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Blababa [14]
3 years ago
15

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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However the greatest disadvantage to this method is:

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Suppose the price of movie tickets decline. The income effect means that :
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a would be the answer for the question

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An investment earns 35% the first year, earns 40% the second year, and loses 37% the third year. The total compound return over
svetoff [14.1K]

Answer:

19.07%

Explanation:

The computation of the total compound return over the 3 years is shown below:

= (1 + investment percentage earned in first year) × (1 +  investment percentage earned in second year)  × (1 +  investment percentage loss in second year)

= (1 + 0.35) × (1 + 0.40) × (1 - 0.37)

= 1.35 × 1.40 × 0.63

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The adjusted trial balance of Warbocks Corporation at December 31, 2017 includes the following accounts: Retained Earnings $12,6
irina [24]

Answer:

                                            Warbocks Corporation

Statement of retained earnings for the year ended December 31, 2017

                                                                                      Amount in $

Opening retained earnings                                           12,600

Net income for the year                                                  7,000

Dividend                                                                         <u> (5,000)</u>

Closing retained earnings                                             <u> 14,600</u>

Explanation:

The retained earnings statement shows the movement in the retained earnings balance between the start and end of the year.

This includes the net earnings and dividend paid during the year.

Net income =  $30,000 - $15,000 - $2,000 - $4,500 - $500 - $1,000

= $7,000

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2 years ago
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