In the current year, Nighthawk Corporation, a calendar year C corporation, has $4,360,000 of adjusted taxable income and $130,800 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $1,744,000.
Required:
a. Assume that Nighthawk has average gross receipts for the prior three-year period of $33,000,000. Determine Nighthawk’s current year deduction for business interest.
b. Assume that Nighthawk has average gross receipts for the prior three-year period of $23,000,000. Determine Nighthawk’s current year deduction for business interest.
Answers: 3
Business, 22.06.2019 14:20, clairajogriggsk
Your uncle borrows $53,000 from the bank at 11 percent interest over the nine-year life of the loan. use appendix d for an approximate answer but calculate your final answer using the formula and financial calculator methods. what equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest
Answers: 1
Business, 22.06.2019 23:50, jtroutt74
Juniper company, inc. uses a perpetual inventory system. the company purchased $9,750 of merchandise on august 7 with terms 1/10, n/30. on august 11, it returned $1,500 worth of merchandise. on august 16, it paid the full amount due. the correct journal entry to record the payment on august 16 is:
Answers: 1
Business, 23.06.2019 08:20, Morganwing1019
Suppose that a candy maker owns a building and is renting part of the building's space to a doctor. further suppose that because the candy maker is the owner, he has the right to make noise during the day while he makes candy. while the doctor cannot insist on a quiet environment, the doctor could move to a quieter building. however, rent in the next best building is $350/month more than rent in the noisy building. the candy maker can adopt a new technology that eliminates the noise for $275/month. given this situation, can the doctor find a private solution with the candy maker that will make both better off?
Answers: 2
In the current year, Nighthawk Corporation, a calendar year C corporation, has $4,360,000 of adjuste...
Mathematics, 02.09.2020 08:01
History, 02.09.2020 08:01
Mathematics, 02.09.2020 08:01
Mathematics, 02.09.2020 08:01
English, 02.09.2020 08:01
English, 02.09.2020 08:01