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
ycow [4]
4 years ago
7

Kee Holding Corp. has eighty unrelated equal stock-holders. For the year ended December 31, 2019, Kee's income comprised the fol

lowing: Net rental income $ 1,000 Commissions earned on sales of franchises 3,000 Dividends from taxable domestic corporations 90,000 Deductible expenses for 2019 totaled $10,000. Kee paid no dividends for the past three years. Kee's liability for personal holding company tax for 2019 will be based on undistributed personal holding company income of___________.
Business
1 answer:
Andre45 [30]4 years ago
7 0

Answer:

$84,000

Explanation:

Based on the Data provided, the Total Income for Kee Holding Corporation is $94,000 whereas the Total Expenses are $10,000. This expense for $10,000 will be deducted for calculating tax on undistributed personal holding company income because it is a Deductible Expense and Deductible Expenses are allowed to be deducted when calculating Tax liability.  

Rental Income $ 1,000.00  

Commissions  $ 3,000.00  

Dividends  $ 90,000.00  

Total Income  $ 94,000.00  

Deductible Expenses $ 10,000.00  

   

Net Income  $ 84,000.00

You might be interested in
The wolf’s pay there aging kicker 637,000 a year he has agreed to a 13% pay cut what is his new salary?
Kruka [31]

The answer is 554, 190. If you had just found what 13 percent of the original salary then subtracted the answer from the original salary you would have gottent the answer. I hope this helps.

7 0
3 years ago
Ramone has recently started working at an accounting firm. To get him up and running quickly, the firm has paired him with an ex
const2013 [10]

Answer:

<h2>In this case,the correct answer would be option c. or mentoring.</h2>

Explanation:

In any organisation,learning and development through mentorship constitutes acquiring new skills,knowledge and experience through a close relationship or association with someone who is more professional,experienced and established in a particular area of work or expertise.Mentorship basically includes close observation of the work methods,learning through imitation,following certain instructions and guidance from the mentor,obtaining support on various tasks and activities,incorporating valuable advice and recommendations in various activities and functions and so forth.In this particular instance,the firm has paired the employee with an experienced accountant to accelerate his work speed and enhance work efficiency or productivity through proper guidance,support and training obtained from the experienced accountant.Therefore,the firm expects improved work efficiency,enhancement of work performance and increased work speed through mentorship learning.

8 0
3 years ago
The marginal propensity to expend is 0.5 and there is a recessionary gap of $200. What fiscal policy would you recommend? (Assum
nlexa [21]

Answer: A. Expansionary fiscal policy, increase government expenditures by $100, or cut taxes by $200.

Explanation:

Recessionary gap = $200

Marginal Prospensity to Consume = 0.5

Spending multiplier will them be calculated as:

= 1/(1-0.5)

= 2

Tax multiplier will be:

= -0.5/(1-.5)

= -1

Therefore, the answer is option A"Expansionary fiscal policy, increase government expenditures by $100, or cut taxes by $200"

6 0
3 years ago
Which of the following points represents efficiency?
LuckyWell [14K]

Answer: D

Explanation:

7 0
3 years ago
The following information was extracted from the 2020 financial statements of Max Company: Income from continuing operations bef
Bezzdna [24]

Answer:

c. $165,000.

Explanation:

Gross profit $1,350,000

Selling and administrative expenses $480,000

Income from continuing operations before income tax $705,000

Income from continuing operations 495,000

Total Expenses = Gross Profit - Income from continuing operations before income tax

Total Expenses = $1,350,000 - $705,000 = $645,000

Other Expenses = Total Expenses - Selling and administrative expenses

Other Expenses = $645,00 - $480,000 = $165,000

5 0
4 years ago
Other questions:
  • Jami is managing an extended advertising campaign for a local convenience store chain. The campaign includes a series of televis
    11·1 answer
  • Greg is a sole proprietor of greg's bakery and owes a number of business creditors. the business creditors:
    11·1 answer
  • A company has beginning inventory of 15 units at a cost of $12 each on October 1. On October 5, it purchases 10 units at $13 per
    11·1 answer
  • A decentralized organizational structure is predicated on a belief that A. decision-making authority should be put in the hands
    12·1 answer
  • What must be the price of a $10000 bond with a 6.8% coupon rate, semiannual coupons, and eight years to maturity if it has a yie
    9·1 answer
  • What is the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and
    14·1 answer
  • Which of the following describes one advantage of living in an urban area?
    9·2 answers
  • If a company uses LIFO to measure its taxable income, the IRS requires that LIFO also be used to measure income reported to inve
    8·1 answer
  • The ________ never allows decision-making participants to meet face-to-face. nominal group technique delphi technique multiple a
    11·1 answer
  • Which is an example of marketing function for a business? 1.) Preparing an income statement
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!