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3 years ago

Ordinary and necessary business expenses are deductible only to the extent they are also reasonable in amount.

Business

1 answer:

marysya [2.9K]3 years ago

8 0

Answer:

True

Explanation:

According to the IRS:

ordinary expenses are expenses that are common and accepted in a company's trade or industry.
necessary expenses are expenses that help your company carry on its normal business.

Tax deductible expenses must be ordinary, necessary, and reasonable.

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A donor gave equipment valued at $90,000 at the beginning of 2020 to a private not-for-profit organization. The equipment had a

Slav-nsk [51]

The net asset would be $81,000 or $0 depending upon the policy of the Non-Profit Organization.

<h3><u>What is a Non-Profit Organization?</u></h3>

A non-profit organization is a group that was established with the intention of making a profit, and in which no part of the organization's revenue is given to its directors, officials, or members.
"Non-stock corporations" are a common moniker for nonprofit organizations.
They may be organized as a corporation, a sole proprietorship, an unincorporated association, a partnership, a foundation, a condominium, or another type of individual enterprise (for instance, individual charitable contributions) (joint ownership of common areas by owners of adjacent individual units incorporated under state condominium acts).
When they are established, nonprofit organizations must declare themselves to be so and are only allowed to work on projects that fall under their legal definition.

The value of the equipment given by the donor = $90,000

The charge of depreciation = $9,000.

The total assets of a business less the total liabilities equals the entity's net assets. The sum of a company's net assets equals its stockholders' equity in whole. Net assets are divided into unrestricted and restricted net assets of a nonprofit organization.

The net asset would be either $81,000 or $0.

Know more about Non-Profit Organization with the help of the given link:

brainly.com/question/21307064

#SPJ4

5 0

2 years ago

Teams comprised of people from various disciplines are a primary component of ________, which involves product and process desig

nikitadnepr [17]

The answer in the space provided is concurrent engineering. It is because concurrent engineering is the one responsible of having to lead improvement in regards of the organization or company’s reduced cost or its productivity in which is helpful and could brought it for their own benefit.

8 0

3 years ago

Bill Hickey is an employee of the Middleburg school district, and John Morgan is associated with that district as well. At meet

Ipatiy [6.2K]

Answer:

c. Bill is the superintendent of schools, and John is the chair of the school board

Explanation:

Bill is the superintendent of schools, and John is the chair of the school board

3 0

3 years ago

Which example best describes reducing risky behavior?

Vaselesa [24]

Answer:

deciding not to buy a car

8 0

3 years ago

Theresa Corporation, which manufactures baskets, is developing direct labor standards. The basic direct labor rate is $21.00

wel

Answer:

Standard rate per direct labor hour is $27.1

Explanation:

Standard rate per direct labor hour includes the hourly pay rate, Payroll taxes and fringe benefits. For Theresa Corporation,

We have given that

Basic direct labor rate is $21.00 per hour

Payroll Taxes is 10% of basic direct labor rate i.e. 10% of $21.00 = $2.10 per hour

Fringe Benefits is $4.00 per hour.

So Standard rate per direct labor hour = $21.00 + $2.10 + $4.00 = $27.1

4 0

3 years ago