Business, 31.03.2020 02:43 Kbkbkb3710
In each of the following independent situations, indicate the effect on taxable income and E & P, stating the amount of any increase (or decrease) in each as a result of the transaction. Assume that E & P has already been increased by taxable income. Enter a decrease as a negative number by using the minus sign. If there is no effect, enter "0". Transaction Taxable Income Increase (Decrease) E & P Increase (Decrease) a. Realized gain of $80,000 on involuntary conversion of building ($10,000 of gain is recognized). $ $ b. Mining exploration costs incurred on May 1 of current year; $24,000 is deductible from current-year taxable income. $ $ c. Sale of equipment to unrelated third party for $240,000; basis is $120,000 (no election out of installment method; no payments are received in current year). $ $ d. Dividends of $20,000 received from 5% owned corporation, together with dividends received deduction (assume that taxable income limit does not apply). $ $ e. Additional first-year (bonus) depreciation of $45,000 claimed in current year. $ $ f. Section 179 expense deduction of $25,000 in current year. $ $ g. Impact of current-year § 179 expense deduction in succeeding year. $ $ h. MACRS depreciation of $80,000. ADS depreciation would have been $90,000. $ $ i. Federal income taxes of $80,000 paid in current year.
Answers: 1
Business, 22.06.2019 03:00, brodybb5515
Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance
Answers: 1
Business, 22.06.2019 13:10, jameahkitty123
bradford, inc., expects to sell 9,000 ceramic vases for $21 each. direct materials costs are $3, direct manufacturing labor is $12, and manufacturing overhead is $3 per vase. the following inventory levels apply to 2019: beginning inventory ending inventory direct materials 3,000 units 3,000 units work-in-process inventory 0 units 0 units finished goods inventory 300 units 500 units what are the 2019 budgeted production costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively?
Answers: 2
In each of the following independent situations, indicate the effect on taxable income and E & P...
Mathematics, 22.04.2021 18:00
Mathematics, 22.04.2021 18:00
Mathematics, 22.04.2021 18:00