The overall system<span> of </span>taxation<span> in the </span>United States<span> is progressive. </span>
Answer:
Explanation:
I think ether Corporation or Sole proprietorship
Answer:
a. Amber Corporation donated inventory of clothing (basis of $138,500, fair market value of $173,125) to a qualified charitable organization that operates homeless shelters.
- charitable donations are valued at fair market value, in this case that equals $173,125
b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $70,800, and the fair market value on the date of the contribution is $113,280. Western College plans on selling the stock.
- Again, we must use the fair market value to record donations, in this case = $113,280.
c. Ruby Corporation donates a sculpture held as an investment and worth $200,800 to a local museum (a qualified organization), which exhibits the sculpture. Ruby acquired the sculpture four years ago for $80,320.
- use fair market once more, = $200,800
Explanation:
When you donate assets to qualifying charities, it is always better to do it by donating the itself, not selling it before and then giving the money. If you sell the asset, you will owe capital gains taxes (either long or short term). By donating the asset directly, you avoid capital gains taxes.
Answer: Please see answer in explanation column
Explanation:
a) Due date = April 22+90 days = July 21
b) Maturity value = 96,000+(96,000*6%*90/360) = $97,440
c1) Journal entry for receipt of note by Bork Furniture
journal Debit Credit
Notes receivable $96,000
Account receivable $96,000
C2) Journal entry to record receipt of payment at maturity
journal Debit Credit
Cash $97,440
Notes receivable $96,000
Interest revenue $1,440 (97,440-96,000)
Answer: Reactive
Explanation: It is reactive because you are reacting to your coach tell you this information and you do something about it so reactive.
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