A. Billed customers for fees earned, $112,700.

Whindy Corporation, an S corporation, reports a recognized built-in gain of $80,000 and a recognized built-in loss of $10,000 th

mihalych1998 [28]

Answer:

Built-in gains tax is $13,020 .

Explanation:

The built-in gains tax is one levied against an S corporation that used to be a C corporation, or received assets from a C corporation.

Here,

Gain= $80,000

Loss= $10,000

Holds= $8,000

Income= $65,000

Corporate tax= 21%

To calculate the built-in gains tax, we will need to calculate the net gain of the corporation and multiply it by the tax rate.

= Built-in-gain - built-in-loss - unexpired NOL

80,000 - 10,000 - 8,000 = 62,000

Then

62,000 x 0.21 tax rate = 13,020

= 13,020

4 0

2 years ago

Which contractual standard for product safety and liability says that buyers chose to make purchases and therefore every purchas

taurus [48]

The contractual standard for product safety and liability that says the buyer chose to make the purchases and knows the each purchase involves informed consent is often referred to as the standard of caveat emptor. This is simply a warning that lets the buyer know and understand the product is sold as is and is subject to all defects. Basically, another way of saying buyer be ware.

3 0

3 years ago

A disadvantage to joining a family business is that _____.

miv72 [106K]

A disadvantage to joining a family business is that: c. one individual must take on all of the financing responsibilities.
Another disadvantage are you can feel trapped, you have no oppurtunity to advancement.

hope this help

4 0

2 years ago

Read 2 more answers

The chart indicates the tasks of four individuals who work in the Education and Training career cluster.

kondaur [170]

I believe the answer is D, as Tammy creates new ways to become a better teacher, Vannia speaks with parents and the school board, and Alcott Meets with the school board regarding changes in budgets making them administration and administrative support pathway and Stefan belongs to the supportive services as he is dealing with scholarship information and testing info.

7 0

3 years ago

Read 2 more answers

Kennedy Company reports the following costs and expenses in May.

mamaluj [8]

Answer:

a. $161,350

b. $398,050

c. $81,140

Explanation:

Total amount of manufacturing overhead

Factory utilities $16,500

Depreciation on factory equipment $12,650

Indirect factory labor $48,900

Indirect materials $70,800

Factory manager's salary $8,000

Property taxes on factory building $2,500

Factory repairs $2,000

Total $161,350

Note : Manufacturing Overheads are Indirect Manufacturing Costs that can not be easily traced to the Product being manufactured.

The total amount of product costs

Direct materials used $157,600

Direct labor $79,100

Manufacturing Overhead $161,350

Total $398,050

Note : Product Costs are Direct Manufacturing Costs that can be easily traced to the Product being manufactured.

The total amount of period costs

Depreciation on delivery trucks $3,800

Sales salaries $48,400

Repairs to office equipment $1,300

Advertising $23,000

Office supplies used $4,640

Total $81,140

Note : All Non Manufacturing Costs are Period Cost. Period Costs are expensed in the Income Statement.

4 0

2 years ago