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Shkiper50 [21]
3 years ago
8

Jay received the following fair market value amounts during the current year: Interest on Montgomery County bonds (used to build

a bridge) $100 Interest on U.S. Treasury notes $200 Gain on sale of Montgomery County bonds $300 Common stock dividend in IBM Corporation common stock (no cash option) $400 What amount of taxable income should Jay report from these amounts
Business
1 answer:
UNO [17]3 years ago
6 0

Answer:

$300

Explanation:

Given that :

Jay received the following fair market value amounts during the current year:

Interest on Montgomery County bonds

(used to build a bridge)                                                $100

Interest on U.S. Treasury notes                                   $200

Gain on sale of Montgomery County bonds               $300

Common stock dividend in IBM Corporation

- common stock (no cash option)                                   $400

From the above amounts that Jay received during the current year;

The following are free from an obligation and liability imposed as a result of tax.

1. Interest on Montgomery County bonds (used to build a bridge)

2. Interest on U.S. Treasury notes

3. Common stock dividend in IBM Corporation  common stock (no cash option)

So; we can say they are not taxable

BUT only Gain on sale of Montgomery County bonds which is $300 only taxable

Thus, The amount of taxable income  Jay should  report from the above  amounts is $300

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Workhorse Air Crane Corporation employs aircraft mechanics, computer programmers, outside salespersons, and professionals, including pilots. Employees exempt from the Fair Labor Standards Act's overtime provisions include all of the following except​ (A) aircraft mechanics

Explanation:

Section 13(a)(1) of the <u>Fair Labor Standards Act's-FLSA</u> provides an exemption from both minimum wage and  overtime pay for employees who are employed as<u> bonafide executive, administrative, professional and  outside sales employees. </u>

Section 13(a)(1) and Section 13(a)(17) of <u>Fair Labor Standards Act's </u>also exempt certain computer  employees.

To qualify for exemption under the <u>Fair Labor Standards Act</u> , employees generally must meet certain tests regarding their  job duties and be paid on a salary basis at not less than $684* per week.

6 0
2 years ago
Strickland Company owes $202,900 plus $18,600 of accrued interest to Moran State Bank. The debt is a 10-year, 10% note. During 2
Vesnalui [34]

Answer:

a.                     Strickland Company (Debtor)

Date  Account Title and Calculation                   Debit         Credit

          Notes payable                                          $202,900

          Interest payable                                        $18,600

          Accumulated depreciation (Machine)      $218,689

                    Machine                                                             $397,600

                    Gain on disposition of machine                        $7,080

                     (186,000 + 397,000 - 218,680)

                    Gain on debt restructuring                                 $35,500

                    [(202,900 + 18,600) - 186,000]

                       Moran State Bank (Creditor)

Date  Account Title and Calculation          Debit         Credit

         Machine                                             $186,000

         Allowance for Doubtful accounts     $35,000

                Notes receivable                                           $202,900

                 Interest receivable                                        $18,600

b. Gain on machine disposition and the gain on debt restructuring should be reported as an ordinary gain in the income statement.

c.                      Strickland Company (Debtor)

Date  Account Title and explanation         Debit         Credit

         Notes payable                                   $202,900

         Interest payable                                 $18,600

                  Common stock                                             $112,000

                   Additional paid-in-capital                            $74,000

                   Gain on debt restructuring                          $35,500

                       Moran State Bank (Creditor)

Date  Account Title and explanation             Debit         Credit

          Investment Trading                             $186,000

           Allowance for Doubtful accounts      $35,500

                     Notes receivable                                          $202,900

                     Interest receivable                                        $18,600

7 0
3 years ago
Terrell urgently needs to take care of some personal business using the internet, but he is afraid that he might jeopardize his
blsea [12.9K]

The answer is electronic monitoring.  

In corporations, it is not uncommon to find this policy. What it means is that every single Internet activity that you choose to engage in while using the company’s electronic equipment and Internet connection would be recorded by the company. The purpose of this policy is to discourage employees from using company resources for personal gains.

6 0
3 years ago
Florida has an agreement with some other states which recognizes the similarity in education and experience requirements
babymother [125]

Correct/Complete Question:

Florida has an agreement with some other states which recognizes the similarity in education and experience requirements for licensees. What is the agreement called?

(a) Reciprocity

(b) Mutual recognition

(c) Cooperative licensure

(d) Intrastate licensing

Answer:

B, Mutual recognition

Explanation:

Mutual recognition agreement is an agreement that exists between two or more governments that has all parties agree to recognize each other's assessment results.

As regards the state of Florida in the question, it has mutual recognition agreements with other state(s) in the the area of education and licensing.This means that Florida state has a the process if licensing a real estate agent.

Cheers.

6 0
3 years ago
Whenever Madelyn thinks about being a veterinarian, she experiences a positive, enthusiastic feeling. Because her feeling isn’t
dmitriy555 [2]

Answer:

The correct option is <u>C. intuition</u>

Explanation:

Intuition can be described as a quality in which a person thinks of something to be right due to his/her instinctive feeling. There is no logical reason for that thing to be right but still, a person understands or believes it to be true. For example, in the above question, Madelyn does not have any conscious reasoning for her being a veterinarian yet it just feels right to her. Hence, this is her intuition.

3 0
3 years ago
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