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
Elodia [21]
3 years ago
6

Kimberly, a single taxpayer, sold three capital assets during September 2019. She sold a collectible painting held five years fo

r a gain of $3,000; stock held three years for a loss of $1,000; and stock held seven years for a gain of $5,000. Kimberly’s ordinary income marginal tax rate is 32% and her Regular LT Capital Gain tax rate is 15%. Compute Kimberly’s additional tax due as a result of these capital transactions.
Business
1 answer:
lawyer [7]3 years ago
5 0

Answer:

$1,050

Explanation:

since these three transactions involved capital gains or losses (investments lasted more than 1 year), they will be taxed using the capital gains tax rate = 15%

total capital gains = $3,000 (painting) + $5,000 (stocks) - $1,000 (other stocks) = $7,000

total taxes due = $7,000 x 15% capital gains tax rate = $1,050

You might be interested in
Marigold Manufacturing uses a flexible budget. It has the following budgeted manufacturing costs for 25800 pairs of shoes: Fixed
olasank [31]

Answer:

$231,200

Explanation:

The computation of the total budgeted manufacturing cost is shown below:

= Fixed Manufacturing Costs + Variable Manufacturing Costs per pair of shoes × number of shows made this month

= $12,300 + $11 × 19,900 shoes

= $12,300 + $218,900

= $231,200

We simply added the Fixed Manufacturing Costs and variable manufacturing cost so that the exact value might arrive.

3 0
3 years ago
On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware
xxMikexx [17]

Answer:

1. Prepare the journal entries to record the development costs in 2021 and 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

December 31, 2021

Dr Research and development expenses 2,300,000

    Cr Cash 2,300,000

February 28, 2022

Dr Research and development expenses 900,000

    Cr Cash 900,000

April 30, 2022

Dr Software development 500,000

    Cr Cash 500,000

2. Calculate the required amortization for 2022. (Enter your answer in whole dollars.)

  • $66,667 (8 months, from May to December)

Explanation:

development costs:

September 30, 2021 to December 31, 2021 = $2,300,000

January 1, 2022 to February 28, 2022 =  $900,000

R&D costs that must be expensed = $3,200,000

R&D costs that can be capitalized (after technological feasibility is obtained) = $500,000

Software developing companies can capitalize costs incurred after technological feasibility but before the software is launched.

Capitalized costs can be amortized over 60 months:

$500,000 x 8/60 = $66,666.67

6 0
3 years ago
​Mid-Town Auto Parts Company uses the direct method to prepare its statement of cash flows. Refer to the following information r
Lera25 [3.4K]

Answer:

Collection from Customers =$487,000

Explanation:

Collection from Customers=account receivable beginning balance+sales revenue-account receivable ending balance

=97000+$519,000-$65,000

=$487,000

7 0
3 years ago
A developer would most likely obtain which of the following types of mortgage on a new subdivision?
ArbitrLikvidat [17]

Answer:

Blanket Mortgage

Explanation:

This type of mortgage would suit developers because of their intention to create many individual parcels out of a large tract of land in order to be resold gradually. Blanket mortgage is a loan type that are used for buying more than one real estate property. This loans are popular with builders and developers because they buy huge lands and sell them in small bits over a period.

7 0
3 years ago
I just turned 18, an I want to apply for a car loan. But as we all know, I don't have credit. I was think of having my mom co si
finlep [7]
Chek on creditcarma its really easy and you can show the people at the car dealership the credit on your phone and yes they would need money down also im not an add

hope this helps
4 0
3 years ago
Read 2 more answers
Other questions:
  • Stephen runs a pet salon. He is currently grooming 120 dogs per week. If instead of grooming 120 dogs, he grooms 121 dogs, he wi
    11·1 answer
  • If fixed costs are $850,000 and the unit contribution margin is $50, profit is zero when 15,000 units are sold.
    9·1 answer
  • Helena mentions that she might "allocate one-third of the revenue that I get from e-commerce into the cost for e-commerce." Whic
    15·2 answers
  • Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $188,000 and appropriately accounted for the inve
    9·1 answer
  • Holly deposited $7,000 in a CD and will get charged penalties if she makes withdrawals within five years. However, she will need
    14·1 answer
  • Observation of infants and toddlers entails
    9·1 answer
  • You have a good friend from india who has done very well as after college. his work in telecommunications has landed him a job t
    7·1 answer
  • The social security deduction is 6.2 percent of a person's salary up to a limit of 102k the medicare deduction ais up to 1.45 pe
    14·1 answer
  • Which of the following statements about the W-4 form is TRUE? (Select all that apply) This form is given to employees on their f
    7·1 answer
  • A new pair of sneakers costs $70 now. what is the cost of the shoes 5 years from now if the price increases 8% per year?
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!