All categories

3 years ago

Which of the following assets held by a manufacturing business is a §1231 asset?

Business

1 answer:

insens350 [35]3 years ago

6 0

Answer:

A factory building used in the business and held more than one year.

Explanation:

<u>According to Section 1231</u>. property are assets that are used in your trade or business and are held by the Taxpayer for more than one year.

The factory building has serve the purpose of the section. It is used for a trade and has been held by the taxpayer for more than a year, hence, the property can be termed an assets by a manufacturing business

You might be interested in

Economic studies have generally found that professional sports players have salaries that

Rudiy27

Answer:

should be equal to their marginal revenue product.

Explanation:

This applies to basically all employees that work in competitive markets, their salaries should equal their marginal revenue product.

An employee's salary = the market value of hiring the employee = marginal revenue product

The formula for calculating marginal revenue product = marginal physical product x marginal revenue

where:

marginal physical product = extra units produced by the employee
marginal revenue = price of the units produced

For example, a new employee can produce 100 units per day and each unit is sold at $0.75, therefore the employee's marginal revenue product = 100 units x $0.75 per unit = $75 per day

4 0

3 years ago

Crimp corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year, the estimated direct

Anton [14]

First of all, the predetermined overhead will be calculated.

Predetermined overhead rate = Estimated manufacturing overhead / Estimated direct labor hour

Predetermined overhead rate = $ 258,000 ÷ 15,000 hours = $ 17.20 per direct labor hour

Actual manufacturing overheads = $ 253,000

Applied manufacturing overheads = Predetermined overhead rate × Actual direct labor hours

Applied manufacturing overheads = $ 17.20 × 13,100 = 225,320

Applied manufacturing overheads are less than actual manufacturing overheads, thus overheads are under applied.

Actual manufacturing overheads - Applied manufacturing overheads = $ 27,680 under applied

4 0

3 years ago

My boss really does not understand the technical aspects of the job my group is trying to complete. I understand the intricacies

dimaraw [331]

I have emerged as the team leader

4 0

3 years ago

Based on the following adjusted trial balance: Peak Corporation Adjusted Trial Balance As of December 31, 2018 Debit Credit Cash

ivanzaharov [21]

Answer:

Determine the amount that will be reported as retained earnings on the post-closing trial balance.

Retainend earnings final___________30000

Explanation:

Cash__________________800

Account Receivable______ 200

Inventory_______________2500

Building________________30000

Accunulated depreciation_______________ 3000

Notes payable_________________________ 500

Common stock_________________________21000

Retainend Earnings_____________________ 5000

Dividens________________1000

Revenue_____________________________ 7000

Selling and administration_ 1000

Insurance expense_______ 1000

36500 36500

Retainend earnings______ 1000 26000

Retainend earnings initial_________ 25000

Net income_____________2000____7000

5000

Retainend earnings final___________30000

8 0

2 years ago

When there is more choice for proceducers and consumers, that is a Command Economy.

yaroslaw [1]

Correct Answer: False

7 0

3 years ago