Answer:
$ 48,000
$3,200
Explanation:
Since C corporations are separate taxable entities, Cassowary Corporation will report the operating income and tax-exempt income. An S corporation is a tax reporting entity. Therefore, Barbara will report ordinary business income of $ 48,000 and tax-exempt $ 3,200.
Reason -
Business income = 120,000×40%
=
= $48,000
⇒Business income = $48,000
Tax-exempt = 8,000×40%
=
= $3,200
⇒Tax-exempt = $3,200
Answer:
$ 227,500
Explanation:
given,
total purchase in current year = $ 250,000
Paid freight = $ 4,000
cost to deliver = $7,200
returned made = $ 24,000
Trift took advantage = $ 2,500
inventory = ?
inventory cost = purchases + freight inward - return stock - discount
= $ 250,000 + $ 4,000 - $ 24,000 - $ 2,500
= $ 227,500
the Trift's cost of inventory is equal to $ 227,500
You have a capital gain if you sell the asset for more than your adjusted basis. You have a capital loss if you sell the asset for less than your adjusted basis. Losses from the sale of personal-use property, such as your home or car, aren't tax deductible.
<h3>How are capital gains and losses taxed?</h3>
Capital gains and losses are classified as long term if the asset was held for more than one year, and short term if held for a year or less. Short-term capital gains are taxed as ordinary income at rates up to 37 percent; long-term gains are taxed at lower rates, up to 20 percent.
<h3>Can capital gains be offset by losses?</h3>
Yes, but there are limits. Losses on your investments are first used to offset capital gains of the same type. So, short-term losses are first deducted against short-term gains, and long-term losses are deducted against long-term gains. Net losses of either type can then be deducted against the other kind of gain.
Learn more about capital gains and losses here:
<h3>
brainly.com/question/3163567</h3><h3 /><h3>#SPJ4</h3>
Answer:
2. Rational buying motives
Explanation:
Based on the information provided within the question it can be said that these prospects are driven primarily by rational buying motives. This refers to decisions that are based on logical criteria or made after taking careful consideration of what you want to accomplish as opposed to basing your decision on emotion. Which is what Natalie's customers are doing by wanting features that provide them with what they need such as saving money.
Answer:
Only those transactions that involve cash payments or cash receipts are recorded in the cash journal:
May 1, C. Li contributes cash tot he company
Dr Cash 12,000
Cr C. Li., capital 12,000
May 15, cash received from bank loan
Dr Cash 8,500
Cr Notes payable 8,500
May 18, collections from E. James
Dr Cash 1,250
Cr Accounts receivable 1,250
May 24, merchandise sold to B. Cox
Dr Cash 950
Cr Sales revenue 950
Dr Cost of goods sold 900
Cr Inventory 900
The May 7 and May 9 transactions should be recorded in the sales journal but not in the cash journal since they involve accounts receivables. COGS from May 24 transaction should also be recorded in the cash journal because the sales were on cash.