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tekilochka [14]
3 years ago
11

Ann is a teacher who became interested in helping adults in some of the poorer neighborhoods learn how to read. She plans to sta

rt a reading center in a low income area to help residents with reading skills at no cost. Ann’s center is an example of a(n) _____.
nonprofit organization

for-profit organization

association

coop

union
Business
1 answer:
garik1379 [7]3 years ago
5 0

Answer:

correct answer is nonprofit organization

Explanation:

  • The nonprofit organization primarily represents organizations based on scientific, educational, research and religious concerns.
  • The nonprofit organization represents voluntary and association type organizations that do not pay income tax.
  • In question, Ana is a professional teacher and she wants to help a poor student in her studies and open a center known as a non-profit organization.

so correct answer is nonprofit organization

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Marigold Corp. purchased a truck at the beginning of 2020 for $109700. The truck is estimated to have a salvage value of $4200 a
jeka57 [31]

Answer:

the depreciation expense of the year 2020 is $18,870

Explanation:

The computation of the depreciation expense of the year 2020 is as follows:

= (Truck value - salvage value) ÷ (useful life) × (driven miles)

= ($109,700 - $4,200) ÷ (123,000 miles) × (22,000 miles)

= $18,870

Hence, the depreciation expense of the year 2020 is $18,870

6 0
3 years ago
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual
babunello [35]

Answer: Please refer to Explanation

Explanation:

a. No Effect on Taxable Income.

First off Joe's income is only dependent on if the test is successful. Even if it were, the test would only be conducted in year 1 March not in year 0 which is the focus of this question. Taxes are only paid when cash is received.

b. No Effect on Taxable Income.

Had there been a business discussion, Joe would have been able to claim a 50% deduction in Tax. However since there was none, there is no effect on Tax.

c. No effect on Taxable Income

The insurance is not tax deductible.

d. $12,750 in taxable income.

Even Joe believes that $2,750 of income might not be collected, he cannot deduct this from taxes until it actually happens therefore his increase in income is $12,750.

e. $2,250 reduction in taxable income

The $6,750 was paid for 3 months. Joe uses Accrual accounting however meaning that expenses have to be recorded for the period they are incurred. $2,250 was incurred for December and so that is the amount that will be deducted as an expense for the year.

f. $1,600 reduction in Taxable income.

If the representative brings back receipts that are in order, Joe can be able to reimburse her for $1,600 in expenses. This includes $550 for airfare, $600 for lodging and for food and entertainment, the maximum he can claim as deductible in tax is 50% of each which means $250 for meals and $200 for entertainment. Adding all that up will give $1,600.

g. $139.15 reduction in Taxable income

Joe drove 96 miles to and fro the factory to his house. This is not tax deductible and considered personal. He however drove 245 miles visiting company sites. This is tax deductible.

The standard rate for 2020 according to the IRS is 57.5 cents per mile so 245 * 57.5 cents per mile will give $139.15.

h. $345 reduction in taxable income

Joe spent $175 to attend to symposium. He also paid $95 in taxi fare to get to the symposium. He ate meals worth $150 during the symposium not which 50% is deductible. 50% being $75. Adding all these together is,

= 175 + 95 + 75

= $345.

This is the taxable reduction.

3 0
3 years ago
In its first month of operations, Concord Corporation made three purchases of merchandise in the following sequence: (1) 650 uni
Triss [41]

Answer: Average unit cost=$5.800 per unit

Cost of Ending inventory =$3,190

Explanation:

Average unit cost

First purchase= 650 units x $4=$2,600

Second Purchase=750 units x $6 =$4,500

Third Purchase=    850 units x $7 = $5,950

Total Cost =                                     $13,050

Average unit cost = Total cost/ number of units =13,050/(650+750+850)= 13,050/2250= $5.8 per unit

Cost of Ending inventory = 550 unts at hand x $5.8 =$3,190

(using the average cost method)

7 0
2 years ago
Which of the following is not a characteristic of intangible assets?(a)They lack physical existence.(b)They are not financial in
AysviL [449]

Answer: Option C

Explanation:

A. Assets with physical existence are called tangible assets.

B. There are several financial instruments that lacks physical substance but are not considered as intangible assets.

C. Intangible assets can be either long term or short term.

D. Only those intangible assets that have definite lives are amortized, others with indefinite life are not.

4 0
3 years ago
Sunland Company manufactures and sells high-priced motorcycles. The Engine Division produces and sells engines to other motorcyc
Andreyy89

Important dsiclamer: there was a type in the question you enter 26,000 while in the textbook is for 20,000

Answer:

a. Decrease $1,200,000

Explanation:

Income before internal transfer:

revenue 3150

cost        1050

gross     2100

fixed      (2100)

operating     0

external engine purchase (3000)

net (3000)

After internal change:

revenue 1050

cost       (960)

gross profit  90

fixed     (2100)

operating (2010)

internal engine purchase (1,050)

net    (3,060)

difference -3060--3000 = 60

20,000 units x 60 = 1,200,000

8 0
3 years ago
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