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
omeli [17]
2 years ago
7

Elk, a C corporation, has $370,000 operating income and $290,000 operating expenses during the current year. In addition, Elk ha

s a $10,000 long-term capital gain and a $17,000 short-term capital loss. Elk's taxable income is:
Business
1 answer:
pychu [463]2 years ago
4 0

Answer:

$80,000

Explanation:

Calculation to determine what Elk's taxable income is:

Using this formula

Taxable income=Operating income-Operating expenses

Let plug in the formula

Taxable income=$370,000-$290,000

Taxable income=$80,000

Therefore Elk's taxable income is:$80,000

You might be interested in
On March 1, 2019, Baltimore Company's beginning work in process inventory had 9,500 units. This is its only production departmen
777dan777 [17]

Answer:

Total Equivalent Units  direct materials     25200  

Total Equivalent Units  conversion costs   20,000

Explanation:

Baltimore Company

Beginning work in process inventory  9,500 units

Units Started 25,200 units

Less Ending WIP inventory 8,600 units

Units Finished   16,600

Particulars         Units           % of Completion         Equivalent Units

                                     Mat. Conversion Costs     Mat. Conversion Costs

Ending W. I.P,    8600         100        (40%)            8,600       3440

<u>Completed        16,600       100         100             16,600        16,600</u>

<u>  Total Equivalent Units                                          25200      20,000</u>

First we find the Completed Units by subtracting the ending work in process from the units started. The Equivalents units can be calculated by either adding the beginning work in process and units started or by adding Ending Wip and completed  units.  By doing the both calculations we get the same number of equivalent units.

6 0
3 years ago
Which factor would not cause the demand curve for green tea to shift to the right? a decrease in the price of green tea a decrea
ratelena [41]
the answer i<span>a decrease in the price of green tea</span>
A demnad curve will shift to the right if the product is experiencing an increase in demand. 
research that show a positive result of consuming the product,  and the reduction of complement product would increase the overall demand of that product.

Reduction in the product's price usually followed by the reduction in supply and does not guarantee the demand curve to move to the right.
8 0
3 years ago
Read 2 more answers
The top managers of Promedium Inc. are creating a master budget for the company. They require a statement of the budget goals fr
Anettt [7]

Answer:

The correct answer is budget slack.

Explanation:

Budget slack occurs in a company when one or more people with budgetary responsibility create a budget that overestimates expenses and / or underestimates projected income or income.

Intentional budget slack can occur because a manager feels under the weapon to "make their numbers", often in response to previous quarters where revenues fell below projections and, more importantly, did not meet expectations of the owners or shareholders.

4 0
3 years ago
How does techonology contribute the development of our economy?​
Romashka-Z-Leto [24]

Answer:

it's very important question because ppl focuses on investment they no think its profit or not people also contribute in theory which make advance machinery and helps to go rich the society

3 0
3 years ago
Read 2 more answers
On January 1, 2018, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and
Aleonysh [2.5K]

Answer:

Date                    Interest      Interest        Amortization       Bond's

                          payment    expense      bond discount     book value

Jan. 1, 2018                                                                            457,102

June 30, 2018    22,500     23,572.45     1,072.45             458,174.45

Dec. 31, 2018      22,500     23,572.45     1,072.45             459,246.90

Assuming you are using a straight line amortization of bond discount, then the amortization per coupon payment = $42,898 / 40 = $1,072.45

January 1, 2018, bonds are issued

Dr Cash 457,102

Dr Discount on bonds payable 42,898

   Cr Bonds payable 500,000

June 30, 2021, first coupon payment

Dr Interest expense 23,572.45

    Cr Cash 22,500

    Cr Discount on bonds payable 1,072.45

December 31, 2021, second coupon payment

Dr Interest expense 23,572.45

    Cr Cash 22,500

    Cr Discount on bonds payable 1,072.45

If the company uses the effective interest method, the numbers vary a little:

amortization of bond discount on first coupon payment:

($457,102 x 5%) - ($500,000 x 4.5%) = $22,855.10 - $22,500 = $355.10

Journal entry to record first coupon payment:

Dr Interest expense 22,855.10

    Cr Cash 22,500

    Cr Discount on bonds payable 355.10

amortization of bond discount on second coupon payment:

($458,174.45 x 5%) - ($400,000 x 4.5%) = $22,908.72 - $22,500 = $408.72

Journal entry to record second coupon payment:

Dr Interest expense 22,908.72

    Cr Cash 22,500

    Cr Discount on bonds payable 408.72

7 0
3 years ago
Other questions:
  • Suppose that Tony Hsieh noticed that Zappos’s customers were no longer willing tov pay full retail prices on shoes. What actions
    12·1 answer
  • On December 15, 2021, Rigsby Sales Co. sold a tract of land that cost $3,500,000 for $5,000,000. Rigsby appropriately uses the i
    5·1 answer
  • According to the Bureau of Labor Statistics, in calendar year 2000, the average duration of unemployment was 12.7 weeks, with a
    7·1 answer
  • Liabilities are items you own that have value.<br> true<br> false
    11·2 answers
  • 1. One of the major changes resulting from managed care is the requirement of providers to assume accountability for: A. The tre
    10·1 answer
  • The only way to establish a cause-and-effect relationship between two variables is to conduct a(n) ________. experiment
    7·1 answer
  • Monica Smith was unemployed because the steel company, where she worked, closed and moved overseas to a foreign country. Other s
    5·1 answer
  • Factorize the following algebraic expressions.<br>m²-64n⁴​
    10·1 answer
  • Say that transaction costs are high because there are many parties to a property use dispute. If the externality is caused by, s
    15·1 answer
  • The Coca-Cola Company uses a job-order costing system. True or False: Job-order costing uses the actual direct materials cost of
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!