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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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grigory [225]

Answer:

That statement is true.

Explanation:

Basically, You put your money in saving if you intended to use that money for future consumption. You put your money in investment if you intended to make financial gain out of it.

For example,

Let's say that you want to buy a laptop that cost $700. You only able to spend $350 per month since you have to consider other more important payment such as rent or food. So you set aside $350 for two month and purchase the laptop at the end of the second month. This is an example of saving.

In another case let's say that you put that $350 in Bonds rather than purchasing laptop. You Let that bond mature and take a 3% interest as profit. Two month later, the value of your money is increased. This is an example of an investment.

8 0
2 years ago
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Did the realist theory develope in reaction to idealism
yaroslaw [1]
The answer is TRUE
 
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7 0
2 years ago
_________was established by the Better Business Bureau to evaluate ads directed at children based on guidelines that encourage s
Phantasy [73]

Answer: The Children's Advertising Review Unit.

Explanation:

The Children’s Advertising Review Unit or CARU was established in 1974 as an independent self-regulatory agency. Its function is to regulate publicity in the media so can be suitable for children under 12 years of age.

CARU regulate television, radio, print media, and virtual media, so the advertising directed at children under the age of twelve is not misleading, immoral, and is consistent with the child's cognitive ability.

<em>I hope this information can help you.</em>

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3 years ago
PLEASE HELP ME!!!<br> How are mental, physical, and financial health related? Three sentences
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Answer:

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3 years ago
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Gnesinka [82]

Answer:

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