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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.

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_____________________are private organizations that are created to raise and distribute campaign money to candidates for politic
Oliga [24]
D. POLITICAL ACTION COMMITTEES are private organizations that are created to raise and distribute campaign money to candidates for political office.

It is generally formed by individuals, corporations, labor unions, trade associations, and other organizations that channels the voluntary contributions they raise to the candidates for elective office. 

 

4 0
3 years ago
Read 2 more answers
Cooley company's stock has a beta of 1.32, the risk-free rate is 4.25%, and the market risk premium is 5.50%. what is the firm's
balu736 [363]
11.51%

The required rate of return = risk-free rate + Beta * (market risk premium)

Here, we multiply the beta of 1.32 times the market risk premium of 5.50%, then add the risk-free rate of 4.25% to get the required rate of return, or 11.51%. 
6 0
3 years ago
Waterway Industries purchased a depreciable asset for $610000 on January 1, 2018. The estimated salvage value is $61000, and the
Wittaler [7]

Answer:

The depreciation charge in 2021 is $ 164,000.00  

Explanation:

Annual depreciation charge=cost-salvage value/useful life

cost is $610,000

salvage value is $61,000

useful life is 9 years

Annual depreciation charge=($610,000-$61,000)/9=$61000

The depreciation of charge of $61000   is applicable to years 2018 ,2019 and 2020 respectively.

The estimates of the asset changed in the year 2021,hence a new depreciation based on the present book value is required.

revised depreciation charge=$610,000-($61,000*3)-$99,000/(5-3)=

$164,000.00  

5 0
3 years ago
The first thing you should do when you see your customer/client is outline the plan for the session.
Sonbull [250]

The statement "the first thing you should do when you see your customer/client outlines the plan for the session." is False

This is further explained below.

<h3>What is the plan?</h3>

Generally, The terms plan, plan, plot, scheme, and project all refer to an organized strategy for producing something, carrying out an activity, or accomplishing a goal.

A plan always involves mental development and sometimes the depiction of ideas visually.

House design plans typically imply the presence of a specific pattern as well as some level of order or harmony that has been attained.

In conclusion, The assertion that "outlining the strategy for the session is the first thing you should do when you visit your customer or client" is not accurate.

Read more about the client

brainly.com/question/28162297

#SPJ1

6 0
2 years ago
When health insurance is available through an employer, the cost to the employee is typically:
Korvikt [17]

Answer:

B)lower than an individual policy.

Explanation:

Health insurance by employment is one by which the employer pays majority amount and the employee pays a small portion of it. On the hand, someone who has Individual health insurance will pay the total cost by themselves and the coverage is for a single person. Comparing the two costs,  to individual health insurance policies usually cost a person more than getting one through employment.

3 0
4 years ago
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