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gogolik [260]
3 years ago
6

No Edges Left Behind Enterprises has book income of $1,200,000 which consist of income tax expense of $380,000, municipal bond i

nterest income of $10,000 and business meals expense of $150,000. Using only these items, what is the cmpany's taxable income
Business
1 answer:
damaskus [11]3 years ago
6 0

Answer:

$1,645,000

Explanation:

The computation of the taxable income is shown below:

Taxable income is

= Book income + income tax expenses - muncipal bond interest + (50% ×  meal expenses)

= $1,200,000 + $380,000 - $10,000 + ($150,000 × 50%)

= $1,645,000

We simply recognized only 50% of meal expenses and with the help of above items we calculated the taxable income

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This type of relationship is "one-to-one relationship".
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What is always true at the quantity where a firm's average total cost equals average revenue?
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The firm is probably at its early stages of development, and is struggling to break even.
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Acme Manufacturing Company prepared a fixed budget based on the expected sales of 160,000 units. That fixed budget included vari
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If Acme Manufacturing Company uses flexible budgeting and actually sells 200,000 units during the period, these amounts will be included in its flexible budget performance report:

Variable costs = $1,000,000

Fixed costs = $240,000

<h3>What is a flexible budget?</h3>

A flexible budget adjusts the budget according to the activity or volume levels of the company.

For instance, if the total variable costs is $800,000 with expected sales of 160,000 but the actual sales equal 200,000, the flexible budget will be adjusted to $1,000,000 ($800,000/160,000 x 200,000).

<h3>Data and Calculations:</h3>

Expected sales = 160,000 units

Fixed Budget Figures:

Total variable costs = $800,000

Total fixed costs = $240,000

Flexible Budget Figures:

Total variable costs = $1,000,000 ($800,000/160,000 x 200,000)

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Thus, the flexible budget will still maintain the total fixed costs since they do not vary according to the volume level, within the relevant range.

Learn more about flexible budgets at brainly.com/question/14015382

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3 0
1 year ago
On November 1 of year 0, Jaxon borrowed $50,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid
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Answer:

a. $750

b. $750

Explanation:

The first thing to do is calculate the monthly interest as follows:

Monthly interest = Total interest ÷ 12 = $4,500 ÷ 12 = $375

The rent for two months in year 0 (November and December) = $375 × 2 = $750.

Prepaid expenses (January to October of year 1) = $4,500 - $750 = $3,750.

Decision:

Prepaid expenses is not deductible under either cash accounting method or accrual accounting method for tax purposes.

Therefore, Jaxon can deduct only $750 two months (November and December) relevant for year 0 under both cash accounting method and accrual accounting method.

The prepaid expenses of $3,750 is not deductible in year 0 but can only be deducted in year 1.

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