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Minchanka [31]
3 years ago
7

This year Truckit reported taxable income of $160,000 and received $20,000 of municipal interest. Truckit paid $55,000 in entert

ainment expenses and $15,000 in fines and penalties Truckit had $50,000 of accumulated E&P at the beginning of the year. What is Truckit’s current E&P?
Business
1 answer:
Lynna [10]3 years ago
8 0

Answer: $76,400

Explanation:

GIVEN THE FOLLOWING :

TAXABLE INCOME = $160,000

MUNICIPAL INTEREST = $20,000

ENTERTAINMENT EXPENSE = $55,000

FUN.

CURRENT E&P = (taxable income + interest) - (expenses + Tax deduction).

CURRENT E&P = $160,000 + $20000 - (55000 + 15000 + (160,000*0.21))

CURRENT E&P = 160000 + 20000 - 55000 - 15000 - 33600)

THEREFORE CURRENT E&P = $76,400

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d. Disclosed because of their usefulness to financial statements.

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3 years ago
Does this​ "stiff competition" mean that the demand curve for​ McDonald's Chicken McNuggets is​ horizontal? Briefly explain.
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Answer: I found the complete question on Google:

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And the correct answer is: "B. ​No, the demand curve is not horizontal because Chicken McNuggets are not identical to other chicken products.".

8 0
3 years ago
Which of the following elements is exclusive to the services marketing mix, and not the traditional marketing mix?a) processb) p
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2 years ago
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In an establishment where alcohol is sold and its not 50% of gross receipts it is safe for a 16year ol to be a cashier in such establishment since alcohol like any other goods or service is taken or used accordingly in the establishment.

Cheers.

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3 years ago
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