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elena55 [62]
3 years ago
9

The modified accelerated cost recovery system (MACRS):Multiple ChoiceIs required for financial reporting.Does not allow partial

year depreciation.Is an outdated system that is no longer used by companies.Is identical to units of production depreciation.Is included in the U.S. federal income tax rules for depreciating assets.
Business
1 answer:
fredd [130]3 years ago
6 0

Answer:

Therefore, the modified accelerated cost recovery system (MACRS): is included in the U.S. federal income tax rule for depreciating assets.

Explanation:

The U.S. federal income tax rules for depreciating assets is the modified accelerated cost recovery system (MACRS). It is the current system allowed in the nation of the United States for tax computation deductions on account of depreciation for depreciable assets (other than intangible assets).

Therefore, the modified accelerated cost recovery system (MACRS): is included in the U.S. federal income tax rule for depreciating assets.

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Hayes Bakery has sales of $30,600, costs of $15,350, an addition to retained earnings of $4,221, dividends paid of $469, interes
scZoUnD [109]

Answer:

$8,013

Explanation:

The computation of the amount of the depreciation expense is shown below:

The net income is

= An addition to retained earnings + cash dividend paid

= $4,221 + $469

= $4,690

Now the earning before tax

= (Net income) ÷ (1 - tax rate)

= ($4,690) ÷(1 - 0.21)

= $5,937

Now the earning before tax and interest is

= $5,937 + $1,300

= $7,237

So, the depreciation expense is

= $30,600 - $15,350 - $7,237

= $8,013

8 0
2 years ago
LO.8, 9 Broadbill Corporation (E & P of $650,000) has 1,000 shares of common stock outstanding. The shares are owned by the
GarryVolchara [31]

Question Continuation

Determine the tax consequences of the redemption to Tammy and to Broadbill under the following independent circumstances.

Tammy and Jeremy are grandmother and grandson.

Answer:

See Explanation Below

Explanation:

Given.

Tammy number of shares = 300

Yvette number of shares = 400

Jeremy number of shares = 300

Each of the shareholders paid $50 per share.

Tammy's Ownership is calculated by; (300+300)/1000

= 600)1000

= 60% ---- before redemption

Tammy's Ownership = (150 + 300)/850

Tammy's ownership = 450/850

Tammy's Ownership = 52.94% ---- after redemption

The constructive ownership of Tammy is more than 80%, this means that the distribution is considered as income to Tammy

3 0
2 years ago
The following transactions occurred during a recent year:
Natasha_Volkova [10]

The Company's preliminary Net Income can be determined as $575.

Preliminary net income = Total Revenue - Total Expenses

= $575 ($4,230 - $3,655)

Revenue:

d. Sales Revenue      $680

f. Service Revenue $2,870

i. Service Revenue    $680

Total Revenue      $4,230

Expenses:

a. Wages Expense       $1,700

e. Utilities Expense     $1,360

h. Travel Expense           $115

k. Advertising Expense $480

Total Expenses         $3,655

Thus, the company generated a preliminary net income of $575 for the period.

Learn more about determining net income at brainly.com/question/19850768

6 0
2 years ago
When a competitive market is in​ equilibrium, what is the economically efficient level of​ output? A. any output level where mar
Anestetic [448]

Answer:

The correct answer is C. the output level where marginal cost is equal to marginal benefit .

Explanation:

Competitive equilibrium Traditional concept of economic equilibrium used for the analysis of  goods markets with flexible prices and many agents, which usually serve as a benchmark for efficiency in economic analysis. Crucially, it depends on the assumption of a context in which each agent makes decisions about such a small amount compared to the total amount traded in the market that their individual transactions have no influence on prices.

It consists of a price system and an allocation of the production and consumption of the economy among the various agents, such that, given the prices, each agent maximizing its objective function (benefits, preferences) subject to restrictions (technological, of resources) plans to trade its share in the proposed allocation, at prices that make all exchanges compatible with each other by balancing the markets, that is, matching the aggregate supply with the demand  aggregate of each of the goods and services traded.

6 0
3 years ago
How can social media help employers during the hiring process? Check all that apply.
Gelneren [198K]

Answer:

b

Explanation:

most reasonable answer

7 0
2 years ago
Read 2 more answers
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