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11Alexandr11 [23.1K]
4 years ago
12

Sky Corp. was a wholly owned subsidiary of Jet Corp. Both corporations were domestic C corporations. Jet received a liquidating

distribution of property in cancellation of its Sky stock when Jet’s tax basis in Sky stock was $100,000. The distributed property had an adjusted basis of $135,000 and a fair market value of $250,000. What amount of taxable gain did Jet, the parent corporation, recognize on the receipt of the property?
Business
1 answer:
Varvara68 [4.7K]4 years ago
3 0

Answer:

The amount of taxable gain os $0, upon the liquidity of the Corporation

Explanation:

Sky Corp. is the wholly owned subsidiary, so , in the process of complete liquidation of the controlled subsidiary, will not recognized any gain or loss into the parent corporation which is Jet Corp.

So, the amount of taxable gain will be $0, which means no gain or loss recognized.

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Total Product Cost and Per-Unit Product Cost Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint,
Westkost [7]

Answer:

Total production cost: $121,000

Unit cost: 17,2857 = $17.29

Explanation:

the unit cost will be the result of dividing the total unit putput by the cost added into the manufacturing process to generate that ouput.

material cost + labor cost + overhead cost = total cost

26,000 + 20,000 + 70,000 = 121,000

<em><u>Then we divide over the total output</u></em>

121,000 / 7,000 = 17,2857

6 0
4 years ago
You earn a salary of $52,000 per year and get paid biweekly. Calculate
Andru [333]

Answer:

$2,166.60

Explanation:

Divide the salary by 12 months that are in a year, then divide my 2 because bi-weekly is every 2 weeks.

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3 years ago
Randy’s Pizza delivers pizzas to dormitories and apartments near a major state university. The company's annual fixed costs are
marusya05 [52]

Answer:

Please see answers below

Explanation:

A. For break even point

= fixed expenses - Contribution margin per unit

Where,

Contribution margin per unit = Sales per unit - Variable cost per unit

= $11 - $4

= $7

Therefore,

Break even points in unit = $58,800 ÷ $7

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B. Target profit

The break even point = Fixed costs expenses + Target profit / Contribution margin per unit

= ($58,800 + $54,000) / $7

= $112,800 / $7

= 16,114 pizzas

C. Margin of safety in dollars

= (Total sales - Break even in sales) * Selling price per unit

= ( 9,900 - 8,400 ) * $11

= 1,500 * $11

= $16,500

D. Contribution margin in lay man's term.

Contribution margin is when a firm makes or produces a product and then sold it, the difference that is left after deducting variable costs(costs associated with the sales like cost of raw materials used in producing the product) from the the sales of such product is the contribution margin.

4 0
4 years ago
QUESTION 15 Following is Stanley Black &amp; Decker’s income statement for 2016 (in millions): STANLEY BLACK &amp; DECKER, INC.
kramer

Answer:

C. 37.4%

Explanation:

The computation of the gross profit margin is shown below:

Gross profit margin is

= Gross profit ÷ Sale revenue × 100

= $4,267.2 ÷ $11,406.90 × 100

= 37.4%

By dividing the gross profit by the sales revenue we can get the gross profit margin.

It is always expressed in a percentage form

All the other information which is given in the question is not relevant. Hence, ignored it

8 0
3 years ago
If an organization considers its IS organization as a game changer, then its strategy would be to use IS to achieve competitive
Bad White [126]

Answer:

The answer is false, letter B

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