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Gelneren [198K]
3 years ago
8

Seth invested $44,000 in Series EE savings bonds on April 1. By December 31, the published redemption value of the bonds had inc

reased to $45,420. How much interest income will Seth report from the savings bonds in the current year absent any special election
Business
2 answers:
Alik [6]3 years ago
7 0

Answer:

Seth will not report any interest income on the Series EE savings bond unless he elects to have the increase in redemption value taxed currently.

Explanation:

On Series EE bonds, If seth elects cash-based reporting on income tax, he can defer payment of taxes on the interest income of Series EE savings bonds until he redeems the bond or 30 years from the date it is issued. So Seth has to pay report no interest income by December 31 unless he elects to have the increase in redemption value taxed currently.

Lunna [17]3 years ago
5 0

Answer: $0

Explanation:

Series EE Bonds are interest - bearing the United State of American government savings bonds which has guarantee to at least doubling in value over their normal 20-year initial terms. Few Series EE bonds pay interest above the original due date, up to 30 years from issuance

Seth will not report any interest income from the EE savings bonds currently unless he elects to have the increase in redemption value taxed currently.

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A machine costs $600000 and is expected to yield an after tax net income of $23000 each year. Managment predicts this machine ha
galina1969 [7]

Answer:

6.39%

Explanation:

The cost of the machine is $600,000

The net income is $23,000

The management predict a that it has a 10 years service life

The salvage value is $120,000

The first step is to calculate the average investment

Average investment= (Cost of machine+Salvage value)/2

= $600,000+$120,000/2

= $720,000/2

= $360,000

Therefore, the accounting rate of return can be calculated as follows

= Annual net income/Average investment

= $23,000/$360,000

= 0.0639×100

= 6.39%

Hence the accounting rate of return is 6.39%

7 0
3 years ago
A study conducted by at&t and stanford university found that the top predictor of success and professional upward mobility w
Oliga [24]
<span>public speaking ability.</span>
7 0
3 years ago
The sales returns and sales allowances accounts are classified as
Harlamova29_29 [7]

These two Sales Revenue accounts (the sales returns and sales allowances) are classified as <em>Contra accounts.</em>  They have debit balances unlike the Sales Revenue account.

  • The purpose of their creation is to maintain the Sales Revenue account at its gross amount for measure purposes.

  • The Sales Returns account is the General Ledger account for recording goods returned by customers.  It reduces the Accounts Receivable account, which is credited with Sales Returns.

  • The Sales Allowances account records allowances granted to customers for defective goods, which reduce their balances.

Thus, the two sales accounts are contra accounts and they have debit balances.

Read more: brainly.com/question/14869899

6 0
2 years ago
The Perry Company reported Accounts Receivable, Net of $66,000 at the beginning of the year and $72,900 at the end of the year.
rjkz [21]

Answer:

d. 28.7

Explanation:

Calculation to determine the days to collect during year

Using this formula

Average collection period=Average accounts receivables/Net sales*365

Where,

Average accounts receivables=$66,000+$72,900/2

Average accounts receivables=$69,450

Let plug in the formula

Collection period =$69,450/$882,000*365

Collection period=28.7 days

Therefore the days to collect during year is 28.7days

3 0
3 years ago
Required financial statements of funds may include the following, among others: I. Statement of net assets II. Statement of reve
Alina [70]

Answer:

option D ( ii, iii and iv )

Explanation:

Required financial statements that should be issued by governmental funds and by proprietary  funds include the following among others:

  • statement of revenues, expenditures and changes in fund balances,
  • balance sheet,
  • statement of cash flows

These among others are expected to reflect/ be included in Financial statement issued by Governmental funds and proprietary funds.

8 0
3 years ago
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