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andre [41]
3 years ago
9

On January 2, 2020, Orange Corporation purchased equipment for $300,000 with an ADS recovery period of 10 years and a MACRS usef

ul life of 7 years. Section 179 was not elected. MACRS depreciation properly claimed on the asset, including depreciation in the year of sale, totaled $79,605. The equipment was sold on July 1, 2021, for $290,000. As a result of the sale, the adjustment to taxable income needed to arrive at current E & P is:_________
a. No adjustment is required.
b. Increase $49,605.
c. Decrease $79,605.
d. Decrease $49,605,
Business
1 answer:
Sveta_85 [38]3 years ago
4 0

Answer:

decrease $49,605

Explanation:

corporation purchased eqipment = $ 300000

ADS recovery period = 10 years

MACRS useful life of 7 years

th eequipment sold for $290,000

The result is option d. Decrease $ 49,605

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A customer has invested a total of $10,000 in a nonqualified deferred annuity through a payroll deduction plan offered by the sc
Blababa [14]

Answer:

On $6000 amount customer be taxed

Explanation:

given data

total invest = $10000

current value = $16000

to find out

On what amount customer be taxed

solution

we know customer is invest here total $10000 and

current value is now $16000

so we can say that here payment non qualified deferred, annuity  after tax

so tax are paid of earning

so earning =  current value - invest

earning = 16000 - 10000

earning = $6000

so on $6000 amount customer be taxed

3 0
2 years ago
Period costs are a.classified as direct labor, direct material, or factory overhead b.not involved in the production process c.f
goldfiish [28.3K]

Answer:

Not involved In the production process

Eg. Selling expenses or advertising expenses

3 0
3 years ago
PLEASE HELPP!!
ICE Princess25 [194]

Answer:

Explanation:

what do you need help with', though

3 0
2 years ago
Suppose the tax rate on the first​ $10,000 income is 0​ percent; 10 percent on the next​ $20,000; 20 percent on the next​ $20,00
olasank [31]
  <span>Family A: marginal rate 20%, average rate 10%</span><span> 

Family B: marginal rate 40%, average rate 23% </span><span>

The marginal tax rate is the rate paid on the last dollar of income; this would be whatever tax bracket the family is in. The average price is the total tax divided by the total revenue. </span><span>

Family A: </span><span>
</span><span>
total income $40,000: this includes $10,000 at 0%, $20,000 at 10% (tax of $2,000), and $10,000 at 20% (tax of $2,000). The last rate paid is 20% so that is the marginal rate; the total tax paid is $4,000, divide that by $40,000 total income, that is the average rate. </span><span>

Family B: </span><span>
</span><span>
total income $100,000: this includes $10,000 at 0%, $20,000 at 10% (tax of $2,000), $20,000 at 20% (tax of $4,000), $30,000 at 30% (tax of $9,000), and $20,000 at 40% (tax of $8,000). The last rate paid is 40% so that is the marginal rate; the total tax paid is $23,000, divide that by $100,000 total income, that is the average rate.</span>
5 0
3 years ago
Bluestone Company had three intangible assets at the end of the current year:
adoni [48]

Answer and Explanation:

The computation is shown below:

1) Calculation of the acquisition cost is

Patent = $4,000

Trademark = $210,000 + $8,500 = $218,500

Licensing Rights = $80,000

2) Computation the amortization expense is  

Patent = $4,000 ÷ 10 = $400

Trademark = $218,500 ÷ 10 = $21,850

Here we assume the indefinite life of 10 years  

Licensing Rights = $80,000 ÷ 5 = $16,000

3)

Income statement:

Amortization expense  $38,250 ($400 + $21,850 + $16,000)

Balance sheet at year end december:

Fixed assets

Intangibles

Patent         $3600 ($4,000 - $400)

Trademark  $196,650 ($218,500 - $21,850)

Licensing Rights  $64,000 ($80,000 - $64,000)

8 0
2 years ago
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