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Rom4ik [11]
2 years ago
7

Maple Corp. owns several pieces of highly valued paintings that are on display in the corporation's headquarters. This year, it

donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display. What is the amount of Maple Corp's charitable contribution deduction for painting (assuming income limitations do not apply?
Business
1 answer:
klemol [59]2 years ago
4 0

Answer:

$100,000

Explanation:

If the individual transfers personal property to a tax-exempt entity and the corporation uses the asset in a similar way to its tax-exempt intent, the individual is entitled to subtract the property's fair value.

in this scenario, Maple Corp. has the right to deduct $100,000 (market value of painting) from his taxable income.

You might be interested in
Cash 30,000 Accounts receivable 65,000 Inventory 72,000 Marketable securities 36,000 Prepaid expenses 2,000 Intangible assets 40
lyudmila [28]

Answer:

2.7 times

Explanation:

The computation of the current ratio is shown below:

Current ratio = Current assets ÷ Current liabilities

where,

Current assets = Cash + account receivable + inventory + marketable securities  + prepaid expense

= $30,000 + $65,000 + $72,000 + $36,000 + $2,000

= $205,000

And, the current liabilities is

- Account payable + accrued liabilities + short term note payable

= $40,000 + $7,000 + $30,000

= $77,000

So, the current ratio is

= $205,000 ÷ $77,000

= 2.7 times

5 0
2 years ago
Hoi Chong Transport, Ltd., operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is drive
viva [34]
The answer is option a
4 0
3 years ago
Jung believed that dreams and "visions"
tatiyna

Answer:

The Correct Option is C.

Explanation:

Vision is which a person see something either having a heavenly perspective or in the person or individual mind. Whereas the dream is what the person or individual see when the person or individual is asleep.

So, Jung believed that the dreams and the vision is important or vital form of communications from another domain.

6 0
3 years ago
The Sisyphean Company is planning on investing in a new project. This will involve the purchase of some new machinery costing $4
andrezito [222]

Answer:

c.$176,720

Explanation:

Calculation for The NPV for this project

NPV=-450,000+200,000 / (1.16)^1+225,000 / (1.16)^2+275,000 / (1.16)^3+200,000 / (1.16)^4

NPV=-450,000+172,414+167,212+176,181+110,458

NPV=176,720

Therefore The NPV for this project is closest to :176,720

5 0
3 years ago
Examining a company's relationships with other individuals and entities can reveal important information about financial stateme
Andrei [34K]

Answer:

Examining relationships with related parties will show whether there are unusual transactions that significantly improve the company's reported financial performance

Explanation:

Examining related parties, will help to find out if due processes and set standards were followed and applied in company transactions, as the <em>'significantly improved reported financial performance'</em>, may not reveal the true financial performance of the company.

5 0
3 years ago
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