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wolverine [178]
3 years ago
8

Which statements about Section 1231 assets are true? Pick all that apply!!

Business
1 answer:
dem82 [27]3 years ago
4 0

Answer:

The answer is below

Explanation:

Given that Section 1231 assets are a term that is used to describe the real or depreciable trading property acquired for more than a year. For example, landed property, buildings, etc.

Hence, in this case, the correct answer or statement to the question are:

1. If Section 1231 assets are sold and the taxpayer has a realized loss, the loss is a fully deductible ordinary loss

2. If Section 1231 assets held long-term are sold for a realized gain, the taxpayer has a potential long term capital gain that may be taxed at favorable capital gains rates but this result often does not occur

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What's meant by the term Gross Domestic Product? Question 14 options: The total value of all goods and services produced in a co
Sladkaya [172]
The answer is the total value of all goods and services produced in a country in a given year. I hope that helps!
6 0
2 years ago
The business judgment rule is important because it reflects the principle that ________, not _________, have the greatest latitu
Shalnov [3]

Answer: d. company directors; shareholders

Explanation: The conduction and management of a business usually involve making controversial decisions or taking actions that might put the business at risk. In a general sense, greater profits calls for greater risks. As such, the business judgement rule states that the board of directors should be allowed to make such decisions without fear of prosecution by shareholders who might object while acknowledging that managers are not capable of making optimal decisions at all times. The rule therefore aid in protecting a business's board of directors from slight legal allegations about the conduct of business. It is thus important because it reflects the principle that company directors, not shareholders, have the greatest latitude to run companies.

6 0
3 years ago
An unexpected frost in the orange groves of California would causea. a decrease in the supply of orange juice, increasing the eq
rodikova [14]

Answer:

The correct answer is option a.

Explanation:

Unfavorable weather in the orange groves of California will adversely affect the production of oranges. This will cause a reduction in the supply of oranges. As a result, the price of oranges will decline.

Now, these oranges are used as input in making orange juice. The increase in input price will lead to an increase in the cost of production. This will further lead to a decrease in the supply of orange juice. Consequently, the equilibrium price of orange juice will increase.

8 0
3 years ago
Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company’s operations
Dominik [7]

Answer:

a. Raw materials used in production: Molding Department, $29,700; and Firing Department, $5,100.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Molding Department (Work in Process) -----------------_-------------- $29,700

Firing Department (Work in Process) ------------_-----_----_-------- $5,100

Raw Materials ----------- $34,800 (Cr)

b. Direct labor costs incurred: Molding Department, $19,000; and Firing Department, $4,200.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Molding Department (Work in Process) -------------------------------- $19,000

Firing Department (Work in Process) ------------------------------------ $4,200

Wages Payable ----------- $23,200 (Cr)

c. Manufacturing overhead was applied: Molding Department, $24,100; and Firing Department, $39,200.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Molding Department (Work in Process) ---------------------------- $24,100

Firing Department (Work in Process) ------------------------------ $39,200

Manufacturing Overhead ----------- $63,300 (Cr)

d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company’s process costing system, the cost of the unfired, molded bricks was $66,200.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Molding Department (Work in Process) -------- $66,200 (Db)

Firing Department (Work in Process) --------- $66,200 (Cr)

e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company’s process costing system, the cost of the finished bricks was $107,600.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Finished Goods (Work in Process) ---------------- $107,600 (Db)

Firing Department (Work in Process) -------------- $107,600 (Cr)

f. Finished bricks were sold to customers. According to the company’s process costing system, the cost of the finished bricks sold was $103,600.

General Journal ----------------------------------------- Debit (Db) -------- Credit (Cr)

Cost of Units Sold -------- $103,600 (Db)

Finished Goods ---------- $103,600 (Cr)

6 0
3 years ago
You need to have $20,000 for a down payment on a house 4 in years. If you can earn an annual interest rate of 3.8 percent, how m
stiks02 [169]

Answer:

PV= $17,228.23

Explanation:

Giving the following information:

FV= $20,000.

The number of years= 4.

interest rate= 3.8%.

To calculate the initial investment required to reach the objective, we need to use the following formula:

PV= FV/(1+i)^n

PV= 20,000/(1.038^4)

PV= $17,228.23

6 0
3 years ago
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