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
neonofarm [45]
3 years ago
6

Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a y

ear-end bonus of $1,700. Determine the amount Clyde should include in his gross income this year under the following circumstances: (Leave no answer blank. Enter zero if applicable.)
a. Paylate Corporation wrote the check and put it in his office mail slot on December 30 of this year, but Clyde did not bother to stop by the office to pick it up until after year-end.
Amount to be included:_______
b. Paylate Corporation mistakenly wrote the check for $100. Clyde received the remaining $900 after year-end.
Amount to be included:______
c. Paylate Corporation mailed the check to Clyde before the end of the year, (and it was delivered before year end). Although Clyde expected the bonus payment, he decided not to collect his mail until after year-end.
Amount to be included:_______
d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10.
Amount to be included:_______
Business
1 answer:
denis23 [38]3 years ago
6 0

Answer:

a. $1,700 b. $100 c. $1,700 d. $0

Explanation:

I think the question should be this way

Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,700. Determine the amount Clyde should include in his gross income this year under the following circumstances: (Leave no answer blank. Enter zero if applicable.)

a. Paylate Corporation wrote the check and put it in his office mail slot on December 30 of this year, but Clyde did not bother to stop by the office to pick it up until after year-end.

Amount to be included:_______

b. Paylate Corporation mistakenly wrote the check for $100. Clyde received the remaining $1600 after year-end.

Amount to be included:______

c. Paylate Corporation mailed the check to Clyde before the end of the year, (and it was delivered before year end). Although Clyde expected the bonus payment, he decided not to collect his mail until after year-end.

Amount to be included:_______

d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10.

Amount to be included:_______

Explanation:

a. Clyde is taxed on the $1,700 under the constructive receipt doctrine.

b. Clyde is taxed on the $100 - the remaining $1600 is taxed in the next year.

c. Clyde is taxed on $1,700 unless the mail was not delivered until after year-end. Clyde would need to check his mail on December 31 or he would have the burden of proving he didn't receive the check before year-end if the IRS alleges that the check was delivered before year-end.

d. Clyde is not taxed until next year because the postdated check is a substantial restriction.

You might be interested in
Jane and Brad both produce nuts and coffee. They each prefer to consume a diet that is half nuts and half coffee. Both have acce
vfiekz [6]
D. Bras has an absolute advantage in coffee and jane has an absolute advantage in nuts
4 0
3 years ago
The average revenue for Professional Road Bikes in the US market was $17,362, and in Germany was $19,669. Can you conclude that
Olegator [25]

Yes.  Road bike sales in Germany are significantly higher than in the US.

<h3>What is revenue?</h3>

Revenue can be defined as the income or  money generated from the sales of goods and service.

Since the average revenue of Professional Road Bikes in the United States is market was $17,362 while that of Germany was $19,669 , this implies that  road bikes sell more in Germany than United States.

Hence, the likely reason for the difference in revenue may be because their are high number of people that make use of rode bike in Germany compare to US.

Learn more about revenue here:brainly.com/question/23706629

#SPJ1

3 0
1 year ago
Contributions of assets always have restrictions attached as to their use. 41. During the annual fund-raising drive, the Cancer
Serhud [2]

Answer:

b) $870,000.

Explanation:

Step 1. Given information.

  • the Cancer Society raised $900,000 in pledges of financial support for general operations
  • Collected 600.000
  • The society estimates that 10% of the remaining pledges will be uncollectible

Step 2. Formulas needed to solve the exercise.

Net amount revenue = Mount raised - (remaining pledges * estimation of uncollectibles revenues)

Step 3. Calculation.

$900.000 - $300.000 * 10% = 870.000

Step 4. Solution.

The NET amount of revenue the society should recognize during the current year from this pledge drive is  870.000

7 0
3 years ago
If you buy a store worth $250,000 with 14 percent down. The balance is to be paid off with equal annual payments at the end of e
disa [49]

Answer:

The annual equal payment is $26,691

Explanation:

The balance to be paid off in 30 equal installment is given as $250000-($250000*14%)=$215000

The applicable formula to use in calculating the equal annual payment is present value of an ordinary annuity given below:

PV=A*(1-(1+r)^-N/r)

A=PV/(1-(1+r)^-N/r)

PV=$215000

(1-(1+r)^-N/r)=1-(1+12%)^-30/12%

                  =(1-0.033377924 )/12%

                  =0.966622076 /12%

                  =8.055183968

since the annuity factor is 8.055183968

A=215000/8.055183968

A=$26,690.89

In other words, the annual payment required is $26.691

6 0
3 years ago
The "organizational versus individual rationality" perspective suggests that
jek_recluse [69]

Answer:

B. what is good for the organization is always good for a functional area.

C. what is best for a functional area may not be best for the organization.

D. the "incremental" perspective may be best for functional areas while the "rational" perspective may be best for the organization.

Explanation:

Organizational versus individual rationality means the benefit of organization is always the benefit for the functional areas also of the organization.

This is general phenomenon that what is good for all is always good for individuals, but on the same note:

What may be good for individual might not be good for the organization as a whole. This clearly demonstrates that statement a is not correct.

3 0
3 years ago
Other questions:
  • In an open economy, national saving equals a. domestic investment. b. domestic investment plus net capital outflow. c. domestic
    14·1 answer
  • Vanessa is organizing a proposal for a client to buy her company's service what information should she put first in her proposal
    14·2 answers
  • Fois Company has two divisions, Division X and Division Y. Division X has a production capacity of 5,000 units of a particular p
    6·1 answer
  • One of the eight primary marketing-related reasons for new-product failure is __________.
    5·1 answer
  • 1. Assume the value of a market basket for a given year is $550 and the same basket in the base year was $500. Calculate the CPI
    15·1 answer
  • During June, Briganti Corporation purchased $81,000 of raw materials on credit to add to its raw materials inventory. A total of
    6·1 answer
  • Patton Company purchased $400,000 of 10% bonds of Scott Co. on January 1, 2011, paying $376,100. The bonds mature January 1, 202
    7·1 answer
  • The model of competitive markets relies on these three core assumptions:
    8·1 answer
  • Holding all other things constant, an increase in the company's required return on investment (ROI) will affect:
    10·1 answer
  • in forward and futures contracts, the risk of non-fulfilment of contract terms is most likely borne by:
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!