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ryzh [129]
3 years ago
10

Study Guide Chapter 1

Business
1 answer:
salantis [7]3 years ago
5 0

Answer:

The statement is true. Executive orders from the president and the laws that are passed by the Congress can be challenged before they are agreed and passed. A decision given by the supreme Court is considered final.

However, constitutional amendments can override the supreme court decisions.

Explanation:

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Star Corp., a publicly traded, accrual-method C corp., incurred the following expenses in 2020 (all of which are ordinary and ne
Shtirlitz [24]

Answer:

Star Corp.

Star Corp.'s total deductible business expenses for the year is:

= $1,952,000.

Explanation:

Ordinary and Necessary Expenses incurred in 2020:

Office rent:                                 $50,000

CEO compensation:              $1,500,000

Salary paid to janitor:              $250,000

Business meals:                        $30,000 (100% of the amount paid)

Client entertainment:             $100,000 (100% of the amount paid)

Political contribution/lobbying:  $5,000

Advertising:                              $70,000

Taxes & licenses (state, local &

payroll tax; not fed. inc. tax):   $30,000

Life insurance policy on CEO

- premiums:                            $12,000

Federal income taxes:        $250,000

Total expenses incurred $2,297,000

Total Deductible Business Expenses for the year:

Office rent:                                     $50,000

CEO compensation:                 $1,500,000

Salary paid to janitor:                    $20,000

Business meals:                            $15,000 (50% of $30,000)

Client entertainment:                            $0 (0% of $100,000)

Political contribution/lobbying:      $5,000

Advertising:                                  $70,000

Taxes & licenses (state, local &

payroll tax; not fed. inc. tax):       $30,000

Life insurance policy on CEO

- premiums:                                $12,000

Federal income taxes:            $250,000

Total deductible expense = $1,952,000

5 0
3 years ago
This year, Santhosh, a single taxpayer, estimates that his tax liability will be $100,000. Last year, his total tax liability wa
Alekssandra [29.7K]

Answer:

a) Is Santhosh required to increase his withholding or make estimated tax payments this year to avoid the underpayment penalty?

  • No he is not required to make any payments or increase his withholdings because this year's withholdings already represent a 133% increase with respect to last year's tax liability. If the withholdings for the current are over 100% last year's tax liability, then the taxpayer doesn't need to make any further adjustments in order to avoid underpayment penalties.

b) By how much, if any, must Santhosh increase his withholding and/or estimated tax payments for the year to avoid underpayment penalties?

  • $0

6 0
3 years ago
Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern
mario62 [17]

Answer:

Total cash collection May= $60,000

Explanation:

Giving the following information:

Cash collection:

30% are collected in the month of sale

60% are collected in the first month after sale

10% are collected in the second month after sale.

Sales:

April= $60,000

May= $80,000

<u>We need to calculate the cash collection for May:</u>

Cash collection:

Sales in cash May= (80,000*0.3)= 24,000

Sales in account from April= (60,000*0.6)= 36,000

Total cash collection May= $60,000

7 0
3 years ago
The R-W-W Framework is used to screen new products. R-W-W stands for:
finlep [7]

Answer: 1. W: Is it worth doing?,2. R: Is it real, 3. R: Is it real, 4. W: Can we win?,5.W: Can we win?-

Explanation:The R-W-W Framework is used to screen new products. R-W-W stands for:

Is it Real?

Can we Win?

Is it Worth doing?  By matching each description to nthe correct R-W-W category, i have that

1) The new product would cost $12.50 to manufacture, and similar products sell for $9.00----- W: Is it worth doing?

2)Research shows that 85% of high school students enjoyed playing the new game.-----R: Is it real

3)The results of the last market survey showed only 35% of consumers were interested in the new product-----. R: Is it real?

4)A smaller ergonomic mouse was used by 57% of data entry clerks who participated in the survey. ----W: Can we win?-

5)To manufacture the new product, the company may need to hire 10 more assemblers.-----W: Can we win?

3 0
3 years ago
To verify the quality and integrity of completed visuals ask yourself all of the following questions, except
kupik [55]

In order to verify the quality and integrity of completes visuals, you should NOT ask yourself the question “Is the visual doing the job?”

<span>One needs to ensure visual and textual flow in order to have successful integration with text involves for decisions.</span>

7 0
3 years ago
Read 2 more answers
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