In which industry are the most millionaires created

An office building with an adjusted basis of $320,000 was destroyed by fire on December 30, 2013. On January 11, 2014, the insur

STALIN [3.7K]

Answer:

i. $40,000

ii. $410,000

iii. 180 days after July 12, 2015

Explanation:

i. The taxpayer's recognized gain is $40,000 ($450,000 -$410,000). The cost of the new office - the amount received from the insurance company.

ii. The taxpayer's basis for the new office is the cost of purchasing the new office building which is $410,000.

iii. Taxpayers can qualify for deferral treatment if they reinvest proceeds into a QOF (Qualified Opportunity Funds) within 180 days of receiving the gain. Because the new office was purchased on July 12, this is the applicable date.

6 0

4 years ago

The petty cash fund of $200 for Tomkins Company appeared as follows on December 31, 2014

Ilya [14]

Answer:

Explanation:

1.

Petty Cash (200-50.6) Dr.$149.4

Cash Cr.$149.4

Freight In Dr. $58.4

Postage Dr.$40

Balloons Expense Dr.$20

Meals Expense Dr.$25

Cash Cr.$143.4

2. Petty Cash Dr.$50

Bank/Cash Cr.$50

8 0

3 years ago

The accounting department of your company has just delivered a draft of the current year's financial statements to you. The summ

marishachu [46]

Answer and Explanation:

The computation is shown below:-

Incorrect

ROA = Net Income ÷ Average assets

= $101,900 ÷ (($550,000 + $573,000) ÷ 2)

= $101,900 ÷ $561,500

= 0.18

ROE = Net Income ÷ Average equity

= $101,900 ÷ (($340,000 + 356,000) ÷ 2)

= $101,900 ÷ $348,000

= 0.29

Debt Ratio = Total debt ÷ Average Assets

= $217,000 ÷ (($550,000 + $573,000) ÷ 2)

= $217,000 ÷ $561,500

= 0.39

EPS = Net Income ÷ Number of Common Shares

= $101,900 ÷ 22,000

= $4.63

Correct

ROA = Net Income ÷ Average assets

= ($101,900 - $8,500) ÷ (($550,000 + $573,000 - $8,500) ÷ 2)

= $93,400 ÷ $557,250

= 0.17

ROE = Net Income ÷ Average equity

= ($101,900 - $8,500) ÷ (($340,000 + 356,000 - $8,500) ÷ 2)

= $93,400 ÷ $343,750

= 0.27

Debt Ratio = Total debt ÷ Average Assets

= $217,000 ÷ (($550,000 + $573,000 - $8,500) ÷ 2)

= $217,000 ÷ $276,500

= 0.78

EPS = Net Income ÷ Number of Common Shares

= ($101,900 - $8,500) ÷ 22,000

= $4.25

5 0

3 years ago

insurance companies expend a lot of effort marketing their offerings, mainly due to the fact that insurance is a(n) ________blan

Semenov [28]

Insurance companies expend a lot of effort marketing their offerings, mainly due to the fact that insurance is an unsought product that consumers don't normally think about much.

<h3>What are unsought products?</h3>

Although a buyer may feel pressured into purchasing a product they do not want, unsought commodities are frequently bought under certain circumstances, so a marketing strategy that harasses consumers into purchasing the product will be seen as immoral. A notable example of an unasked-for good is funeral services.

Unsought goods are those that consumers are unaware of or hardly ever think about purchasing and whose acquisition is motivated by a combination of risk or worry about harm and lack of desire. Examples of well-known but unpopular things are funeral services, encyclopedias, fire extinguishers, and reference books.

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7 0

2 years ago

Which of the following is not an advantage of owning mutual funds? A. All of the options are advantages of mutual funds. B. They

weeeeeb [17]

(C) They treat income as 'passed through' to the investor for tax purposes.

<h3>What are mutual funds?</h3>

A mutual fund is an investment vehicle that is professionally managed and collects money from a number of investors to buy securities.
The phrase is frequently used in the US, Canada, and India, while open-ended investment companies in the UK and SICAVs in Europe are comparable global structures.
Mutual fund distributions, whether made in the form of cash payments or reinvested in additional shares, must be taxed if shares are held in a taxable account.
Following the end of each calendar year, the funds submit IRS Form 1099-DIV detailing distributions made to shareholders.

<h3>Who are investors?</h3>

A person who invests money does so in the hope of earning a profit or gaining an advantage in the future.
The majority of the time, the investor purchases some kind of property using these assigned funds.

Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs.
A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national).
Around 3000–2800 BC, the first recorded taxation was enacted in ancient Egypt.

Therefore, "(C) They treat income as 'passed through' to the investor for tax purposes" is not the advantage of owning mutual funds.

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4 0

2 years ago