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Fed [463]
3 years ago
10

In 2020, Simon, age 12, has interest income of $7,980 from funds he inherited from his grandmother and no earned income. He has

no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made.
a. Simon's net unearned income is $________ ?
b. Simon's allocable parental tax is $________ ?
c. Simon's total tax is $________ ?
Business
1 answer:
Digiron [165]3 years ago
5 0
A—he has no unearned income

B—$82,250

C—I think $7,980
Because I done see his total tax
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Indicate where each item should be presented in the statement of cash flows (indirect method) using these four major classificat
saw5 [17]

Answer:

a.  Payment of interest on notes payable - Operating Activity

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4 years ago
What is an example of what a business would write a check for​
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Answer:

To pay in taxes, to purchase goods to make things if the business is a factory etc. hope this helps

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7 0
4 years ago
On June 15, Harper purchased equipment for $100,000 from Imperial Corp. and signed for the goods as President of the company. He
Ivenika [448]

<u>Full question:</u>

On June 15, Harper purchased equipment for $100,000 from Imperial Corp. for use in its manufacturing process. Harper paid for the equipment with funds borrowed from Eastern Bank. Harper gave Eastern a security agreement and financing statement covering Harper’s existing and after-acquired equipment. On June 21, Harper was petitioned involuntarily into bankruptcy under Chapter 7 of the Federal Bankruptcy Code. A bankruptcy trustee was appointed. On June 23, Eastern filed the financing statement. Which of the parties will have a superior security interest in the equipment?

A. The trustee in bankruptcy, because the filing of the financing statement after the commencement of the bankruptcy case would be deemed a preferential transfer.

B. The trustee in bankruptcy, because the trustee became a lien creditor before Eastern perfected its security interest.

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D. Eastern, because it perfected its security interest within the permissible time limits.

<u>Answer:</u>

Eastern parties will have a superior security interest in the equipment because it perfected its security interest within the permissible time limits.

<u>Explanation:</u>

Eastern has a higher security interest because Eastern amended its security interest inside the allowable time deadlines. A perfected security interest in any security interest in an asset that cannot be demanded by any other party.  

Below the Uniform Commercial Code (U.C.C.), to perfect a security interest, a lender has 10 days from the date of the sale of material to perfect the security interest by filing a financing statement.  Possessing registered in the 10-day limit, Eastern has a strong perfected security interest in the material and after-acquired things even though the bankruptcy was recorded two days ahead.

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sleet_krkn [62]

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5 0
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