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Eva8 [605]
3 years ago
8

Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a valu

e of $60,000. Peyton did not need the automobile, so he asked that the title be put in his parents' names. Peyton is required to include $ in gross income. b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for $1,400,000, Jacob said, "I do not need the money. Give it to the United Nations to use toward the goal of world peace." Jacob is required to include $ of the prizes received in his gross income. c. Linda won the Craig County Fair beauty pageant. She received a $10,000 scholarship that paid her $6,000 for tuition and $4,000 for meals and housing for the academic year. Linda is required to include $ of the scholarship in her gross income.
Business
1 answer:
abruzzese [7]3 years ago
5 0

Answer:

1. Python is required to include $60,000 in his gross income.

2. Jacob is not required to include the $1,400,00 in his gross income.

3. Linda is required to include $4,000 in her gross income.

Explanation:

Each of the questions is explained as follows:

1. Python

Being selected as the most valuable player in the Super Bowl is not a kind of achievement that is qualified to be excluded from gross income. Python's achievement would have qualified to be excluded from the gross income if he had donated it to a not for profit organization or qualified governmental agency, but he did not satisfy this condition.

Therefore, the total value of the automobile which $60,000 is required to be included in the gross income by Python.

2. Jacob

If the United Nations is a not-for-profit organization or qualified governmental agency, Jacob will not include the $1,400,000 Nobel Peace Prize he got and donated to the United Nations in his gross income.

If we therefore assumed that the United Nations is a not-for-profit organization or qualified governmental agency, Jacob is not required to include $1,400,000 Nobel Peace Prize amount donated to the United Nations in his gross income.

3. Linda

Winning Craig County Fair beauty pageant is not in itself a qualified achievement like scientific and artistic achievements. But the award of $6,000 tuition to Linda is a qualified scholarship that she can exclude from his gross income, while the award of $4,000 he got for meals and housing is not qualified to be excluded.

Therefore, Linda is required to include $4,000 in her gross income.

All the best.

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Option b. Differs from accounting income due to differences in interperiod allocation and

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Explanation:

Corporation examples are joint stock companies, joint accounts, associations, insurance companies e.t.c.

A Corporation taxable income is simply defined as a part of its profits generated by corporations that is collected by the Federal and State government as an income tax. It is known as a direct tax. It is placed on the net income or profit of a corporate organization. The tax rate for corporation uses the slab rate system or method of taxation that is based on the type of corporate entity and the different revenues gotten by them individually.

6 0
3 years ago
A Machine makes 5 buttons at a time each doll shirt gets 5 buttons how many doll shirts can be finished with 5 buttons
Tems11 [23]

Answer:

1

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If each doll shirt gets 5 buttons then only one can be finished with 5 buttons.

6 0
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On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 20
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Answer: See explanation

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The appropriate entries for Maywood on January 1, 2021 and December 31, 2021, related to the lease goes thus:

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Tyler Jones is authorized to prepare and sign checks for the company. He also enters the checks Into the ledger. He wrote a $500
Natali [406]

Answer:

A. All checks require two signatures.

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Internal controls refer to the checks and balances that an organization puts into place to ensure its financial transactions' integrity. They are the measures and regulations that safeguard against fraudulent transactions, especially in the finance department. Internal control protects business assets from theft and misuse by malicious employees.

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Answer:

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= 0.6

= 60%

Therefore;

1. Break even sales

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