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3 years ago

Which of the following is not true of taxable asset purchases?

Business

1 answer:

shutvik [7]3 years ago

6 0

Answer:

e. None of the above

Explanation:

The taxable asset purchases allows the individual to increase or step up the tax basis of acquired assets so as to reflect the price of the purchases made.

If one buy an assets, then he or she wants to allocate total purchase price in a way which gives a favorable postacquisition tax results.

In case of taxable asset purchases, the tax credits or the net operating losses cannot be transferred from the target firm to the acquiring firm.

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An electrical contractor's records during the last five weeks indicate the number of job requests: Week 1 2 3 4 5 Requests 20 22

White raven [17]

Answer:

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Explanation:

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3 years ago

Which of the following statements is correct in connection with the investigation of a business? a.Regardless of whether the tax

jekas [21]

Answer:

c. That business must be related to the taxpayer's present business for any expense ever to be deductible.

Explanation:

If the business is acquired, the expenses may be deducted immediately by a taxpayer engaged in a similar trade or business. The expenses may be deducted regardless of whether the business being investigated is acquired.

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3 years ago

How do fast-food restaurants rationalize the process of providing food to customers, according to Robin Leidner in Fast Food, Fa

Nostrana [21]

According to Robin Leidner, fast-food restaurants rationalize the process of providing food to customers by developing standardized scripts for employees to use when dealing with customers.

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3 years ago

If the market price moves from one point on a demand curve to another point on the curve what has happened to the market demand?

sdas [7]

Answer:

4. The total market demand has not changed

the demand has been adjusted by a change in supply

Explanation:

Movement along a demand curve results from changes in the price of the product. Supply influences price change. Movement along a demand curve means the quantity demanded has increased or decreased due to a price change.

A total change in demand is when the quantity demanded changes at all prices. Changes in customers' preferences or a change in the prices of compliment or supplement products make the entire demand change.

A shift in the demand curve demonstrates a total chan

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3 years ago

Prepare a classified year-end balance sheet, (Note: A $9,000 installment on the long-term note payable is due within one year.)

Katarina [22]

Answer:

Blessinger Co.

Classified Balance Sheet as at December 31, 2017

ASSETS

Non- Current Assets

Office equipment $38,000

Accumulated depreciation-Equipment ($3,200) $34,800

Building $288,000

Accumulated depreciation-Building ($42,000) $246,000

Land $700,000

Total Non Current Assets $980,800

Current Assets

Accounts receivable $27,000

Prepaid Prepaid $15,000

Insurance $9,000

Office supplies $3,300

Cash $112,000

Total Current Assets $166,300

TOTAL ASSETS $1,157,100

EQUITY AND LIABILITIES

LIABILITIES

Current Liabilities

Accounts payable $25,800

Salaries payable $14,500

Interest payable $2,500

Note Payable $9,000

Total Current Liabilities $51,800

Non-Current Liabilities

Long-term note payable ($72,000 - $9,000) $63,000

Total Non- Current Liabilities $63,000

TOTAL LIABILITIES $114,800

EQUITY

P.Blessinger, Capital $910,000

P. Blessinger, Withdrawals ($200,500)

Profit for the Year $332,800

TOTAL EQUITY $1,042,300

TOTAL EQUITY AND LIABILITIES $1,157,100

Explanation:

A Balance Sheet shows the Balance of Assets, Liabilities and Equity as at the Reporting date.

Calculation of Profit for the year :

$ $

Service fees earned 430,800

Less Expenses

Salaries expense 90,000

Insurance expense 5,200

Rent expense 5,000

Depreciation expense-Equipment 800

Depreciation expense-Building 7,000 (108,000)

Profit for the year 332,800

7 0

3 years ago