began the year with 9 units of marine floats at a cost of $12 each. During the year, it made the following purchas
Alisiya [41]

Answer:

Skysong, Inc.

a. The cost of goods sold under FIFO

= $816

b. The cost of goods sold under LIFO

= $1,068

c. Average unit cost

= $18.90

d. The cost of goods sold under average-cost

= $945

Explanation:

a) Data and Calculations:

Date    Transaction                 Units   Unit Cost    Total

Jan. 1   Beginning inventory      9            $12        $108

May 5, Purchases                    28            $16         448

July 16 Purchases                    19            $20        380

Dec. 7, Purchases                   24            $24        576

Dec. 31 Total                           80                        $1,512

Dec. 31 Ending inventory       30

Dec. 31 Sales                          50

a. The cost of goods sold under FIFO:

Jan. 1   Beginning inventory      9            $12        $108

May 5, Purchases                    28            $16         448

July 16 Purchases                    13            $20        260

Cost of goods sold                                               $816

b. The cost of goods sold under LIFO:

May 5, Purchases                      7            $16          112

July 16 Purchases                    19            $20        380

Dec. 7, Purchases                   24            $24        576

Cost of goods sold                                           $1,068

c. Average unit cost:

= Total cost/Total units

= $18.9 ($1,512/80)

d. The cost of goods sold under average-cost:

= $945 (50 * $18.90)

8 0
3 years ago
Porter's competitive forces model identifies ________ major forces that can endanger or enhance a company's position in a given
Gnom [1K]

The correct answer is 5.

Managers and analysts may better understand the competitive environment a company operates in and how it is positioned within it by using Porter's Five Forces Model.

<h3>What are the five competitive forces identified by Porter?</h3>

Porter identifies five factors as the main sources of competitive pressure within an industry. They are as follows:

a) rivalry in a healthy way.

b) supplier strength.

c) consumer power

d) threat of replacement

e) a potential new entry.

<h3>What is the operation of Porter's competitive force model?</h3>

These factors affect a company's profitability by affecting the quantity and strength of its rivals in the market, possible new market entrants, suppliers, consumers, and replacement goods. Business strategy may be guided by a Five Forces analysis to boost competitive advantage.

To know more about Business strategy, visit: brainly.com/question/3325483

#SPJ4

5 0
1 year ago
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