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
Rainbow [258]
3 years ago
15

Amber Corporation donated inventory of clothing (basis of $136,000, fair market value of $170,000) to a qualified charitable org

anization that operates homeless shelters.
Compute the charitable contribution deduction (ignoring the percentage limitation) for the C-corporation.
Business
1 answer:
viva [34]3 years ago
3 0

Answer:

charitable contribution deduction =  $153000

Explanation:

given data

basis = $136,000

fair market value = $170,000

solution

we get here charitable contribution deduction that is express as

charitable contribution deduction = Basis + 50% of (Fair - basis)    .......................1

put here value and we get

charitable contribution deduction = $136,000 + 0.50 ($170,000 - $136,000 )

charitable contribution deduction =  $153000

You might be interested in
FOR THOSE WHO WANTS POINT!!!!!!! AND BRAINLIEST
erik [133]
Wait what?? What are you trying to ask?
4 0
3 years ago
Read 2 more answers
Whats the difference between the salary and hourly calculator? pleaseeee helpp
Bingel [31]
The main difference between the salary and hourly calculator is that the salary calculator is paid to an employee on the basis of an annual amount that is known as salary and hourly calculator is based on the hourly payment. This is the basic difference between the salary and hourly calculator. For a salaried employee, the number of hours worked in a month can vary without affecting the total salary fixed. In case of hourly calculated payment, the number of hours worked has a direct impact on the payment received. If the number of hours worked is less then the hourly calculated payment will also be less.
5 0
3 years ago
Which of the following is your most important reason to get your high school diploma?
s2008m [1.1K]

Answer:

it will help get into college.

Explanation:

a diploma doesn't open the doors to all jobs. also, if you want a higher pay for most jobs, you won't be able to get it with a diploma.

a diploma can open the doors to a college, though. which will help you further your education, and get a degree that can open the doors you need

5 0
3 years ago
Read 2 more answers
Because Mike is only accountable for the $20,000 he invested in his friend Matt's company, the
Arlecino [84]
The answer is limited liability partnership
7 0
3 years ago
When the company pays rent expense for the current month, what is the effect on the accounting equation for that company?
GREYUIT [131]

Answer:

decrease the stockholder equity and decrease in assets

Explanation:

As we know, the accounting equation is  

Total assets = Total liabilities + stockholder equity

In the given case,  

The rent is paid for the current month, so the journal entry would be

Rent expense A/c Dr XXXXX

    To Cash A/c XXXXX

(Being rent is paid)

So it decreases the stockholder equity as it includes the income and expenses part and it decreases in assets as it reduces the cash balance

3 0
3 years ago
Other questions:
  • The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thinking of expanding his sales
    12·1 answer
  • Art, Inc., has 5,000 shares of 4%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock out
    8·1 answer
  • Dan buys a property for $260,000. he is offered a 30-year loan by the bank, at an interest rate of 6% per year. what is the annu
    12·1 answer
  • Assume that the risk-free rate is 3.5% and that the market risk premium is 4%.What is the required rate of return on a stock wit
    11·1 answer
  • Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (1) a
    14·1 answer
  • Helena says her decision to move to Costa Rica seemed like "kind of a crazy decision." If her happy memories of wonderful times
    13·1 answer
  • To reduce waste of raw materials, the government of Sperland is considering requiring household appliances to be broken down for
    11·1 answer
  • Select the financial statement on which the user would most likely find the answer to the question given. (Select all that apply
    6·1 answer
  • Renee's company ranks jobs several times, each time based on different factors. The rankings are then combined to form a numeric
    11·1 answer
  • Which Agile approach helps teams improve their project cycle time by considering team capacity?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!