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Elanso [62]
3 years ago
15

George is the owner of numerous classic automobiles. His intention is to hold the automobiles until they increase in value and t

hen sell them. He rents the automobiles for use in various events (e.g., antique automobile shows) while he is holding them. George sold a classic automobile this year for $1,500,000. He had held the automobile for five years, and it had a tax basis of $750,000. a. Was the automobile a capital asset
Business
1 answer:
Monica [59]3 years ago
3 0

Answer:

No, it is depreciable property used in business is the correct answer.

Explanation:

You might be interested in
Ram Company's after-tax net income was $120. Their interest paid was $50. Assuming the corporate tax is 40%, what is Ram Company
Nataliya [291]

Answer:

5

Explanation:

The formula to compute the interest coverage ratio is shown below:

= (Earning before tax + interest expense) ÷ (interest expense)

where,

Earning before tax equal to

= Net income ÷ (1 - tax rate)

= $120 ÷ (1 - 0.40)

= $200

And interest expense is $50

So, the interest coverage ratio equal to

= ($200 + $50) ÷ ($50)

= 5

4 0
3 years ago
On August 1, 2016, Rocket Retailers adopted a plan to discontinue its catalog sales division, which qualifies as a separate comp
Basile [38]

Answer:

A. $125,000

Explanation:

before tax loss on discontinued operations

= Operating loss Feb. 1, 2016 – Jan. 31, 2017 + Operating loss Feb. 1, 2016 – Jan. 31, 2017

= $115,000 + $10,000

= $125,000

Therefore, Rocket would report a before-tax loss on discontinued operations of $125,000.

4 0
3 years ago
In the integrated supply chain model, integrated enterprise is typically ______.
Alenkinab [10]

In the integrated supply chain model, integrated enterprise is typically manufacturer.

<h3>What is supply chain model?</h3>

Supply chain modeling can be described as the  conscious attempt  that is been utilized in the  proclamation of order as regards the  supply chain to have certain business objectives.

These could be  lowest supply cost as well as , on-time delivery ,however In the integrated supply chain model, integrated enterprise is typically manufacturer.

Learn more about supply chain model at:

brainly.com/question/25160870

#SPJ1

4 0
2 years ago
You are trying to explain to your friends the importance of using real GDP to measure economic health over time, but some of the
Yuri [45]

Answer: $15,909.09

Explanation:

Nominal GDP is the value of goods and services that is calculated on the basis of current year prices whereas Real GDP is the value of goods and services that is determined on the basis of Base year prices. If we are using the identical price for both the years for calculating GDP then we can see the increment in the current year GDP from the last year. This means that the quantity of goods produced in the current year is larger than the last year. That's why it is important to use Real GDP rather than Nominal GDP.

Given that,

Nominal GDP (millions of dollars) = $14000

Price level (GDP deflator) = 88

\text{GDP dflator}=\frac{Nominal\ GDP}{Real\ GDP}\times100

\text{88}=\frac{14,000}{Real\ GDP}\times100

Real GDP = 159.09 × 100

                = $15,909.09

Hence, Real GDP = $15,909.09.

Therefore, Real GDP is greater than Nominal GDP hence we can say that the amount of good produced is worth more than $14,000.

3 0
3 years ago
Suppose that Freddie's Fries has annual sales of $520,000; cost of goods sold of $395,000; average inventories of $11,000; avera
Nadusha1986 [10]

Answer:

8.78

Explanation:

The computation of the cash cycle is given below;

We know that

Cash cycle = Inventory conversion period + Receivables conversion period - Payables conversion period.

Here

1. Inventory conversion period = Avg. Inventory ÷ (COGS ÷365)

= (11,000) ÷ (395000 ÷ 365)

= 10.16

2. Receivables conversion period = Avg. Accounts Receivable ÷ (Credit Sales × 365)

= (27000/520000) × 365

= 18.95

3. Payables conversion period = Avg. Accounts Payable ÷ (Purchases  × 365)

= (22000 ÷ 395000) × 365

= 20.33

Now the cash cycle is

= 10.16 + 18.95 - 20.33

= 8.78

8 0
2 years ago
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