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Mrrafil [7]
2 years ago
15

On May 30, 2018, Jane purchased a factory building to use for her business. In August 2019, Jane paid $300,000 for improvements

to the building. Determine Jane's total deduction with respect to the building improvements for 2019.
Business
1 answer:
PilotLPTM [1.2K]2 years ago
3 0

Answer:

$2,889

Explanation:

We need to use the MACRS cost recovery schedule for business property (39 years) placed on service during the 8th month = 0.963%

Jane's total deduction = total cost of improvements x depreciation schedule = $300,000 x 0.963% = $2,889

Modified accelerated cost recovery system (MACRS) is the depreciation method established by the IRS to calculate tax deductions based on asset  depreciation.

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Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021: Operating income
stepan [7]

Answer:

$63,750 and $80,500, respectively.

Explanation:

Operating income : 255,000 x 0.25   =  63,750

Discontinued:   67,000 x   0.25 =    16,750

The Operation Income will be disclosure the pre-tax incoem tax expense adn after-tax result

While, the discontinued operation will be disclosure after-tax therefore it will not be stated in the income statement their amount of income tax

However, the company will have to pay those taxes the total income tax will be the sum of both.

7 0
3 years ago
Three years after graduating from​ college, you get a promotion and a 16 percent raise. Your consumption habits change according
svlad2 [7]

Answer:

B. Inferior good

Explanation:

In this case, total income increased because of the promotion and a 16 percent raise. Because of this, the consumption of frozen hot dogs decreased. If the demand for a good or service decreases due to an increase in income, then this is an inferior good. This kind of goods are the opposite of normal goods, because the demand for those increase when there is an increase in income.

7 0
3 years ago
Read 2 more answers
Sirah runs a housecleaning service. She wants her employees to be highly efficient, cleaning a certain number of houses each day
romanna [79]

Answer:

transactional

Explanation:

Transactional leadership includes day-to-day performance and monitoring with respect to the focus on the organization related to the supervision and compliance of rules and regulations via rewards and retribution.

Since in the given situation it is mentioned that they have to clean the houses each day and perform the work accordingly so it would be transactional leadership style

4 0
3 years ago
In which case did the U.S. Supreme Court determine that the federal government did not overstep its bounds under the commerce cl
sukhopar [10]

The U.S. Supreme Court determine that the federal government did not overstep its bounds under the commerce clause when it enacted the Controlled Substances Act of 1970- Gonzalez v. Raich Case

Explanation:

<u>Gonzales v. Raich</u> was a case in which Raich was permitted  to grow and use Marijuana for medical purposes but the federal agents seized the marijuana plantation and destroyed it.

<u>Raich  then seeked action under  the federal Comprehensive Drug Abuse Prevention and Control Act (CFA). In the decision taken by the U.S Supreme court under the commerce clause of the US Constitution,that the congress has the power to criminalize the use and production of home-grown marijuana even if state law allows its use for medicinal purposes.</u>

6 0
3 years ago
Hagy Corporation has an activity-based costing system with three activity cost pools--Processing, Setting Up, and Other. The com
Katyanochek1 [597]

Answer:

$112,000

Explanation:

The computation of using activity based costing for overhead costs to activity cost pools is below:-

Factory utilities for processing

= $99,000 × 0.30

= $29,700

Factory utilities for Setting up

= $99,000 × 0.50

= $49,500

Factory utilities for others

= $99,000 × 0.20

= $19,800

Total = $99,000

Indirect Labor for processing

= $13,000 × 0.20

= $2,600

Indirect labor for setting up

= $13,000 × 0.30

= $3,900

Indirect labor for others

= $13,000 × 0.50

= $6,500

Total = $13,000

Overhead costs = $99,000 + $13,000

= $112,000

3 0
3 years ago
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