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Harrizon [31]
3 years ago
13

Mark owns 50% of an S corporation, Wick, Inc., and has a basis in that corporation of $3,000 at the beginning of Year 1. At the

end of Year 1, Wick reports ordinary income of $2,000 (before considering distributions) and makes a distribution to Mark of a truck with an adjusted basis of $5,000 and a fair market value of $7,000. How much income must Mark report on his personal Year 1 return as a result of this distribution
Business
1 answer:
Over [174]3 years ago
6 0

Answer:

$3,000

Explanation:

Mark's basis at the beginning of the year = $3,000

Mark's share of Wick's income = $2,000 x 50% = $1,000

the distribution of the truck = $5,000

Mark's taxable income = basis - share of profits - truck's basis = $3,000 - $1,000 - $5,000 = -$3,000, so Mark has to report a $3,000 income from this distribution.

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Assume December 31 is a Wednesday. Weld-Rite Company’s wages are paid every Friday, and the weekly payroll (for five days) amoun
AlexFokin [52]

Answer:

Please see explanation

Explanation:

The following journal entry shall be recorded in the accounts of Weld-Rite Company  in respect of salaries expense to be accrued as at December 31:

                                                           Debit                Credit

Salaries expense                              $3,600

(6,000/5*3)                                                                

Salaries payable                                                         $3,600

4 0
3 years ago
The expected value of each course of action in a decision tree is determined by starting at the beginning of the tree (the left-
zvonat [6]

Answer:

False

Explanation:

The expected value of each course of action in a decision tree is not determined by starting at the beginning of the tree, instead it is a process because you need to make a desition and in some extend you espect to have some results but  some of them are uncertain or unespected. in this kind of scheme Squares represent decisions, and circles represent uncertain outcomes. Then you need to calcule the desition nodes giving each option a cost or value, This will give you a value that represents the benefit of each decision. at the end calculating choose the option that has the largest benefit, and take that as the decision made. This is the value of that decision node.

5 0
4 years ago
How do i get my grade higher.60-80 and 70-80
balu736 [363]
You can always makeup work that you got a low grade on. You can do extra credit or finish the work you haven’t turned in (if you have anything) :)
8 0
3 years ago
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Aside from advertising, how can monopolistically
kobusy [5.1K]
<span>This type of marketing is known as imperfect competition as many companies are selling similar products, but the products aren’t similar enough to compete with each other in the market. One way that a company in this type of market can get the most for their money is by producing goods that have a marginal revenue that equals the marginal cost. The company also can continue to develop new products in order to keep us with the demands of its customers. In order to increase the demand for their product, the company may improve its quality and design in order to make it more useful for its customers.</span>
6 0
3 years ago
Bob makes his first $ 800 deposit into an IRA earning 7.4 % compounded annually on his 24th birthday and his last $ 800 deposit
Likurg_2 [28]

Answer:The answer is $17,387.67

Explanation:

Let Principal = P, Rate = R% per annum, Time = n years

Amount = P ( 1 + R/100)∧n

P = $800, R = 7.4%, n = 24

A = 800 ( 1 + 7.4/100)∧24

A = 800 ( 1 + 0.074)∧24

A = 800 ( 1 .074)∧24

A = 800 (5.547569512)

A = 800× 5.5475569512

A = $4,438.05

Deposit made at 39th birthday

P = $800, R = 7.4%, n = 39

A = 800 ( 1 + 7.4/100)∧39

A = 800 (1 + 0.074)∧39

A = 800 (1.074)∧39

A = 800 (16.187022604)

A = 800× 16.187022604

A = $12,949.62

How much is in the IRA when Bob retires will be

$4,438.05 + 12,949.62

= $17,387.67

6 0
4 years ago
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