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ValentinkaMS [17]
3 years ago
7

During 2011, Simon Kidman, the sole shareholder of a calendar year S corporation, received a distribution of $75,000. On Decembe

r 31, 2010, his stock basis was $24,000. The corporation earned $50,000 ordinary income during the year. It has no accumulated E & P. Which statement is correct?
a. Kidman's stock basis will be $2,000
b. Kidman's return of capital is $50,000
c. Kidman recognizes a $1,000 LTCG
d. Kidman's ordinary income is $64,000
e. None of the above
Business
1 answer:
liraira [26]3 years ago
3 0

Answer: c. Kidman recognizes a $1,000 LTCG

Explanation:

Long term gain can be calculated by the formula:

Capital gain = Distribution received - Basis in stock - Ordinary income earned

= 75,000 - 24,000 - 50,000

= $1,000

Long Term Capital gain is therefore $1,000.

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German and Japanese firms are viewed as having a _____ advantage in exporting compared to U.S. firms.
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Answer:

bigger is the correct answer.

Explanation:

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2 years ago
The Central Limit Theorem: states that the average range can be used as a proxy for the standard deviation. states that the aver
pickupchik [31]

The correct answer is - allows managers to use the normal distribution as the basis for building some control charts.

<u>Explanation:</u>

It is the theorem that allows inference from a random sample. It says that:

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• The margin of error is a multiple of the standard error, which is the standard deviation divided by the square root of the sample size. The multiple is determined by the degree of statistical confidence you’re looking for, and the normal deviate corresponding to that — 1.65 for 90% confidence, 1.96 for 95% confidence, etc.

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3 years ago
Mannarelli Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the mon
Serjik [45]

Answer:

$ 5.34

Explanation:

Calculation for cost per equivalent unit for conversion costs for September

First step is to find the Equivalent units of production

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Ending work-in-process

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Let plug in the formula

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Cost per equivalent unit = $5.34

Therefore The cost per equivalent unit for conversion costs for September is closest to $ 5.34

7 0
3 years ago
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ArbitrLikvidat [17]

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Net profit is more important to consider because it accounts for all the costs associated with making and selling the product and it includes the operating expenses that are excluded from gross profit. Gross profit is the profit made after deducting costs associated with making and selling its products, or the costs associated with providing its services.

6 0
3 years ago
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With the help of Solid Edge's synchronous technology, you can quickly develop new concept designs, accept modification requests with ease, and update many elements of an assembly at once. This design flexibility enables you to do away with onerous preplanning and prevent feature failures, rebuild problems, and time-consuming rework. The ability to treat multi-CAD data as native files thanks to synchronous technology enables seamless communication with partners and suppliers.

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