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
blsea [12.9K]
3 years ago
5

Turkey Corp., a cash basis calendar year C corporation in Savannah, Georgia, has $100,000 of accounts receivable on the date of

its conversion to an S corporation on February 14. By the end of the year, $70,000 of these receivables is collected. Calculate any built-in gains tax, assuming that there is sufficient taxable income
Business
1 answer:
Viefleur [7K]3 years ago
5 0

Answer:

The correct answer is $24,500.

Explanation:

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

Total Account receivable = $100,000

Amount collected = $70,000

So, if there is sufficient taxable income, then assume tax rate to be 35%.

So, we can calculate the Gains tax by using following formula:

Gain tax = Amount collected × Tax rate

By putting the value, we get

Gain tax = $70,000 × 35%

= $24,500.

You might be interested in
_____________ are a form of financial instrument through which corporations and governments borrow money from financial investor
makkiz [27]

Answer:

Bonds

Explanation:

Bonds are financial instruments that are used to obtain funding from the bond holders. It is a debt security that is issued by a government or corporation to investors.

When investors buy bonds the funds are used by governments for its operations and various projects. Interest is paid on the bonds.

Bonds can be municipal bonds or corporate bonds.

Unlike shares bonds does not grant the holder an equity or ownership stake in the company, rather it grants a creditor stake.

3 0
3 years ago
S'Round Sound, Inc. reported the following results from the sale of 24,000 units of IT-54:
Alisiya [41]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Total Variable manufacturing costs 288,000

Unitary variable costs= 288,000/24,000= $12

Rhythm Company has offered to purchase 3,000 IT-54s at $16 each. No variable selling costs will be incurred.

Because it is a special offer and there is available capacity, we will not have into account the fixed costs.

Effect on income= 3,000*(16-12)= $12,000 increase

3 0
3 years ago
In Python programming language, what is a function statement?
jekas [21]

Answer:

A function that will be executed

Explanation:

8 0
3 years ago
Initially, suppose Bellissima uses 1 million hours of labor to produce rye and 3 million hours to produce jeans, while Dolorium
vodka [1.7K]

Answer:

Bellisima's opportunity cost:  

Production of rye per million hours of labor = 24 / 12 = 2 pairs of jeans

Production of jeans per million hours of labor = 12 / 24 = 0.5 bushels of rye

Dolorium's opportunity cost:  

Production of rye per million hours of labor = 32 / 8 = 4 pairs of jeans

Production of jeans per million hours of labor = 8 / 32 = 0.25 bushels of rye

Dolorium has a comparative advantage in the production of jeans while Bellisima has a comparative advantage in the production of rye.

If both countries specialize:

Bellisima will produce 48 million bushels of rye.

Dolorium will produce 128 million pairs of jeans.

Total production of rye has increased by 12 million bushels.

Total production of jeans has increased by 24 million pairs.

4 0
2 years ago
A___ warranty promises replacement or refund for defective products.
alukav5142 [94]

Answer:

A written warranty promises replacement or refund for defective products.

5 0
2 years ago
Other questions:
  • What is the south african government providing and to whom
    15·1 answer
  • Delgato Corporation, a manufacturing company, has provided data concerning its operations for September. The beginning balance i
    9·1 answer
  • The Keynesian analysis of
    8·1 answer
  • Which of the following is a skill?<br> A. Sitting<br> B. Hearing<br> C. Dancing<br> O D. Talking
    7·2 answers
  • The continual process by which managers actively encourage, stimulate, and support employee commitment to the company, the compa
    6·1 answer
  • 1. Nhận định nào sau đây không chính xác:
    13·1 answer
  • Do managers manage differently based on where they are in the organization​
    10·1 answer
  • A refrigerator used by a wholesale warehouse has a cost of $64,000, an estimated residual value of $5,200, and an estimated usef
    13·1 answer
  • What is the effect of a government budget deficit on the real interest rate and investment? a government budget deficit _______
    5·1 answer
  • A ________ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!