Help plsssssssssss drag the names next to the correct statements

Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distributio

r-ruslan [8.4K]

Answer:

1. $173,500

2. $ 71,000

Explanation:

Requirement 1: Solution

We can calculate the fair value of new parcel of land just by adding the current market price with additional cash paid to complete the transaction

Fair Value = Current market price + cash paid additionally

Fair Value = $150,000+$23,500

Fair value = $173,500

Requirement 2: Solution

We need to calculate Gain/loss on exchange first in order to record them on books. This can be done by just subtracting the land's book value from the current market price of land

Gain/loss on exchange = Current market price - book value

Gain/loss on exchange = $150,000 - $79,000

Gain/loss on exchange = $71,000

Entries: Debit Credit

New land $173,500

Old land $79000

Cash $23,500

Gain $71,000

5 0

2 years ago

Trying new things on the job is one way of keeping Young

SCORPION-xisa [38]

Interesting...............

7 0

3 years ago

Star Jewelry sells 500 units resulting in $75,000 of sales revenue, $28,000 of variable costs, and $18,000 of fixed costs. The n

antoniya [11.8K]

The <u>number of units</u> that must be sold to achieve $40,000 of operating income is 617 units.

<h3>What is break-even analysis?</h3>

Break-even analysis is an accounting concept that can be used to determine the <u>number of units</u> that must be sold to achieve $40,000 of operating income. This can be computed by using the concept of break-even analysis as follows:

<h3>Data and Calculations:</h3>

Sales units = 500 units

Sales revenue = $75,000

Selling price per unit = $150 ($75,000/500)

Variable costs = $28,000

Variable cost per unit = $56 ($28,000/500)

Contribution margin per unit = $94 ($150 - $56)

Fixed costs = $18,000

Target operating income = $40,000

Break-even point in units to achieve target profit = 617 units ($18,000 + $40,000)/$94

Thus, the <u>number of units</u> that must be sold to achieve $40,000 of operating income is 617 units.

Learn more about break-even analysis at brainly.com/question/21137380

8 0

2 years ago

Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,

tatiyna

Answer:

$24,402.50

Explanation:

Medical expenses can be deducted only if they are above 7.5% of your AGI:

$277,300 x 7.5% = $20,797.50

Medical deductions = $29,000 - $20,797.50 = $8,202.50

Evan can deduct $8,700 in mortgage interests

Total deductions for state and local taxes for a single filer = $5,000

Charitable contributions are also deductible = $2,500

total deductions = $8,202.50 + $8,700 + $5,000 + $2,500 = $24,402.50

6 0

2 years ago

Willow Corp. (a C corporation) reported taxable income before the net operating loss deduction (NOL) in the amount of $100,000 i

egoroff_w [7]

Willow Corp NOL carryover to 2021 (year 4) is $10,000

<h3>How to calculate Willow Corp NOL carryover to year 4</h3>

Year 3 income = $100,000

Carry forward losses:

Year 1 = $50,000
Year 2 = $40,000

Total carry forward losses = $50,000 + $40,000

= $90,000

Eligible carry forward loss = $100,000 × 80%

= $100,000 × 0.8

= $80,000

Willow Corp tax liability in year 3 = $100,000 - $80,000 × 21%

= $20,000 × 21%

= 20,000 × 0.21

= $4,200

Willow Corp NOL carryover to year 4 = Total carry forward losses - Eligible carry forward loss

= $90,000 - $80,000

= $10,000

Learn more about tax:

brainly.com/question/25504231

3 0

2 years ago