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zzz [600]
3 years ago
5

Toby, owner of a cupcake shop in New York, is considering opening a similar business (i.e., a cupcake shop) in Phoenix. After sp

ending $4,200 investigating such possibilities in Phoenix, Toby decides against opening the store. What is the maximum amount of deduction for the current year attributable to these expenditures?A) $0B) $420C) $840D) $4,200
Business
1 answer:
crimeas [40]3 years ago
6 0

Answer:

D) $4,200

Explanation:

the business investigation expenses of a taxpayer who is already engaged in a similar trade or business are fully deductible in the year incurred regardless of whether or not the taxpayer goes into a new business.

Therefore, the maximum amount of deduction for the current year is

$4,200.

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Norma Smith is the controller of Bramble Corporation and is responsible for the preparation of the year-end financial statements
melisa1 [442]

Answer:

Current liability refers to the short term obligations of the firm which need to be settled down within a period of one year or within a normal operating cycle.

(a) $0 would be reported as current liability, as it is not a current liability. It is a contingent liability.

(b) The amount of current liability is $192,900 because it is a liability of a firm to pay bonuses to the employees.

(c) The amount of current liability is as follows:

= $900,000 × 0.08 × (1/12)

= $6,000

Payment of interest on loan is a liability of the firm.

(d) $0 would be indicated in current liability, because provision for doubtful accounts is subtracted from the total accounts receivable to determine the net account receivables.

(e) Proposed dividend is a part of current liability and the amount of dividend to be shown as current liability is as follows:

= Dividend per share × No. of shares outstanding

= $3.50 per share × 41,810

= $146,335

(f) Customer advances is a current liability and the amount of customer advances to be reported in current liability is calculated as follows:

= Customer advances - Amount earned this year

= $193,100 - $57,900

= $135,200

6 0
3 years ago
What are examples of cocurricular education? Check all that apply.
DENIUS [597]

a CTSO for students taking marketing classes

a club providing hands-on laboratory experience for students taking a science class

an agricultural organization for students in an agricultural school

4 0
3 years ago
Read 2 more answers
West County Bank agrees to lend Drake Builders Company $400,000 on January 1. Drake Builders Company signs a $400,000, 6%, 6-mon
viva [34]

Answer:

The answer is b.Cash ,000 Notes Payable ,000

Explanation:

The exact entry Drake Builders Company has to record in its accounting book for the proceeds received from the issuance of the note is:

1st January

Dr Cash                         400,000

Cr Note Payable          400,000

As at the time the note is issued, no interest expenses has been incurred, all the answer with Interest expenses can be eliminated.

In fact, interest expenses is only incurred and accrued during the lifetime of the note, based on the number of days the note is hold; that is, from the day the fund is lend out to Drake Builders Company; not on the day of issuance.

6 0
3 years ago
When compliance, clarification, culture, and connection are all effectively addressed with a strategic system in place, the orga
mario62 [17]

When all four elements of clarification, culture, compliance and connection are effectively addressed through a strategic onboarding system, the organization will be considered successful onboarding.

<h3>What is the successful onboarding?</h3>

A successful onboarding program is most expected to include clarification, compliance, culture, and connection and follow-ups, relying on the size and needs of any company. This is also called as the 4 C's of the onboarding.

Therefore, It all start out in the present moment, a new employee accepts the position.

Learn more about the successful onboarding, refer to:

brainly.com/question/10370903

#SPJ1

6 0
2 years ago
Factors that must be considered before starting up a business ?
miv72 [106K]

Answer:

factors that must be considered before starting business are:

Explanation:

1)capital

2)raw materials

3) enough knowledge about things

4)market

5)skilled manpower

4 0
3 years ago
Read 2 more answers
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