1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Annette [7]
2 years ago
8

In its first year of existence (year 1), SCC corporation (a C corporation) reported a loss for tax purposes of $30,000. How much

tax will SCC pay in year 2 if it reports taxable income from operations of $20,000 before considering loss carryovers under the following assumptions? (New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change. Leave no answer blank. Enter zero if applicable.)b. Year 1 is 2018.
Business
1 answer:
devlian [24]2 years ago
6 0

Answer:

SCC won't pay any tax

Explanation:

Their loss of $30,000 in year 1 will be unused and made available to counterbalance the total generated earnings in year 2.

The $20,000 earnings in year 2 can be used to counterbalance the whole taxable income; so, SCC will not pay pay tax. SCC will have a ($10,000) loss carryover available for year 3 and beyond

You might be interested in
On April 1, 20X4, Kew Co. purchased new machinery for $300,000. The machinery has an estimated useful life of five years, and de
Afina-wow [57]

Answer:

The answer is B. $180,000

Explanation:

The sum of years' digits method is an accelerated depreciation that is based on the assumption that the productivity of the asset decreases with time.

Here, the sum of the digits are found. In this question, useful life is 5 years. So the sum of the digit is:

5+4+3+2+1 = 15.

April 1 20X4 through March 31 20X6 is 2 years.

First year depreciation is:

5/15 x $300,000

=$100,000

2nd year depreciation is:

4/15 x $300,000

=$80,000

Therefore, accumulated depreciation is

$100,000 + $80,000

$180,000

7 0
2 years ago
A company supplies printing machines to newspaper agencies across the world. Though the product supplied to different countries
KIM [24]

Answer:

Adaptation of industrial products is the correct answer.

Explanation:

5 0
2 years ago
A dollar in hand today is worth_______(less than/more than/equivalent) a dollar to be received in the future because if you had
Free_Kalibri [48]

Answer:

more than

earn interest

discount cash flow (DCF)

Explanation:

The concept of future value represents the amount that a lump sum or series of cash flows will achieve after a given period when compounded at an interest rate. This means that a dollar in hand today is worth more than a dollar to be received since it can be applied to earn interest.

The time value of money, which allows us to evaluate different investments, is also known as discount cash flow (DCF).

3 0
3 years ago
When a consumer is able and willing to buy a good or service, he or she creates which of the
krok68 [10]
C: They create demand.
7 0
3 years ago
Read 2 more answers
1. The two basic ways to finance a business are equity financing and
Deffense [45]

Answer:

B and C

Explanation:

6 0
3 years ago
Read 2 more answers
Other questions:
  • Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals
    13·1 answer
  • Based on the following data, what is the quick ratio, rounded to one decimal point? Accounts payable $ 30,000 Accounts receivabl
    7·1 answer
  • Honk, Inc. a U.S. corporation, purchases weight-lifting equipment for resale from HiDisu, a Japanese corporation, for 60 million
    13·1 answer
  • Which of the following is best characterized as a relative risk objective? A. Value at risk for the Fund will not exceed US$3 mi
    7·1 answer
  • On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $690,000. The bonds sold for $678,00
    10·1 answer
  • A farmer grows wheat and sells it to the miller for $84. The miller turns the wheat into flour and sells it to the baker for $10
    11·1 answer
  • It is a real problem for us’, said Angnyeta Larson, ‘We now have only ten working days between all the expense claims coming fro
    7·1 answer
  • The u.s. government may require that apparel imported into the united states should use u.s. cotton, or use a certain amount of
    10·1 answer
  • If a company can use 100% of its
    13·1 answer
  • post-closing trial balance is a list of ____________ accounts and their balances ____________ all _________- entries have been j
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!