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Aleksandr [31]
2 years ago
11

Beige Corporation, a C corporation, purchases a warehouse on August 1, 2004, for $1,000,000. Straight-line depreciation is taken

in the amount of $411,750 before the property is sold on June 12, 2020, for $1,200,000. What is the amount and character of the gain recognized by Beige on the sale of the realty
Business
1 answer:
denis-greek [22]2 years ago
6 0

Answer:

realized Section 1231 gain = $611,750

Explanation:

book value before the sale is made = $1,000,000 - $411,750 =$588,250

realized Section 1231 gain = selling price - book value = $1,200,000 - $588,250 = $611,750

A Section 1231 gain is realized when a real estate property is sold after the company has held it for more than 1 year.

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Merger Co. has 10 employees, each of whom earns $1,700 per month and has been employed since January 1. FICA Social Security tax
andriy [413]

Answer:

Date            Description                                         Debit                    Credit

March, 31     Payroll Tax expense                       $‭2,320.5‬0

                    FICA Social Security taxes                                             $1,054

                    FICA Medicare taxes                                                      $ 246.50

                    FUTA taxes                                                                      $ 102

                    SUTA taxes                                                                      $ 918

<u>Working </u>

FICA Social Security taxes = 1,700 * 10 * 6.2% = $‭1,054‬

FICA Medicare taxes = 1,700 * 10 * 1.45% = $‭246.5‬0

FUTA Taxes = 1,700 * 10 * 0.6% = $‭102‬

SUTA Taxes = 1,700 * 10 * 5.4% = $‭918‬

Payroll Tax expense = 1,054 + 246.50 + 102 + 918 = $‭2,320.5‬0

7 0
2 years ago
Administrators
rodikova [14]

Answer:

advanced education

Explanation:

just got it right on edge 2020

4 0
2 years ago
Read 2 more answers
Discrimination lawsuits that go to court are very expensive, averaging over $200,000, so a well-crafted ________ can save an emp
frozen [14]

Answer:

Job description.

Explanation:

A job description is an internal document that a firm draws up to describe the responsiblities of a position, the required skill, and job requirements to perform a particular job role.

When a job description is well crafted it shows clearly what is required to hire a person for a job. This will reduce discrimination lawsuits because it will show clearly why a particular candidate was disqualified from the hiring process.

For example if a candidate was disqualified for not having a bachelor's degree, it should be well stated in the job description to avoid discrimination claims.

3 0
3 years ago
Jo is duly notified that her mortgage with Fund All Savings has been transferred to Big Loan Co. and that she should henceforth
Likurg_2 [28]

Answer:

Option D; JO IS LIABLE TO BIG LOAN CO. SINCE SHE RECEIVED A NOTICE FROM THEM ABOUT THE ASSIGNMENT.

Explanation:

A mortgage is a loan provided by a mortgage lender or a bank that enables an individual to purchase a home.

Mortgage payments usually occur on a monthly basis and consist of four main parts: principal, interest, taxes and insurance.

A transfer of mortgage is the reassignment of an existing mortgage, usually on a home, from the current holder to another person or entity.

When mortgage is transferred, two notices will be sent: one from the current mortgage servicer and the other from the new servicer. All payments after the notification will be made to the new servicer.

Since Jo was notified about the reassignment from Fund All Savings to Big loan Co. but still continues to pay Fund All Savings and Big Loan Co. sues Jo for nonpayment. What is most likely to be the court's judgement is that JO IS LIABLE TO BIG LOAN Co. SINCE SHE RECEIVED A NOTICE FROM THEM ABOUT THE ASSIGNMENT.

5 0
3 years ago
True or false. the emotional needs of human infants are as important as their physical needs
Mice21 [21]
True! Instances of babies that are treated poorly both mentally and physically can equally affect the mental health of that child as they grow up.
3 0
3 years ago
Read 2 more answers
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