an s corporation had the following income and expenses: sales $240,000 rent expense 25,000 business meals 5,000 interest income 1,500 contributions to qualifying charities 600 irc section 179 expense 3,000 depreciation expense 1,800 what would be reported as ordinary income on the corporation's income tax return? (assume the 2022 caa provisions do not apply.)
Answers
The reported ordinary income on the corporation's income tax return would be:
Sales: $240,000
Rent expense: $25,000
Business meals: $5,000
Interest income: $1,500
To calculate the ordinary income, we subtract the deductible expenses from the sales and add any other income. In this case:
Ordinary income = (Sales - Deductible expenses) + Other income
Ordinary income = ($240,000 - $25,000 - $5,000) + $1,500
Ordinary income = $210,000
The ordinary income on a corporation's income tax return is the income generated from the business operations before considering any special deductions or provisions. It includes sales revenue and any other income earned during the tax year. Deductible expenses, such as rent expense and business meals, are subtracted from the sales to determine the net income.
In this case, the sales are $240,000, and the deductible expenses include rent expense of $25,000 and business meals of $5,000. Additionally, the corporation has interest income of $1,500, which is considered other income. By subtracting the deductible expenses from the sales and adding the other income, we arrive at the ordinary income of $210,000.
The reported ordinary income on the corporation's income tax return is $210,000. This represents the net income from the business operations after deducting the allowable expenses and including any other income earned during the tax year.
To know more about income , visit :
https://brainly.com/question/14732695
#SPJ11
Related Questions
what attracts you to jpmorgan chase, and specifically, an opportunity in the corporate analyst development program?
Answers
J.P. Morgan takes great satisfaction in its distinctive strategy for corporate responsibility. It works to make a difference that will last in our neighborhoods and provide everyone an opportunity to climb the economic ladder.
Why do you use the word "corporate"?
Corporate refers to a group of large enterprises or a specific large company. For corporate clients as opposed to private ones, interest rates are greater. Both the economy and business earnings are expanding. Corporate refers to a group of large enterprises or a specific large company.
Does "private" imply "corporate"?
English definition of a private corporation. a corporation whose assets are never listed on a stock exchange and are owned be just one man or a small number of people, such as a family: The company is an privately held enterprise.
To know more about corporation visit:
https://brainly.com/question/28097453
#SPJ4
the direct labor hours required to produce the first two units of a new product are 2,000 and 1,800, respectively. using a 90% learning rate the company would estimate the direct labor hours for the fifth unit to be
Answers
The corporation would calculate the direct labor hours for the fifth unit to be 1566.0 hours, assuming a 90% learning rate.
Is direct labour wage-based?
A new product's first two units require 2,000 and 1,800 direct labor hours to produce, respectively. The hourly pay rate, the cost of fringe benefits, and your share of employee payroll taxes are all included in the direct labour hourly rate, commonly referred to as the labour rate standard. Divide that sum by the total number of hours worked during the pay period to determine the hourly value of employee taxes and fringe benefits. The amount of direct labour hours required to create one unit of a product is known as the direct labour hours.
To learn more about Direct Labor here
https://brainly.com/question/22265649
#SPJ4
Investing. once a riskier action, has become more stable and inviting since many American companies are now moving to international locations.
Answers
Answer: Time
Explanation:
It’s right I just took the test.
Investing money in a retirement fund is part of a plan for achieving _____. A. Immediate goals b. Long term goals c. Short term goals d. Unrealistic goals Please select the best answer from the choices provided A B C D.
Answers
C is the answer hope you l it helps you
Answer: It is C
Explanation: Because I took the test
when someone familiar with each task estimates what percent of the task has been completed or how much of the task remains, they are creating a method for assigning costs to the baseline called the
Answers
This approach helps in monitoring progress and controlling project costs effectively.
When someone familiar with each task estimates what percent of the task has been completed or how much of the task remains, they are creating a method for assigning costs to the baseline called the Earned Value Management (EVM) technique. EVM is a project management methodology that helps project managers to track the actual progress of the project against the planned schedule and budget. It provides an accurate picture of the project's performance by comparing the actual cost and schedule performance with the planned performance.
EVM helps to determine whether a project is on track, over budget, or behind schedule, and helps to forecast the project's future performance. In summary, EVM is a powerful tool that helps project managers to make informed decisions and take corrective action when necessary to ensure the successful completion of the project.
To know more about costs visit :-
https://brainly.com/question/30045916
#SPJ11
when we keep part of our wealth in a savings account money is playing the role of
Answers
When we keep part of our wealth in a savings account, money is playing the role of a store of value
Money serves as a store of value when it can be held and preserved over time without significantly losing its purchasing power. By depositing money into a savings account, individuals can maintain the value of their wealth and protect it from inflation or other potential devaluations. The savings account acts as a secure and easily accessible repository for storing money, allowing individuals to retain the value of their wealth while earning interest on their savings.
The store of value function of money is essential for individuals to preserve their purchasing power and maintain financial stability. By utilizing savings accounts, people can allocate a portion of their wealth in a reliable form that retains its value, providing a sense of security and facilitating future financial planning and expenditure.
Know more about store of value here:
https://brainly.com/question/30198915
#SPJ11
Chloe received this email in her spam folder recommending a stock. What aspects of the letter should concern her? Choose four correct answers.
Answers
Answer: Edg 2021: A, B, D, E
Explanation:
Imagine you are an economic adviser to the Commonwealth Government. The Prime Minister wants to increase spending on public transport in major cities, but does not want to raise taxes. Identify alternative sources of revenue for the government to fund its new initiatives.
Answers
Answer: A combination of 1) Increased public transportation fees, 2) raise the gasoline tax, 3) increase or institute highway tolls, or 4) reduce the road construction budget and use that money for public transportation.
Explanation:
Actions 2-4 would provide incentives to use public transportation.
Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT?
Answers
All of the following, with the exception of conditions, are required.
Describe insurance.One party will agree to compensate another in the event of a certain loss, damage, or injury in exchange for a fee in order to safeguard oneself from financial loss. It is a risk management technique that is typically used to guard against the danger of a hypothetical loss that may or may not materialise.
An underwriter, insurer, firm, or carrier is a company that provides insurance. A person or organisation that obtains insurance is known as a policyholder, whereas a person or organisation that the policy protects is known as an insured.
Become familiar with
Insurance
Visit
https://brainly.com/question/989103
also known as books of financial entry
Answers
Answer:
A daybook is a descriptive and chronological (diary-like) record of day-to-day financial transactions; it is also called a book of original entry. The daybook's details must be transcribed formally into journals to enable posting to ledgers.
Explanation:
Hope it helps
This tectonic plate pushes against the Eurasian plate to form the Alps and other geographical features
Answers
Answer:
African
Explanation:
If your company has a $100,000 annual budget for employee recognition, what percentage of this should go towards recognizing company tenure? Why? Share what you think are other reasons to award recognition. What is your favorite non-monetary way to recognize employees? For example, a company parking place can be a great reward and it doesn't cost the company anything.
Answers
My favorite non-monetary way to recognize employees is to give them a public shout-out at a company event or in a company newsletter. This type of recognition is a great way to show employees.
What is company?A company is an organization formed to carry out business activities, such as production, marketing, and providing services. Companies can be either public or private, with public companies listed on stock exchanges and private companies operating without public disclosure. Companies are typically owned by shareholders who benefit from the profits generated by the organization.
The percentage of the $100,000 annual budget that should go towards recognizing company tenure depends on the size and scope of the company, but typically should range between 10-15%.
In addition to recognizing company tenure, there are other reasons to award recognition such as celebrating employee accomplishments and milestones, recognizing great customer service, or acknowledging superior performance.
To learn more about company
https://brainly.com/question/28282776
#SPJ1
Manufacturing overhead ______. multiple select question.
a. contains fixed costs
b. consists of many different types of costs
c. is an indirect cost
d. is directly traceable to units produced
Answers
Answer:
B. consists of many different types of costs
Manufacturing overheads is such cost that consists of many types of costs, and is also directly traceable to the number of units produced. Therefore, the options B and D hold true.
What is the significance of manufacturing overheads?Manufacturing overheads can be referred to or considered as the overheads that are incurred by a producer in the process of manufacturing the units to be sold in the business. These costs are incurred for the purpose of profit-making.
The overheads of manufacturing consist of different types of costs, and division of the incurred overheads by the total manufactured units will give an idea of the per-unit cost for the firm.
Therefore, the options B and D hold true and state regarding the significance of manufacturing overheads.
Learn more about manufacturing overheads here:
https://brainly.com/question/13184944
#SPJ2
I'm not sure which one to pick
Answers
Answer:
The Second One
Explanation:
Answer:
I think its an assumption Sorry if I'm wrong
Explanation:
marketing started with companies selling whatever they produced without considering customer needs. this was called the ______ era of marketing.
Answers
The production era of marketing is the ear where companies sells whatever they produced without considering customer needs.
Basically, the 5 eras of marketing includes the production era, product era, selling era, marketing era and social marketing era.
The production era of marketing is one which started in the 1860s to 1920s during the Industrial Revolution.
During this era, companies produce goods in mass and at a low cost with the mindset that “if they produced, someone will buy, then make profit".
Therefore, the answer is production era of marketing because the marketing era is when companies sells whatever they produced without considering customer needs.
Learn more about this here
brainly.com/question/1166260
In which situation would fdi deteriorate the current account of the host country’s balance of payments?.
Answers
When a foreign subsidiary purchases a sizable portion of its raw materials.
Which could have a negative impact on a host country's balance of payments?The stated negative economic effects of FDI, particularly in the heavy industries, include balance of payments deficits, less domestic R&D, diminished competition, crowding out of domestic enterprises and lower employment.
Which of the following scenarios would an increase in FDI help the host country's current account and balance of payments?When jobs are created as a result of FDI in local suppliers as well as when employees of the MNE boost their local spending, these are considered indirect benefits of FDI.
To Know more about raw materials.
https://brainly.com/question/13160417
#SPJ4
Three roads lead into a stadium's parking areas. Each road has four lanes (two in each direction) with a capacity of 1,000 vehicles/lane/hour. If 10,000 vehicles are expected for a game, how long will it take for all of them to enter the parking areas?
Answers
Answer:
Option A
Explanation:
The complete question is
Three roads lead into a stadium's parking areas. Each road has four lanes (two in each direction) with a capacity of 1,000 vehicles/lane/hour. If 10,000 vehicles are expected for a game, how long will it take for all of them to enter the parking areas?
a) 2 hours
b) 1 hour
c) 1 hour and 40 minutes
d) 90 minutes
Solution
There are four lanes.
Capacity of one lane is equal to 1,000 vehicles/lane/hour.
Let us say that each lane will provide access to equal number of vehicles
Thus, each lane will allow 10,000/4 = 2500 vehicles per hour
Time taken by 2500 vehicles on road to reach parking is equal to 2.5 hours.
The nearest answer to this option A i.e two hours
1. Which of the following is the term for the overall impression gathered from information
that is seen, heard and experienced by customers who encounter a business, its products
and services?
A. Brand promise
B. Positive feeling
C. Company culture
D. Company brand
Answers
The answer is D company brand
Company brand is the term for the overall impression gathered from information that is seen, heard and experienced by customers who encounter a business, its products and services. Hence, option D is correct.
What is a Company brand?The brand of a firm serves as its identity and is one of the most valuable aspects of the enterprise. Consumers recognize brands, and rivals are wary of them. The marketing of a company's products must include strong company branding.
Despite the fact that brands are typically immaterial, we frequently connect them to things like products and names. Apple, Nike, Coca-Cola, Advil, and Tylenol are a few examples.
A firm is made up of workers who cooperate to accomplish a common objective. A brand, which is the personality of the company, is represented through specific aspects of the goods that a company makes. For instance, an apple may serve as the company's logo, mascot, and social media icon for an apple packaging company.
Thus, option D is correct.
For more information about Company brand, click here:
https://brainly.com/question/28246703
#SPJ2
If I buy 40 shares of Visa stock at a price of $149.58 per share and
the price goes up by $0.47 in one day, what is the percent gain?
Answers
Answer:
use cash
Explanation:
its less confusing.
What are the 4 types of lines in math?
Answers
the 4 types of lines in math Types of Line:Horizontal Lines.Vertical Lines.Parallel Lines.Perpendicular Lines.
Quantities and their variations, shapes and the areas in which they reside, formulas and related structures, and numbers are all examples of mathematical concepts. Number theory, algebra, geometry, and analysis, respectively, are the four primary branches of modern math that deal with these subjects. There isn't a consensus among mathematicians over a common definition for their academic discipline.
Learn more about math:
https://brainly.com/question/30200246
#SPJ4
n determining the appropriate discount rate for an individual project, the financial manager will be most influenced by the Multiple Choice expected value. internal rate of return. standard deviation. coefficient of variation.
Answers
The financial manager will be most influenced by the internal rate of return (IRR) when determining the appropriate discount rate for an individual project.
When determining the appropriate discount rate for an individual project, the financial manager considers various factors. The discount rate represents the minimum rate of return required to justify the investment. Here's an explanation of the options mentioned:
1. Expected value: The expected value is a measure of the average outcome of an investment, but it does not directly influence the choice of discount rate.
2. Internal rate of return (IRR): The IRR is the discount rate that makes the net present value (NPV) of an investment equal to zero. It is a crucial metric for evaluating the feasibility and profitability of a project. The financial manager compares the IRR to the required rate of return or the company's cost of capital to make investment decisions.
3. Standard deviation: Standard deviation measures the dispersion of possible returns around the expected value. While it is important for assessing risk, it is not specifically used to determine the discount rate.
4. Coefficient of variation: The coefficient of variation (CV) is the standard deviation divided by the expected value, expressing risk per unit of return. Although it provides a relative measure of risk, it does not directly determine the discount rate.
Among the options provided, the internal rate of return (IRR) is the most influential factor in determining the appropriate discount rate for an individual project. The IRR helps the financial manager assess the project's profitability and decide whether the expected return exceeds the required rate of return.
Learn more about investment here:
https://brainly.com/question/17252319
#SPJ11
What is the solution to this equation x+15=28
Answers
Answer:
13
Explanation:
Trust me
What is unemployment
Answers
Answer:
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15)[2] not being in paid employment or self-employment but currently available for work during the reference period.
Explanation:
At The Extra;-
Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed).
Pls Rate And Brainliest
Answer:
a situation when a person actively searches for employment but is unable to find work.
What is the difference between a debit card and a cash card? A. A debit card is less secure than a cash card.  B. A cash card can only be used in certain stores.  C. A cash card is not tied to a bank account.  D. A debit card carries no spending limits.
Answers
Answer:
C. A cash card is not tied to a bank account.
Explanation:
The difference between the debit cash and a card is that a cash card is not tied to a bank account.
What is a cash card?A cash card is a term for the payment that stores the cash, gift, and prepaid debts. The credit card is not consider to be a cash card and the is a conviennet way of the shareholders to make electronic payments.
The square cash card offers an app for making cash card payments. It allows the users to make transactions through the user's account and is unique to Sutton bank.
Find out more information about the cash card.
brainly.com/question/14546495
the number of working hours required to satisfy the production budget is shown on the merchandise budget. (enter only one word per blank.)
Answers
Yes.The number of working hours required to satisfy the production budget is typically indicated or shown on the merchandise budget.
This information helps in determining the labor resources needed to meet the production targets and achieve the desired level of output. By including the required working hours on the merchandise budget, the production team can effectively plan and allocate their workforce accordingly.
In the merchandise budget, various factors are considered, such as production goals, product quantities, and manufacturing processes. Based on these factors, the budget specifies the estimated number of working hours needed to complete the production tasks. This information serves as a guideline for scheduling labor shifts, determining overtime requirements, and managing overall production costs.
By having visibility into the required working hours, the production team can make informed decisions regarding workforce planning, recruitment, and resource allocation. It helps in ensuring that the production budget is aligned with the labor resources available, enabling efficient utilization of human capital and successful achievement of production targets.
Learn more about budget here:
https://brainly.com/question/31952035
#SPJ11
Jem wants to make sure the gaming system she wants to buy includes
access to live events. What should Jem do to ensure she makes an informed
buying decision?
O A. Jem should consult friends on social media.
O B. Jem should review warranties and return policies.
O C. Jem should make the purchase with confidence.
O D. Jem should read the product description carefully.
Answers
Answer:
D. Jem should read the product description carefully.
Explanation:
What are some insights the Yangtze boat jesters can provide today's modern manager?
Answers
The Yangtze boat jesters were a group of performers who traveled the Yangtze River in China during the 19th and 20th centuries.
How to explain the informationThey were known for their wit, humor, and ability to entertain passengers. Their insights into the nature of management can still be relevant to modern managers today.
The jesters knew that they had to be funny and entertaining in order to keep their passengers happy. In the same way, managers must add value to their organization in order to justify their salaries. They must be able to increase revenue, improve efficiency, or develop new products or services.
Managers must be able to read their audience. The jesters were masters of reading their audience and knowing what would make them laugh. In the same way, managers need to be able to read their employees and understand what motivates them.
Learn more about Yangtze on
https://brainly.com/question/27735139
#SPJ4
what is the definition of It spectrum
Answers
1a : a continuum of color formed when a beam of white light is dispersed (as by passage through a prism) so that its component wavelengths are arranged in order
2a: any of various continua that resemble a color spectrum in consisting of an ordered arrangement by a particular characteristic (such as frequency or energy): such as
Suppose $30,000 is deposited into an account paying 3.5% interest, compounded annually. How much money is in the account after ten years if no withdrawals or additional deposits are made? O $44,350.50 0 $42,317.96 O $41,878.94 0 $40,500.00
Answers
$42, 317.96 money is in the account after ten years if no withdrawals or additional deposits are made.
A=amount after 10 years.
P = Principal Amount = $30,000
P=3.5%
=3.5% /100
=0.035, n=1
So A= 30,000 \((1+0.0035)^{10}\)
=$42, 317.96
A deposit is cash you placed into your bank account. You need to deposit money in a bank to create savings and earn interest on it. A call for deposit is made for funds you may withdraw every time. A time deposit is a long-term investment. A deposit could also be the collateral quantity you pay while you take on a mortgage.
A lower back deposit arises whilst a company deposit takes a look with its financial institution, and the bank refuses to deposit the associated sum of money inside the agency's financial institution account. this could happen for the following motives: The bank on which they take a look at became at the start drawn rejects the check.
People deposit their financial savings in banks. they are able to withdraw their cash whenever required. Due to the fact that deposits within the financial institution account can be withdrawn on call for, those deposits are called call for deposits.
Learn more about deposits here https://brainly.com/question/1752098
#SPJ4
What process has made it possible to create load-bearing glass?
- floating
- Pilkington process
- tempering
- Fourcault process
Answers
Answer:
tempering
Explanation:
i was searching g o o g l e and it took a while to figure it out i am sure this is the correct one.