1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
katovenus [111]
3 years ago
14

In its first year, Barsky Corporation made charitable contributions totaling $30,000. The corporation's taxable income before an

y charitable contribution deduction was $250,000. In its second year, Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000. Assume neither year is 2020. Required: Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year
Business
1 answer:
Wewaii [24]3 years ago
5 0

Answer:

Year 1:

total income before charitable contributions = $250,000

limit on charitable contributions = $250,000 x 10% = $25,000

taxable income after charitable contributions = $250,000 - $25,000 = $225,000

charitable contributions carried forward = $30,000 - $25,000 = $5,000

Year 2:

total income before charitable contributions = $300,000

limit on charitable contributions = $300,000 x 10% = $30,000

taxable income after charitable contributions = $300,000 - $15,000 - $5,000 = $280,000

You might be interested in
A ________ check would be used to restrict the fines for speeding violations from $50 to $250.
snow_lady [41]
Range would be the check that is used to restrict the fines for speeding violations from $50-$250
8 0
3 years ago
As jamal's income rises, his demand for pizza does not change. it follows that, for jamal, pizza is a(n)
irga5000 [103]
<span>The pizza is a neutral good. A neutral good is a good whose demand is not changed even though the income provided by the good is changed. A person's income can go either up or down, but their desire to buy more or less of Jamal's pizza will not change, so pizza sales will not go up or down. Demand and income are not tied to each other.</span>
8 0
3 years ago
The activities buyers and sellers perform to facilitate mutually satisfying exchanges is:
timofeeve [1]

The activities buyers and sellers perform to facilitate mutually satisfying exchanges is marketing

<h3>Buyers and Sellers</h3>

Buyers are those that request for goods and services for consumption purpose while the sellers make goods and services available to the buyers,

Both buyers and sellers carry out activities for mutual benefit of both parties. These activity that is being performed between the parties is known as marketing.

Learn more on marketing here: brainly.com/question/25369230

#SPJ12

3 0
2 years ago
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cash
Misha Larkins [42]

Answer:

A-2 Ratio of real Assets to Total Assets = 0.3

B-2 Ratio of real Assets to Total Assets= 1

C-2 Ratio of real Assets to Total Assets= 0.2

The company has low ratio at the start , increases to full when producing and then again decreases.

Explanation:

The balance sheet after Lanni accepts the Bank Loan. The cash increases and so does the liability increases.

Lanni Products

Balance Sheet

Assets                                                Liabilities & Shareholders' Equity

Cash $ 70,000                                      Bank loan $ 50,000

<u>Computers $30,000                             Shareholders' equity 50,000</u>

<u>Total $      100,000                                                           Total $ 100,000</u>

<u />

A-2 Ratio of real Assets to Total Assets

Real Assets = $ 30,000

Total Assets = $ 100,000

Ratio = 30,000/100,000 = 0.3

B-1

Lanni Products

Balance Sheet

Assets                                                Liabilities & Shareholders' Equity

Software $ 70,000                                      Bank loan $ 50,000

<u>Computers $30,000                             Shareholders' equity 50,000</u>

<u>Total $      100,000                                                           Total $ 100,000</u>

<u />

The software costs $ 70,000. The Balance sheet is as given above and the cash will be replaced by the software.

B-2  Ratio of real Assets to Total Assets

Real Assets = $ 100,000

Total Assets = $ 100,000

Ratio = 100,000/100,000 = 1.0

C-1 The share given are calculated ( 1500 *80= $ 120,000) . And after it accepts the payment the share holder's equity increases and the assets as well.

Lanni Products

Balance Sheet

Assets                                                Liabilities & Shareholders' Equity

Shares  $ 120,000                                      Bank loan $ 50,000

( 1500 *80)

<u>Computers $30,000                             Shareholders' equity 100,000</u>

<u>Total $      150,000                                                           Total $ 150,000</u>

C-2 Ratio of real Assets to Total Assets

Real Assets = $ 30,000

Total Assets = $ 150,000

Ratio = 30,000/150,000 = 0.2

6 0
3 years ago
Rock Solid Concrete Company does not offer customers a cash discount for early payment of their accounts receivable. As a result
eimsori [14]

Answer:

Time value of money

Explanation:

The reason is that the money invested today worth more tomorrow. If we have option to pay our supplier $5m after a year is more suitable option than paying him today. The reason is that the amount paid today will be worth $5m but if we pay our supplier after a year then in real terms we have paid the supplier less because money lost its worth by certain percentage during the year. So paying late makes the liability cheaper required their are no interest or other costs.

3 0
3 years ago
Other questions:
  • Technological advances such as long-range missiles mean that countries can to inflict harm on each other from great distances. r
    9·1 answer
  • Despite facing a struggling economy, abc company offers its employees yoga and healthy cooking classes at lunch and after work.
    11·1 answer
  • Presented below are a number of transactions. Determine whether each transaction affects common stock, dividends, revenue, expen
    5·1 answer
  • Nevada Boot Co. reported net income of $217,400 for its year ended December 31, 2018. Purchases totaled $152,800. Accounts payab
    8·1 answer
  • Marit Brunsell deposited $80,000 at Bank of America at 12% interest compounded quarterly. What is the effective rate (APY)? (Do
    7·1 answer
  • Hey people i need 2 more Brainiest to get Virtuoso i really want to get there if you could help me that would be AMAZING.
    7·2 answers
  • Suppose a construction company enters into a contract to build a warehouse for the hypothetical Vincent Corporation with a contr
    15·1 answer
  • Leftown is a former guest who owes the Munchies Restaurant $750 for a banquet. Restaurant managers have determined that this deb
    11·1 answer
  • If someone is discriminated by a law based on gender, the burden is on the state to show that the law is substantially related t
    14·2 answers
  • If Anna buys a car for $18,000 with a down payment of $2,000 and is given a 3-year loan with an APR of 5 percent and monthly pay
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!