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
Zolol [24]
3 years ago
6

Candlewood LLC started business on September 1, and it adopted a calendar tax year. During the year, Candlewood incurred $6,500

in legal fees for drafting the LLC’s operating agreement and $3,000 in accounting fees for tax advice of an organizational nature, for a total of $9,500 of organizational costs. Candlewood also incurred $30,000 of preopening advertising expenses and $24,500 of salaries and training costs for new employees before opening for business, for a total of $54,500 of startup costs. The LLC wants to take the largest deduction available for these costs. How much can Candlewood deduct as organizational expenses? As startup expenses?
Business
1 answer:
Harlamova29_29 [7]3 years ago
6 0

Answer:

Organization expenses    $5,100

Startup expenses     $1,700

Explanation:

Calculation of organisation expenses and startup expenses

Particulars    Calculations     Amount

Actual expense                      $54,500

Reduced for startup upto         $50,000     $5,000

1. LLC may deduct    ($9,500 - $5,000)*4/180  $100

Organization expenses   ($5000 + $100)  $5,100

2. Deduction for startup   ($5,000 - $4,500)   $500

Write off during the year  $54,000*4/180   $1,200

Startup expenses          $1,700

NB: Startup expenses are all expenses incurred for the start-up of the business are known as the startup expense which is related to the existing expense of business and will be approved after the firm.

You might be interested in
Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company
Charra [1.4K]

Answer:

Owners have limited liability.

Explanation:

A corporation is an entity , established by shareholders or individuals with the aim of making profit. It is a legal entity hence can enter into a contract, can also sue and be sued.

The legal process involved in the establishment of corporation is called incorporation. It contains the main reason why the corporation is in business, name and office address, types and number of shares to be issued.

Because the business is incorporated and also a legal entity, it means that the owners are protected personally should their be any litigation against the corporation. Moreover, the liability of the owners are limited to the investment in the corporation.

6 0
3 years ago
Pat manages the customer care department of her firm. She is very happy with her team of 15 customer care representatives​ who'v
Serggg [28]

Answer:

Motivation

Explanation:

<em>Motivation in work is when employees are incentivized due to their good performance</em>, this happens when they provide the company a greater value. There are two kinds of motivation:

  • Internal: it includes emotions and thoughts, <em>in the exercise given this internal motivation is letting the team know that they are doing good</em>
  • External: includes salary and work environment, <em>in the case given the bonuses are the external motivation</em>

I hope you find this information is useful and interesting! Good luck!

3 0
3 years ago
Regardless of quantity in long-run equilibrium, the industry price cannot exceed the?
Crank

An extremely large number of vendors, each of whom makes a comparable or same product, make up a competitive market. The total of all these unique outputs, which each provider produces as a small portion of the market as a whole, represents the production of that industry. This includes dry cleaners, corner stores, barbershops, and florists.

A market that has just one supplier is considered a monopolist at the other extreme. Examples include the fact that the National Hockey League is the only provider of top-notch professional hockey matches in North America, Hydro Quebec is the province of Quebec's sole electricity supplier, and Via Rail is the only provider of passenger rail services between Windsor, Ontario, and the city of Quebec.

Equilibrium: What Is It?

When market supply and demand are in balance, prices become steady. This is known as equilibrium. In general, a surplus of goods or services leads to lower prices, which increases demand, whereas a shortfall or under supply raises prices, which decreases demand.

To learn more about Equilibrium from the given link.

brainly.com/question/517289

#SPJ4

3 0
2 years ago
If net operating income is $83,000, average operating assets are $415,000, and the minimum required rate of return is 13%, what
tester [92]

Answer:

$29,050

Explanation:

The computation of the residual income is shown below:

Residual income = Net operating income - Minimum required income  

= $83,000 - $53,950  

= $29,050  

Here

Minimum required income   =   Average operating assets × Minimum required rate of return  

= $415,000 × 13%    

= $53,950

This should be the answer and the options provided are wrong

6 0
3 years ago
Which ad format gives viewers the choice of whether or not to watch your ad, and helps drive brand consideration?
guajiro [1.7K]
The correct answer is:
TrueView ads

Source, explanation and more info: <span>https://goo.gl/RE2D3U</span>
4 0
3 years ago
Other questions:
  • (1) Cash balance per bank, July 31, $8,338.
    13·1 answer
  • Direct materials used for the period cost $66,000; Direct labor cost $80,000; Applied overhead was $60,000; Beginning work in pr
    14·1 answer
  • Deydey hollows out a piece of basswood to make a trough . if one makes trough by hollowing something out, what does trough mean
    10·2 answers
  • Suppose an increase in the price of rubber coincides with an advance in the technology of tire production. As a result of these
    15·1 answer
  • Cardinal Company is considering a five-year project that would require a $2,915,000 investment in equipment with a useful life o
    6·1 answer
  • Savings account​ balances, small-denomination time​ deposits, and noninstitutional money market fund shares are A. included in b
    12·1 answer
  • How much of a person's income should go to charities?
    13·1 answer
  • A company factored $40,000 of its accounts receivable and was charged a 3% factoring fee. The journal entry to record this trans
    5·1 answer
  • Disadvantage of multiple chain store?​
    14·1 answer
  • Currently, the leadership trend is to empower employees. When a leader empowers employees, that leader is giving them: Multiple
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!