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Ahat [919]
3 years ago
13

When a calendar is made public, then anybody with the calendar's URL can: A. Modify the calendar. B. Delete the calendar. C. Cha

nge the calendar. D.View the calendar. E. Edit the calendar.
Business
1 answer:
Mamont248 [21]3 years ago
8 0

Answer:

edit

Explanation:

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Has the taxpayer in each of the following situations received taxable income? If so, when should the income be recognized? Expla
Thepotemich [5.8K]

Answer:

a. Both Charlotte and Joe have received taxable income with a difference in timing. Charlotte will recognize the income in December while Joe will recognize it in January

b. Ed has received taxable income with a difference in timing. It will be recognized in 2016

c. Dayo has received taxable income with a difference in timing. It will be recognized during the year

d. John has received taxable income for the year.

Explanation:

Lets look at each option and understand how taxable income is determined and how the timing will be determined as well.

a. Through the deal that Charlotte made with Joe, each will receive some form of remuneration that will be considered as income. For Joe, the income is in the form of a will which would generally cost him $3000. For Charlotte, it the income is in the form of a gazebo with the same value of $3000. The income will be recognized on the basis of when it is received by each taxpayer. So far Charlotte, the gazebo was received in December, therefore, the income will be recorded in this year only. Joe on the other hand, received his income in January, therefore, he will record the income next year.

b. In December 2015, the value of the stock increases by $600. However, this capital gain is not recognized as income since unrecognized income such as this is not classified as taxable income for the year. Since Ed continues to possess ownership of the stock in December, no income will be recognized in December. Now, Ed sells the stock in March of 2016 and recorded a gain of $500. The capital that he recovered will not be taxed under the law. The gain that he realized on sale of $500 will count towards taxable income for the year 2016.

c. Dayo will not include the bonus as taxable income for the year. For income to be recorded as taxable income, the associated <em>value</em> needs to be received by the taxpayer. As far as Dayo is concerned, she had not received the value of the bonus in December. The check was lost by the mail room which was an act completely beyond Dayo's control. Had Dayo misplaced the check herself she would have had to recognize the income in December. In this case, however, the taxable income will be recognized in January next year.

d. Two things will happen here. First, John will have to record income received from his drug operations as taxable. Even though the nature of the business is illegal, it is included under the umbrella of income. The taxable income from the drug operations would be to the tune of $60,000 which is the profit. Now as far as unemployment benefits are concerned, they are considered as a substitute for income that a taxpayer may earn from other sources. They are tax deductible up to a certain amount but some of it will be considered taxable. Therefore, both incomes will be recorded as taxable income in the current year.

7 0
3 years ago
Which of the following best describes the goal of economic efficiency?
NeTakaya
<span>Making the most of resources best describes the goal of economic efficiency.</span>
7 0
2 years ago
Read 2 more answers
If a defendant seeks to throw out evidence obtained by law enforcement officers during a search and seizure, and interrogation,
Illusion [34]

Answer:

c) suppression

Explanation:

Suppression describe the lawful or unlawful act of preventing evidence from being shown in a trial.

4 0
3 years ago
Reynolds Manufacturers Inc. has estimated total factory overhead costs of $96,000 and expected direct labor hours of 12,000 for
Ipatiy [6.2K]

Answer:

the work in process should be debited for $13,520 and factory overhead should be credited for $96,000

Explanation:

The computation is shown below;

Work in process is

= $96,000 ÷ 12,000 × 1,690

= $13,520

So here the work in process should be debited for $13,520 and factory overhead should be credited for $96,000

Therefore the same would be considered and relevant

The same is fit to the given situation

6 0
2 years ago
If the marginal cost of production is greater than the average cost, in what direction must the average cost be changing, if any
ziro4ka [17]

Answer:

b) The average cost must be rising.

Explanation:

Assuming that the entity produce 4 units and its total cost is $16 so average cost per unit is $4 and  now the same entity has produced the 5th unit at $5 so the average cost now per unit is (16+5)/5=$4.2

So based on the above discussion, it can be concluded that average cost increase when the marginal cost of production is increased.

So the answer is b) The average cost must be rising.

6 0
3 years ago
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