Answer:
Built-in gains tax is $13,020
.
Explanation:
The built-in gains tax is one levied against an S corporation that used to be a C corporation, or received assets from a C corporation.
Here,
Gain= $80,000
Loss= $10,000
Holds= $8,000
Income= $65,000
Corporate tax= 21%
To calculate the built-in gains tax, we will need to calculate the net gain of the corporation and multiply it by the tax rate.
= Built-in-gain - built-in-loss - unexpired NOL
80,000 - 10,000 - 8,000 = 62,000
Then
62,000 x 0.21 tax rate = 13,020
= 13,020
I believe it’s False, it might be wrong though
Answer:
False
Explanation:
The rules and regulations set for vaccine production and it result to lower costs of the does not contribute to shorted of vaccines, rather the tightened regulations helps in the production of more vaccines, at a cheaper or lower prices, and also makes it available for many instead of having shortage in the supply. So it is false.
Answer:
Part 1). Yes, Alex be better off in Paris if the relative prices between American and French meals (p_a/p_f) are lower in Paris than Austin because his capability to buying goods growths so his cash is fundamentally value more locally.
Part 2) No, Alex be better off in Paris if the relative prices between American and French meals (p_a/p_f) are higher in Paris than Austin because even though he can buying the same components, they will cost extra, and he will consume less goods than living in Austin
Answer:
c. Debit: Discount on notes payable, $41,884.
Explanation:
The journal entry is shown below:
Equipment $883,116
Discount on Notes payable $41,884 ($740,000 - $698,116)
To Notes payable $740,000
To Cash $185,000
(Being the amount paid in cash and note payable is recorded)
Working note
= Note payable amount × PVF factor at 6% for one year
= $740,000 × 0.94340
= $698,116
For recording this we debited the equipment as it increased the assets and discount is always debited while the note payable and cash is credited as it increased the liabilities and reduced the assets
