Answer:
B. $280,000
Explanation:
The capital assets are those assets which are used for the personal purpose, not for the business purpose. The examples of capital assets include personal property, stocks, bonds, clothing, dwelling, etc.
It excludes that property which is used for trade or business purpose like - limousine.
In the given situation, the capital asset would be $280,000 as it owns for personal residence and furnishings.
Answer:
Option b. Differs from accounting income due to differences in interperiod allocation and
permanent differences between the two methods of income determination.
Explanation:
Corporation examples are joint stock companies, joint accounts, associations, insurance companies e.t.c.
A Corporation taxable income is simply defined as a part of its profits generated by corporations that is collected by the Federal and State government as an income tax. It is known as a direct tax. It is placed on the net income or profit of a corporate organization. The tax rate for corporation uses the slab rate system or method of taxation that is based on the type of corporate entity and the different revenues gotten by them individually.
Answer:
True
Explanation:
Professional skepticism is an examining mindset which makes you conscious of the situations that may suggest possible error or scam as well as a critical evaluation of audit facts.
Answer: advertising, publicity, and personal selling- that stimulates interest, trail or purchase by final customers or others in the channel.
Explanation: Sales promotion are promotional activities used to stimulate consumers into purchasing a certain product. Sales promotion usually takes the form of giving discounted prices to customers, giving out extra incentive or gift items, freebies, voucher cards, coupon and other promotional offers which gives consumers extra material benefit when they purchase an item. Promotional offers are usually made during certain periods such as festive seasons, company anniversary or occasionally in other to drive sales or to wow customers.
