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katovenus [111]
3 years ago
6

LNS Corporation generated a minimum tax credit of $100,000 in 2017. LNS has a regular tax liability of $80,000 in 2018. How much

of the 2017 minimum tax credit is refundable to LNS in 2018?
Business
1 answer:
erik [133]3 years ago
5 0

Answer:

$10,000

Explanation:

Calculation for How much of the 2017 minimum tax credit is refundable to LNS in 2018

Refundable minimum tax credit=($100,000-$80,000)*50%

Refundable minimum tax credit=$20,000*50%

Refundable minimum tax credit=$10,000

Note that the 50% represent the refund of the minimum tax credit that is still remaining

Therefore How much of the 2017 minimum tax credit is refundable to LNS in 2018 will be $10,000

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Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns
dolphi86 [110]

Answer:

Antique Mall

Journal Entries:

Jan. 4 Debit Accounts Receivable $14,000

Credit Sales Revenue $14,000

credit terms are n/30.

Debit Cost of goods sold $7,000

Credit Inventory $7,000

Jan. 8 Debit Sales Returns $400

Credit Accounts Receivable $400

Debit Damaged Goods $150

Credit Cost of goods sold $150

Jan. 13 Debit Cash $13,600

Credit Accounts Receivable $13,600

Jan. 20 Debit Accounts Receivable $4,900

Credit Sales Revenue $4,900

credit terms are 1/10, n/45, FOB destination.

Debit Cost of goods sold $2,450

Credit Inventory $2,450

Jan. 20 Debit Freight-out Expense $70

Credit Cash $70

Jan. 29 Debit Cash $4,851

Debit Cash Discounts $49

Credit Accounts Receivable $4,900

Explanation:

a) Data and Analysis:

Jan. 4 Accounts Receivable $14,000 Sales Revenue $14,000

credit terms are n/30.

Cost of goods sold $7,000 Inventory $7,000

Jan. 8 Sales Returns $400 Accounts Receivable $400

Damaged Goods $150 Cost of goods sold $150

Jan. 13 Cash $13,600 Accounts Receivable $13,600

Jan. 20 Accounts Receivable $4,900 Sales Revenue $4,900

credit terms are 1/10, n/45, FOB destination.

Cost of goods sold $2,450 Inventory $2,450

Jan. 20 Freight-out Expense $70 Cash $70

Jan. 29 Cash $4,851 Cash Discounts $49 Accounts Receivable $4,900

8 0
3 years ago
Suppose a stock had an initial price of $58 per share, paid a dividend of $1.90 per share during the year, and had an ending sha
posledela

Answer: Dividend yield is 3.3%

Capital gains yield is 17.24%

Explanation:

Dividend yield is given as the ratio of annual dividend per share and stock's price per share.

Dividend per share = $1.9

Share price = $58

Dividend yield = 1.9/58 = 0.033 or 3.3%

Capital gain yield is the appreciation in the price of a stock expressed as a percentage.

Capital gain yield = (current price – original price) / original price x 100

Current price = $68

Original price = $58

CGY = (68-58)/58 * 100 = (10/58)*100 = 17.24%

4 0
2 years ago
Olessa, single and age 60, sells her home for $540,000 after living there for 20 years. Her adjusted basis in that home was $220
Karo-lina-s [1.5K]

Answer:

Net gain = $60,000

Explanation:

Given:

Sale value of house = $540,000

Adjusted value = $220,000

Selling expenses = $10,000

Computation of gross profit on the house:

Gross profit on sale = Sale value of house - Adjusted value - Selling expenses

Gross profit on sale = $540,000 - $220,000 - $10,000

Gross profit on sale = $310,000

Maximum limit on gain from sale of house = $250,000(Form number 1040, Schedule D)

Computation of net gain:

Net gain = $310,000 - $250,000

Net gain = $60,000

7 0
2 years ago
Anyone wanna play warzone :)
Alexxandr [17]

Answer:

i will destroy you

Explanation:

i am the goat at that game and 2K 20

7 0
3 years ago
Read 2 more answers
When the economy is doing badly, which of the following workers is NOT likely to have fewer customers or patients who want their
Vladimir [108]
A nurse because while the economy is doing bad the nurse will always have patient 
8 0
3 years ago
Read 2 more answers
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