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3 years ago

In each of the following situations, indicate whether the 50% reduction for meals applies.

Business

1 answer:

Mashcka [7]3 years ago

5 0

Answer:

Each year, the employer awards its top salesperson an all-expense-paid trip to Jamaica.

This should be considered as part of the employees' compensation (and the employee should be taxed), therefore, the company can deduct 100% of it.

The employer has a cafeteria for its employees where meals are furnished at cost.

Cafeteria meals are not included in the 50% deduction.

The employer sponsors an annual Labor Day picnic for its employees.

This is considered a recreational activity paid by the employer, so the 50% deduction does not apply.

Every Christmas, the employer gives each employee a fruitcake.

It is a fringe benefit, although I doubt that the employees are taxed for receiving a fruit cake. There is no 50% deduction. (referred to as de minimis fringe benefit)

The taxpayer gives business gifts to her clients at Christmas.

Business gives are not subject to a 50% deduction, instead they are subject to a $25 limit.

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Answer:

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Explanation:

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3 years ago

Item 3Item 3 Cutter Enterprises purchased equipment for $87,000 on January 1, 2018. The equipment is expected to have a five-yea

Rus_ich [418]

Answer:

$27,400 and $59,600

Explanation:

The computation of the depreciation expense and the book value using the sum of-the-years'-digits method is shown below:

Depreciation expense is

= (Purchase cost - residual value) × useful life ÷ sum of years

= ($87,000 - $4,800) × 5 years ÷ (5 + 4 + 3 + 2 + 1)

= $27,400

And, the book value is

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3 years ago

quality control activity analysis indicated the following four activity costs of a hotel. Verifying credit card information $52,

trapecia [35]

Answer:

The total cost of quality is $ 313200

Explanation:

First we need to distinguish the costs and allocate them to the correct category for the cost of quality report.

We have verifying credit card information of $52200

Customer service training of $104400

Discounting room rates due to poor service $ 156600

The 4 categories of cost of quality report are Prevention Costs, Appraisal Costs, Internal Failure costs and external failure costs.

Conforming Costs

Customer service training - prevention costs. - $104400 1,53% of total sales

Verifying credit card information - appraisal cost - $52200 0,76% of total

Non-conforming costs

Internal Failure

External Failure costs

Discounting room rates due to poor service $ 156600 2,3% of total sales

Total cost of quality $ 313200 4,6% of total sales

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3 years ago

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3 years ago

2. What were the major industries involved in the development of the West, and how did these industries transform the western ec

Usimov [2.4K]

Answer:

1) Mining

2) Ranching

3) Commercial Farming

Explanation:

The miners who comes mostly from California and other areas fulfilled the demand for gold and silver in the East. They also contributed in extracting other minerals i.e. copper, zinc, iron ore, lead, and quartz, which were great for the industrial use.

The sheep and cattle ranchers played an important role too i.e. that they produced wool, meat, and leather to satisfy the demands of eastern manufacturers and the consumers.

The farmers contributed by making farming commercial. They sold their crops in home town and internationally which helped the economy to improve.

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3 years ago