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
AVprozaik [17]
3 years ago
11

Bali Inc. reported $605,800 net income before tax on this year’s financial statements prepared in accordance with GAAP. The co

rporation’s records reveal the following information.
• Depreciation expense per books was $53,000, and MACRS depreciation was $27,400.

• Bali sold business equipment for $100,000 cash. The original cost of the equipment was $125,000. Book accumulated depreciation through date of sale was $48,000, and MACRS accumulated depreciation through date of sale was $63,000.

• Bali sold investment land to Coroda, a corporation owned by the same person that owns Bali. The amount realized on sale was $115,000, and Bali’s basis in the land was $40,000.

• Bali sold marketable securities to its sole shareholder. The amount realized on sale was $51,450, and Bali’s basis in the securities was $75,000. Compute ZEJ’s taxable income.
Business
1 answer:
kodGreya [7K]3 years ago
4 0

Answer:

$669,950

Explanation:

Computation of taxable income

Bali’s net book income before tax$605,800 Excess of book over tax depreciation25,600

Book gain on equipment sale$(23,000)

(53,000-27,400)

Tax gain on equipment sale38,000 15,000

(23,000-38,000=15,000)

Nondeductible loss on sale to related party 23,550

(75,000-51,450)

Taxable income$669,950

(605,800+25,600+15,000+23,550)

Therefore the taxable income will be $669,950

You might be interested in
Suppose that the required reserve ratio is 20 percent for commercial banks and there are currently no excess reserves. Then, one
zysi [14]

Answer:

The amount of money created will be $1,250,000

Explanation:

In order to find the maximum amount of money that will be created in the banking system as a result of a deposit, we need to find the money multiplier.

Multiplier = 1/reserve ration = 1/0.2 = 5

The amount of money created = Multiplier *Initial deposit

Amount of money created = 5* 250,000

= 1,250,000

4 0
3 years ago
Connie Cole works as a junior market analyst at SPS Services. Her previous manager retired a couple of months back, and she now
inessss [21]

Answer:

Sexual Harassment

Explanation:

Based on the information provided within the question in regards to the situation at hand it can be said that Connie's experiences are best described as Sexual Harassment. This term refers to when another person exhibits inappropriate sexual remarks or behavior towards you in a professional or social situation. Which is what Connie's boss is doing by making inappropriate sexual advances towards here after she explicitly told him to stop.

If you have any more questions feel free to ask away at Brainly

7 0
2 years ago
Al Smith, who lives in Territory 5, carries 10/20/5 compulsory liability insurance along with optional collision that has a $300
photoshop1234 [79]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

5 0
3 years ago
Which of the following statements about credit scores is TRUE? A Credit scores reflect how likely individuals are to repay their
alex41 [277]
I believe it would be D. all of the above
6 0
2 years ago
_____ are any aspects of a good or service that a customer must believe in but cannot personally evaluate even after purchase an
34kurt

Answer:

Credence Attributes

Explanation:

A credence good or service is a type of good/service with qualities that cannot be observed by the consumer after purchase, making it difficult to assess its level of satisfaction.  Examples include expert services such as Tax advisory services, medical procedures, automobile repairs, and dietary supplements.

Because the quality of these products or service are unobservant through search or experience some providers tend to charge consumers at a premium for their provision.

3 0
3 years ago
Other questions:
  • Mr. Wise is retiring In 25 years He would like to accumulate $1,000.000 for his retirement fund by then He plans make equal mont
    8·1 answer
  • The amount of net income shown on a multi-step income statement will differ from the amount of net income shown on a single-step
    9·1 answer
  • Frany and Frank live in southern Alabama where winters are normally fairly mild. Last January, during an unusually cold spell, t
    14·1 answer
  • If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 t
    9·1 answer
  • Jan Carlzon, former president of Scandinavian Airlines (SAS), has said that one of the greatest fears executives have is that em
    15·1 answer
  • What is not a duty the agent owes the principal?
    9·1 answer
  • Toby Company has budgeted three hours of direct labor per recliner at a standard cost of $30 per hour. During January, 650 actua
    15·1 answer
  • France, Bolivia, and Taiwan Select one: a. have a comparative advantage in some products b. have a comparative advantage in five
    8·1 answer
  • Lasseter Corporation has provided its contribution format income statement for August. The company produces and sells a single p
    15·1 answer
  • What is a public corporation
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!