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Sliva [168]
3 years ago
14

Berkeley Corporation has a policy of furnishing new automobiles to the athletic department of the local university. The automobi

les are used for short periods of time by the extremely popular head basketball coach. When the automobiles are returned to Berkeley Corporation, they are sole to regular customers. The owner of Berkeley Corporation maintains that any such cars held for more than one year should qualify as Sec. 1231 property. Do you agree?
Business
1 answer:
xxTIMURxx [149]3 years ago
7 0

Answer:

Berkeley Corporation

No.  I do not agree with the owner of Berkeley Corporation.

Vehicles or automobiles are section 1245 property and not section 1231.

Explanation:

The IRS regards Section 1231 properties to include buildings, machinery, land, timber, and other natural resources, unharvested crops, cattle, livestock, and leaseholds that are held in a business or trade for at least one year.  They are used in trade and not for sale. On the other hand, Section 1245 properties include all depreciable or amortizable tangible personal property, such as furniture, automobiles, and equipment, or other intangible personal property, such as a patent or license.

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Savings bonds differ from most other bonds in that
pantera1 [17]

Answer: They provide a higher rate of return.

They are held for a shorter time. The buyer does not receive periodic interest payments in exchange for a lower purchase price.

5 0
3 years ago
Division B, another division in the company, would like to buy this part from Division A. Division B is presently purchasing the
Annette [7]

Answer:

$29

Explanation:

Calculation to determine what any sales to Division B should be priced no lower than:

First step is to calculate the Profit

Profit = [$30 - ($18 + $3) ]*50,000

Profit= $9 * 50,000

Profit= $450, 000

Second step is to calculate the new variable cost

New variable cost = $18 - $1

New variable cost= $17

Now let determine the any sales to Division B should be priced no lower than:

Let x represent what Division B should be priced no lower than

[x - ($17 + $3) ] * 50000=450000

x - 20 = 450000/50000

x - 20 = 9

x = 9 + 20

Hence:

x = $29

Therefore From the point of view of Division A, any sales to Division B should be priced no lower than:$29

6 0
3 years ago
Mack writes a check to his maid, Marianne, in payment for services rendered. Marianne indorses the check in blank and gives the
Minchanka [31]

Answer:

Explanation:

Mack, Marianne, and Martin

Explanation:

From the question, we are informed about, Mack who writes a check to his maid, Marianne, in payment for services rendered. Marianne indorses the check in blank and gives the check to her masseuse, Janet, in exchange for a neck massage. Without indorsing the check, Janet gives the check to Martin, her newspaper carrier in payment for the next four month's delivery charges. Martin indorses with a special indorsement and negotiates the check to his church, St. Mark. The church indorses the check and deposits it in its bank account. If Mack's bank later dishonors the check. In this case St. Mark's may look for recovery from Mack, Marianne, and Martin. This is because the check was endorsed by three of them and as a result of this anything that happened to the check may be it's not been accepted or other things, they will be held responsible for it since they signed at the back of the check.

5 0
3 years ago
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horsena [70]

Answer:

What would be the impact on January 1, 2015, the date of the sale?

The following journal entries should be made to register the sale:

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  • Dr Accounts Receivable 50,000
  • Cr Sales Revenue 50,000

On January 30, 2015 Outback Subaru Limited received payment in full from the town for the cars.  What would be the impact of this transaction on this date?

The following journal entry should be made to register the payment:

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4 0
3 years ago
Which of the following is true of retaliation in workplaces?
babunello [35]

Answer:

a. employers are prohibited from retaliating against individuals who file discrimination charges

3 0
3 years ago
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