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3 years ago

A gifted depreciable business equipment to her brother. how do you report it if brother sells the equipment

Business

1 answer:

Alja [10]3 years ago

4 0

Answer: It is a No problem gift.

The first type of no-problem gift is personal property.

on which you did not claim Section 179 expensing,

that is not listed property, and

that would not produce a deductible tax loss if sold by you.

Explanation:

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Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, a

umka2103 [35]

Answer:

Cash Flow

year 1: cash generated in operating activities: 35,000

year 2: cash used in operating activities (28,000)

Receivables:

year 1: 23,000

year 2: 40,000

Net Income

year 1: 32,000

year 2: 59,000

Explanation:

Cash flow:

operating activities: year 1

collected from client 170,000

salaries paid to employees (100,000)

utilities (35,000)

insurance policy (63,000)

cash used in operating activities (28,000)

operating activities: year 2

collected from client 200,000

salaries paid to employees (110,000)

utilities (55,000)

cash generated in operating activities: 35,000

receivable:

billed - collected

year 1 receivables 193,000 - 170,000 = 23,000

year 2 receivables 240,000 - 200,000 = 40,000

Income Statement year 1

fees revenues 193,000

salaries (100,000)

utilities (40,000) (incurred cost)

insurance (21,000) (63,000 for three years, the value of 1 year is 21,000)

net income 32,000

Income Statement year 2

fees revenues 240,000

salaries (110,000)

utilities (50,000) (incurred cost)

insurance (21,000) (63,000 for three years, the value of 1 year is 21,000)

net income 59,000

5 0

2 years ago

Some companies have been accused of taking advantage of the current social trend of green marketing, positioning their products

jek_recluse [69]

Answer:

greenwashing

Explanation:

Greenwashing -

It is the process , where the company spends more amount of time and monetary value on marketing the company as environmentally friendly , rather than decreasing the impact on environment , is referred to as greenwashing.

It is basically a advertising stunt , in order to mislead the consumers , who buys the products just because the product is environmentally friendly.

Hence, from the question ,

the practice performed by the company is greenwashing.

4 0

2 years ago

Company X developed a highly innovative product and began exporting it. Both domestic and international markets became aware of

Delicious77 [7]

Answer: the correct answer is (A) international product life cycle

Explanation:

International product life cycle is based on the theory of product life cycle that basically states that a product cycle has four stages: introduction, growth, maturity and decline.

4 0

2 years ago

Purchased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $1,100 to Diamond Inc. for credit o

bazaltina [42]

Answer: $3,940

Explanation:

Purchase from Diamond

The company received a discount of 2% because they paid within 10 days as per the terms of the sale.

Cost of inventory from Diamond:

= (Cost of goods - Returns) * (1 - 2%)

= (4,100 - 1,100) * 98%

= $2,940

Purchase from Club

Discount period expired so the full $1,000 is paid.

Total inventory cost:

= 2,940 + 1,000

= $3,940

4 0

2 years ago

The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of Medicare tax withheld on total

Anna [14]

Answer:

From the information provided

Federal rate tax of earnings = 30000 × 0.6%

= 30000 × 0.006

= 180

State rate tax of earnings = 30000 × 5.4%

= 30000 × 0.054

= 1620

Medicare taxes = 2625

Social security taxes = 10500

Total payroll tax expenses = Medicare taxes + social security taxes + state rate tax on earnings + federal rate tax on earnings

= 10500 + 2625 + 180 +1620

= $ 14925

THUS,

JOURNAL ENTRY

___Accounts_______Debit ($)____Credit ($)

Payroll Tax Expense__ 14925

Social Security Payable___________ 10,500

Medicare Payable________________2625

FUTA Payable ___________________180

SUTA Payable ___________________1620

6 0

3 years ago

Read 2 more answers