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
schepotkina [342]
3 years ago
11

Clampett, Inc. converted to an S corporation on January 1, 2018. At that time, Clampett, Inc. had cash ($40,000), inventory (FMV

$60,000, Basis $30,000), accounts receivable (FMV $40,000, Basis $40,000), and equipment (FMV $60,000, Basis $80,000). In 2019, Clampett, Inc. sells its entire inventory for $60,000 (Basis $30,000). Assuming the corporate tax rate is 21% and that Clampett, Inc. had a $20,000 net operating loss carryover from its prior C corporation years. How much built-in gains tax does Clampett, Inc. pay in 2019?
a.$10,500.
b.$10,000.
c.$2,100.
d.$0.

Business
1 answer:
Lubov Fominskaja [6]3 years ago
7 0

Answer

The answer and procedures of the exercise are attached in image below.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

You might be interested in
Which of the following is TRUE regarding investment intermediaries? Group of answer choices Insurance companies can be both "buy
pogonyaev

Answer:

A diversified portfolio of securities offers lower risk than a portfolio with investments that are concentrated in a few stocks or industries TRUE, A DIVERSIFIED PORTFOLIO WILL REDUCE RISK THROUGH DIVERSIFICATION, WHILE CONCENTRATION OF A FEW STOCKS INCREASES RISK.  

the other statements are false:

  • Insurance companies can be both "buy side" and "sell side" institutions. FALSE
  • Investment banks fund their assets primarily by selling shares FALSE
  • Commercial banks intermediate between Investors and Markets FALSE
  • Investment banks have higher assets under management than Mutual Funds FALSE

7 0
3 years ago
Which of the following accounts are classified as shareholders' equity?
vazorg [7]

The following accounts which are classified as shareholders' equity are Additional paid-in capital, Common stock ,Retained earnings.

Option A, B, C is correct.

<h3>Shareholder Equity:</h3>

Shareholder Equity is the amount invested in the business by the owner of the business. This includes the money they have invested directly and the accumulation of earnings earned by the company that has been reinvested since its inception.

<h3>Is equity a liability or an asset?</h3>

Equity is the company's total assets minus total liabilities. It can be defined as the total amount of dollars that a company would be left with if it liquidated all its assets and paid off all its liabilities. This is then distributed to shareholders.

Learn more about shareholder equity:

brainly.com/question/14032844

#SPJ1

5 0
1 year ago
Ally Bank advertises "24/7 live customer care," which means that customer can call by telephone and speak with a human being abo
Sidana [21]

Answer:

Ally Bank is emphasizing the Empathy dimension of service quality

Explanation:

Empathy -

It refers to the practice of providing proper attention and help to consumers , is referred to as empathy .

In companies these practice is done in order to help the consumers in the best possible manner , which will in turn help the company with good feedback and profit .

Hence , from the given scenario of the question ,

The correct answer is empathy .

4 0
3 years ago
Earleton Manufacturing Company has $2 billion in sales and $600,000,000 in fixed assets. Currently, the company's fixed assets a
bearhunter [10]

Answer:

The correct answer is $2,500,000,000.

Explanation:

According to the scenario, the computation of the given data are as follows:

Operating capacity = 80%

Sales = $2 billion

Fixed assets = $600,000,000

So, we can calculate the level of sales by using following formula:

Level of sales = Sales ÷ operating capacity

= $2,000,000,000 ÷ 80%

= $2,500,000,000

7 0
3 years ago
The following information was collected for the first year of manufacturing for Appliance Apps: Direct Materials per Unit $2.50
lara31 [8.8K]

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the total unitary variable cost:</u>

Total unitary variable cost=2.5 + 1.5 + 0.25 + 1.5

Total unitary variable cost= $5.75

<u>Now, the variable costing income statement:</u>

Sales= 33,000*12= 396,000

Total variable cost= (33,000*5.75)= (189,750)

Total contribution margin= 206,250

Fixed Manufacturing Expenses= (117,000)

Fixed Selling and Administration Expenses= (21,000)

Net operating income= 68,250

4 0
3 years ago
Other questions:
  • Being a​ ________ is a major factor underlying repeat sales.
    6·1 answer
  • Widely varying consumption ratios: work against the implementation of activity-based costing. indicate an out-of-control product
    11·1 answer
  • Ashley's Coffee Shop makes a blend that is a mixture of two types of coffee. Type A coffee costs Ashley $4.30 per pound, and typ
    14·1 answer
  • Aspen Technologies has the following budget data: Estimated direct labor hours 10,400 Estimated direct labor dollars $63,700 Est
    9·1 answer
  • At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following informatio
    13·1 answer
  • Why you guys deleting my stuff p u s s y . Its about math . So again yall know where i can get some fire gas for the low ?
    8·1 answer
  • On August 31,the balance sheet of La Brava Veterinary Clinic showed cash $9,000,Account receivable$1700,supplies $600,equipments
    12·2 answers
  • On January 1, 2013, Warfield Co. purchased a $600,000 machine, with a five-year useful life and no salvage value. The machine wa
    5·1 answer
  • if the federal reserve decided to include virtual money like bitcoins in its measure of the money supply, what would be the effe
    5·1 answer
  • Which of the following industries faces the strongest threat from new entrants?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!