Baskin's pretax accounting income in Year 2 is $100,000. Baskin received cash rental payments in advance for $20,000 in Year 1 and $30,000 in Year 2, which are taxed in the year of receipt. It is expected the rent will be recognized for financial reporting purposes as $25,000 in Year 3 and $25,000 in Year 4. The income tax rate is 40%. What is Baskin's tax basis for rental revenues in Year 2

Answers

Answer 1

Answer:

the  baskin tax basis for rental revenue is $10,000

Explanation:

The computation of the baskin tax basis for rental revenue is given below:

= Year 4 rent recognized × income tax rate

= $25,000 × 40%

= $10,000

Hence, the  baskin tax basis for rental revenue is $10,000

The same should be considered and relevant


Related Questions

Money spent on groceries is an example of a/an

Answers

Expense. Hope this helped!

HOW CAN I CREATE A PERFECT SALES STRATEGY?

Answers

Answer:

B2B marketers and businesses are using LinkedIn automation to strengthen their sales and marketing strategy.

Here is how;

Engage With The Right AudienceTake Advantage of LinkedIn GroupsSend Personlized Outreach Messages

Most of the lead generation and sales tactics on LinkedIn require a lot of time if you choose to do them manually.

If a firm was receiving subsidies from its government to produce and lower its operating costs, what may happen when going to sell its products to other countries

Answers

Answer:

Government subsidies some countries soften bed

A statement of cash flows helps answer all of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
a. What explains the changes in the cash account?
b. Where does a company spends its cash?
c. How can the company improve its operations?
d. How does a company receives its cash?
e. What are the changes in the non-cash accounts?

Answers

Answer:

I think A and D tell me if I'm wrong

Which one of the following statements is correct? Both partnerships and corporations incur double taxation. Sole proprietorships and partnerships are taxed in a similar fashion. Partnerships are the most complicated type of business to form. Both partnerships and corporations have limited liability for general partners and shareholders. All types of business formations have limited lives.

Answers

Answer:

sole proprietorships and partnerships are taxed in a similar fashion

Explanation:

A tax can be regarded as compulsory financial charge, it can also be regarded as other type of levy that is been imposed on a taxpayer by a governmental organization so that funds needed to fund government spending as well as various public expenditures can be generated. This applies to sole proprietorship which is regarded as , is a type of enterprise that is been owned as well as run by one person. Also applies to partnership which can be regarded as formal arrangement set up between two or more parties so they can manage and operate a particular business as well as sharing of its profits. It should be noted that sole proprietorships and partnerships are taxed in a similar fashion

World-Tour Co. has just now paid a dividend of $2.83 per share (Div0); its dividends are expected to grow at a constant rate of 6 percent per year forever. If the required rate of return on the stock is 16 percent, what is the current value of the stock, after paying the dividend

Answers

Answer:

the current value of the stock is $30

Explanation:

The computation of the current value of the stock is given below:

Price of stock today is

= Dividend per share × (1 + growth rate) ÷  (required rate of return - growth rate)

= $2.83 × (1 + 0.06) ÷  (0.16 - 0.06)

= $2.9998 ÷ 0.10

= $29.9980  

= $30

Hence, the current value of the stock is $30

In a project schedule, the sequence of activities which cannot be delayed during the course of the project without extending the project end date is referred to as the:

Answers

Answer:

Critical path

Explanation:

Project

This is simply known as a temporary work with a clearly  state out timeframe or timeline from its starting (beginning) to the ending. it often brings about a unique product, service, or event. The various tasks in a project is specific to the defined project goal or objective and can be described within limits of time.

Critical path

This is simply regarded as the longest path via a network diagram, that shows the shortest amount of time by when project can or should be completed. the critical path method commonly called CPM is broken down into:

Earliest start time (ES) - This is simply the fastest or earliest a said activity can start without starting before any formal activities.

Earliest finish time (EF) - This is how fast or earliest an activity can finish.

Latest start time (LS) - This is simply known as the latest time an activity can start without delaying the entire project.

Latest finish time (LF) - This is simply the latest time an activity can finish without delaying the entire project.

Critical Path Analysis is a known project management tool that lets out all the individual activities that make up a larger project and it often shows the order in which activities have to be undertaken etc,

ABC Corp. issued $100,000 of bonds at a premium; as a result, the company: A. received more than $100,000. B. received less than $100,000. C. will pay the bondholders more money on the maturity date than it received on the issue date. D. received $100,000.

Answers

Answer:

A

Explanation:

If the yield to maturity is greater than the bonds coupon rate the bond is selling at a discount. Bond issuers would receive less than the face value of the bond as payment when the bond is sold  

If the yield to maturity is less than the bonds coupon rate the bond is selling at a premium. Bond issuers would receive a greater sum than the face value of the bond as payment when the bond is sold  

If a bond’s coupon rate is equal to its yield to maturity, then the bond is selling at par. Bond issuers would receive an amount equal to the face value of the bond as payment when the bond is sold  

Given the following cost and activity observations for Smithson Company's utilities, use the high-low method to calculate Smithson's fixed costs per month. Cost Machine Hours January $88,020 9,800 February 150,430 17,700 March 103,350 11,700 April 129,310 15,000 a.$33,900 b.$18,000 c.$8,500 d.$10,600

Answers

Answer:

d. $10,600

Explanation:

Variable cost = (Highest activity cost - Lowest activity cost) / (Highest activity units - Lowest activity units)

Variable cost = ($150,430 - $88,020) / (17,700 - 9,800)

Variable cost = $62,410 / 7,900

Variable cost = $7.9

Fixed cost = Highest activity cost - (Variable cost per unit*Highest activity units)

Fixed cost = $150,430 - ($7.9*17,700)

Fixed cost = $150,430 - $139,830

Fixed cost = $10,600

Which of the following is not an action company co-managers can take to help meet or beat the investor-expected increases in the company's stock price in upcoming years?

a. Increasing annual dividend payments to shareholders most every year
b. Pursuing efforts to increase total operating profits in all four geographic regions the resulting growth in operating profits will improve total net profit and help raise the EPS, driving the company's stock price upward
c. Increasing the amount of earnings retained in the business, thereby building a large amount of cash held in the company's retained earnings account on its Balance Sheet
d. Using a portion of cash flows from operations to repurchase shares of common stock on a regular basis
e. Building the company's earnings per share and retrun on equity; it is widely-known that these are important factors that drive the company's stock price

Answers

Answer:

c. Increasing the amount of earnings retained in the business, thereby building a large amount of cash held in the company's retained earnings account on its Balance Sheet

Explanation:

In the case when the retained earnings in increased so it created the large amount of cash that should be held in the retained earning account of the company in the balance sheet but the same should not have any kind of impact for beating the expectation of the investor for increase in the stock price in near future

So, the option c is correct

Two investment centers at Marshman Corporation have the following current-year income and asset data:
Investment Center A Investment Center B
Investment center income$525,000 $635,000
Investment center average invested assets$4,600,000 $3,050,000
The return on investment (ROI) for Investment Center A is:________.

Answers

Answer: 11.41%

Explanation:

Return on assets refers to the amount of income earned per capital invested. It is calculated by the formula:

= Net income / Average assets invested

ROI for Center A will therefore be:

= 525,000 / 4,600,000

= 0.1141

= 11.41%

A fixed asset with a cost of $41,000 and accumulated depreciation of $36,500 is traded for a similar asset priced at $60,000. Assuming a trade-in allowance of $3,000, the recognized loss on the trade is

Answers

Answer:

1,500

Explanation:

The fixed assets cost is $41,000

The accumulated depreciationn is $36,500

Similar assets was priced at $36,000

Trade in allowance is $3000

Therefore the recognised law on trade can be calculated as follows

41,000-36,500-3,000

= 1,500

The summarized balance sheets of Blossom Company and Nash Company as of December 31, 2021 are as follows:

Blossom Company Balance Sheet December 31, 2021
Assets $1750000
Liabilities $170000
Capital stock 875000
Retained earnings 705000
Total equities $1750000

Nash Company Balance Sheet December 31, 2021

Assets $1280000
Liabilities $280000
Capital stock 890000
Retained earnings 110000
Total equities $1280000

If Blossom Company acquired a 20% interest in Nash Company on December 31, 2021 for $300000 and the equity method of accounting for the investment were used, the amount of the debit to Equity Investments (Nash) would have been:__________

a. $300000.
b. $200000.
c. $256000.
d. $178000.

Answers

Answer:

The amount of the debit to Equity Investments (Nash) would have been:__________

 

b. $200,000.

Explanation:

a) Data and Calculations:

Blossom Company Balance Sheet December 31, 2021

Assets $1750000

Liabilities $170000

Capital stock 875000

Retained earnings 705000

Total equities $1750000

Nash Company Balance Sheet December 31, 2021

Assets $1280000

Liabilities $280000

Capital stock 890000

Retained earnings 110000

Total equities $1280000

Nash's net assets = $1,000,000 ($1,280,000 - $280,000)

Equity investment = 20% of $1,000,000 = $200,000

Goodwill on acquisition = $100,000 ($300,000 - $200,000)

Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning the most recent year appear below: Sales $ 17,700,000 Net operating income $ 5,300,000 Average operating assets $ 35,100,000 Required: 1. Compute the margin for Alyeska Services Company. (Round your answer to 2 decimal places.) 2. Compute the turnover for Alyeska Services Company. (Round your answer to 2 decimal places.) 3. Compute the return on investment (ROI) for Alyeska Services Company.

Answers

Answer:Profit margin = 29.94%

 Asset Turnover =0.50

Return on investment (ROI) =15.09%

Explanation:

Given

Sales for the year =  $ 17,700,000

Net Operating Income =  $ 5,300,000

Average Operating Assets =  $ 35,100,000

a)Profit margin = (Net operating income/Net sales ) x 100%

= $5,300,000/$17,700,000 x 100%  = 29.94%.

This shows that the Alyeska Services company has ability to turn income to profit by  29.94%

b.  Asset Turnover =  Total Sales/ Average Total Assets  = $17,700,000/$35,100,000 = 0.50

c. Return on investment (ROI) =Net income/Total investment  x 100%

 = $ 5,300,000/ $ 35,100,000 x 100% =15.09%

Corporation sold 210000 watches and produced 217000 watches that it sold for $19 each. The company determined that fixed manufacturing cost per unit was $8 per watch. The company reported a $1,302,000 gross margin on its financial statements. Determine the total contribution margin.

Answers

Answer:

The total contribution margin is:

= $2,982,000.

Explanation:

a) Data and Calculations:

Production units = 217,000 watches

Sales units = 210,000 watches

Sales price per watch = $19

Sales revenue =   $3,990,000 (210,000 * $19)

Cost of goods sold 2,688,000 ($3,990,000 - $1,302,000)  ($12.80 each)

Gross profit =        $1,302,000

Cost of goods sold per unit = $12.80 ($2,688,000/210,000)

Fixed cost per unit = $8

Variable cost per unit = $4.80 ($12.80 - $8.00)

Contribution margin  per unit = $14.20

Total contribution margin = $2,982,000 ($14.20 * 210,000)

Select the correct answer.
Why is it necessary to review job trends while making a career plan?
OA
to review past achievements
OB.
to explore new training opportunities
O C.
to list wants and needs
OD.
to build the résumé

Answers

Answer:

1 is incorrect dude is wrong above

Explanation:

three (3) State taxes and briefly describe each

Answers

The three state taxes are what you earn, taxes on what you buy, and taxes on what you own.

Earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes;

Buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes;

Own: property taxes, tangible personal property taxes, estate, and inheritance taxes, and wealth taxes.

If the price level is above the equilibrium price level, how does the aggregate quantity of goods and services demanded compare to the aggregate quantity of goods and services supplied at the price level?

Answers

Answer:

When price is  above the equilibrium price level, quantity demanded would be less than the quantity supplied. This would lead to a surplus

Explanation:

Equilibrium price is the price at which quantity demand equal quantity supplied.

Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded. As a result of the surplus, price would fall until equilibrium is reached.

Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied. As a result of the shortage, price would rise until equilibrium is reached.

Which part of a persuasive message should catch your audience's interest and lure them into your
topic?
O Concluding device
O Attention statement
O Epilogue
O Supporting material

Answers

Answer:

Attention Statement

Explanation:

The name is self explanitiry

5-5 TIME TO REACH A FINANCIAL GOAL You have $33,556.25 in a brokerage account, and you
plan to deposit an additional $5,000 at the end of every future year until your account totals
$220,000. You expect to earn 12% annually on the account. How many years will it take to
reach your goal?

Answers

Answer:

22 is the right answer bro fgjjfycugyvyygyghu

ai là người giàu nhất thế giới

Answers

Answer:

Jeff Bezos

Explanation:

Jeff Bezos là người sáng lập Amazon và có giá trị tài sản ròng là 205 tỷ USD

Đây là danh sách các nhà vận chuyển tiền được xếp hạng:

https://www.forbes.com/real-time-billionaire/#114ff8bb3d78

Jeff Bezos is the founder of Amazon and has a net worth of $205 billion Here's a list of billionaire's ranked:

https://www.forbes.com/real-time-billionaires/#114ff8bb3d78

A downward-sloping yield curve generally indicates which of the following
(I) higher current short-term interest rates
(II) higher inflation expectations in future years
(III) a strong possibly of a recession within the next year
a) (I) and (III).
b) (II).
c) (III) only.
d) all are correct.

Answers

Answer:

a

Explanation:

A yield curve is a graph that plots the interest rate of bonds at a set point in time.

When the yield curve is downward sloping, it is expected that short term interest rate would be higher than the long term interest rate.

A downward sloping yield curve can be an indictor of coming recession.

A recession is when the GDP of a country for two consecutive quarters is negative. In a period of recession, interest rate is usually lower.

A downward sloping yield curve can also be an indicator that there is an expectation of lower inflation rate in coming years.

If the yield curve is upward sloping, the short term interest rate would be lower than the long term interest rate

A flat yield curve is an indicator that interest rate would be constant

Waterway Industries can produce and sell only one of the following two products: Oven Contribution Hours Required Margin Per Unit Muffins 0.2 $4 Coffee Cakes 0.3 $5 The company has oven capacity of 1500 hours. How much will contribution margin be if it produces only the most profitable product

Answers

Answer:

$30,000

Explanation:

                                             Muffins      Coffee Cakes

Contribution Per Unit (A)        $4                   $5

Oven Hours Required (B)      0.2                   0.3

Contribution Per Hour         $20                $16.67

Rank                                          1                        2

Total Hours Available                                                       1,500

Hours Required for 1 Unit of Muffin                                  0.2  

Total Muffins Production with 1500 Hours (1,500/.2)     7,500

Contribution Per Unit                                                         $4    

Total Contribution (7,500*$4)                                      $30,000

If the price of oil, a close substitute for coal, increases then:

a. the demand curve for coal will shift to the right.
b. equilibrium price and quantity of coal will not change.
c. supply curve for coal will shift to the right.
d. demand curve for coal will shift to the left.
e. supply curve of coal will shift to the left.

Answers

Answer:

A

Explanation:

Substitute goods are goods that can be used in place of another good.

if the price of a good increases, the demand for the substitute increases and if the price of the good reduces, the demand for the substitute increases.

If the price of oil increases, it becomes cheaper to buy coal. As a result, there would be a rightward shift of the demand curve for coal. As a result, the equilibrium price and quantity would increase

A-Rod Fishing Supplies had sales of $2,500,000 and cost of goods sold of $1,710,000. Selling and administrative expenses represented 10 percent of sales. Depreciation was 6 percent of the total assets of $4,680,000.
What was the firm's operating profit?

Answers

Answer:

$259,200

Explanation:

A-Rod Fishing Supplies

Income Statement

Sales Revenue                                                                 $2,500,000

Less Cost of Sales                                                            ($1,710,000)

Gross Profit                                                                          $790,000

Less Operating Expenses

Selling and administrative expenses        $250,000

Depreciation expense                                $280,800     ($530,800)

Operating Profit                                                                  $259,200

thus,

the firm's operating profit is $259,200

XYZ has two divisions: South and West. Overall net operating income is $26,900. South Division's segment margin is $42,800 and West Division's segment margin is $29,900. What is the amount of the common fixed expense not traceable to the individual divisions?
a. $45,800.
b. S56800.
с.$69,700.
d. $72,700.

Answers

Answer:

a. $45,800.

Explanation:

The computation of the common fixed expense not traceable is given below

Combined segment margin of two divisions ($42,800 + $29,900) $72,700

Less: net income -$26,900

Non traceable fixed cost $45,800

Hence, the amount of the common fixed expense not traceable to the individual divisions is $45,800

Therefore the option a is correct

Which of the following The holding-period return (HPR) on a share of stock is equal to(s) the level of real interest rates? I) The supply of savings by households and business firms II) The demand for investment funds III) The government's net supply and/or demand for funds

Answers

Answer: D. I, II, and III.

Explanation:

The demand for investment funds determines the demand for loanable funds and when this is higher than the supply, the rate increases. The reverse it true. It therefore affects real interest rates.

The savings of households and business firms are the source of loanable funds so if these are high relative to demand, the rate will decrease. The reverse is true.

Government demand for funds will increase interest rates as the supply will decrease when the government borrows massively. The reverse is true.

All three therefore impart real interest rates.

Rachelle transfers property with a tax basis of $740 and a fair market value of $935 to a corporation in exchange for stock with a fair market value of $620 and $93 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $222 on the property transferred. What is the corporation's tax basis in the property received in the exchange

Answers

Answer:

$927

Explanation:

Calculation to determine the corporation's tax basis in the property received in the exchange

The corporation's TAX BASIS in the property received in the exchange will be TAX BASIS of $740 plus gain recognized of $187 Calculated as ($935-$740) and Assuming the corporation sells the property for the amount of $935, the gain recognized will be $187.

Therefore the corporation's tax basis in the property received in the exchange will be :

Corporation's tax basis=Tax Basis +Gain recognized

Corporation's tax basis=$740+($935-$740)

Corporation's tax basis=$740+$187

Corporation's tax basis=$927

Why should you think of your résumé as a marketing document?

Answers

Explanation:

A résumé is a marketing document that represents you when you are not there. A résumé quantifies your accomplishments and proves your worth to your future employer by proving your worth to your previous employer.

Tin Roof's net cash flows for the next three years are projected at $72,000, $78,000, and $84,000, respectively. After that, the cash flows are expected to increase by 3.2 percent annually. What is the value of the firm if the WACC is 9.32%

Answers

Answer:

$1,279,622.65

Explanation:

The value of the company is the present value of its future cash flows for the three-year planning horizon plus the present value of its continuing value beyond year 3, all discounted using the WACC as the appropriate discount rate.

continuing value=year 3 cash flow*(1+terminal growth rate)/(WACC-terminal growth rate)

continuing value= $84,000*(1+3.2%)/(9.32%-3.2%)=$1,416,470.59

present value of continuing value=$1,416,470.59/(1+9.32%)^3=$1,084,198.23

present value of 3-year cash flows=$72000/(1+9.32%)^1+$78,000/(1+9.32%)^2+$84,000/(1+9.32%)^3

present value of 3-year cash flows=$195,424.42

value of the company=$1,084,198.23+$195,424.42

value of the company=$1,279,622.65  

Other Questions
A map is drawn to a scale of 1 : 20 000.The actual area of the grassland is 2.5 hectares. Calculate the area on the map, giving your answer in square centimetres. ( 1 hectare = 10 000 m )pls help thank you:> Use the excerpt below to answer the question.That the inhabitants of the English colonies in North-America, by the immutable laws of nature, the principles of the English constitution, and the several charters or compacts, have the following RIGHTS:. . . That they are entitled to life, liberty and property: and they have never ceded to any foreign power whatever, a right to dispose of either without their consent.Declaration and Resolves of the First Continental Congress, 1774In the Declaration of Independence, one of the rights listed in this excerpt was replaced with which of the following as an unalienable right?Group of answer choicesrule by democracyexpression of ideaspursuit of happinessfreedom to worship 5. I was just about to leave when I (remember)_________ ___________my briefcase . 6. She (walk)____________________ into the station only to find that the train (leave) _______________7. At the conference, scientists reported that they (find)_______________ a cure for Malaria .8. On my last visit to Wixton I (find) __________that the village (not change)__________________ much . 9. In a surprise move, the Prime Minister (resign)_______ last night . / 10. Jane didnt want any dinner. She (eat)_____ already. 11. When she (come)________________ into the hall, everyone (start) cheering ___________________. 12. After they (eat)_______________ all the food, they (pick) ________________up their bags left . 13. I thought I would get to the restaurant first, but Jim (arrive)___________________________ before me . 14. By the time I (get)______________ to the party, most people (go)_______________________ home. 15. As soon as I (turn) __________________the ignition key , the engine (catch)_________________ fire 15. Nowadays we(know) ___________how important television (be)______for our knowledge about the world Is Trygliceride a saturated or unsaturated molecule? Please explain. Find the commission on a sale of $600 with a 5% commission rate. Hey I need helping with solving thank you Which of the following will affect the rate of a chemical reaction?solution temperaturesolution colorsolute masssolution volume in the figure above, three congruent circles are tangent to eachother and have centers that lie on the diameter of a larger circle. if the area of each of these small circles is 9pi, what is the area of the larger circle?a) 36pib) 49pic) 64pid) 81pi Which graph represents the solution set of the inequality 11 2x + 5 15 Bill, an employee with the U.S. Postal Service, was deployed to Iraq to serve in the U.S. Army for two years. After the completion of his military duties, he resumed work at the post office. He was employed with an increase in pay. Which law protected Bill by requiring that his employer re employ him with the seniority, status, and pay rate he would have earned if he had stayed on the job during the time of his deployment what represent the relationship between the total mass of a crate Jane is watching her classmate give a presentation discussing the varied beliefs about global warming. By the end of the presentation, she only remembers her classmates discussion of how many believe global warming is caused by human activity. Which appears to be challenging Janets perception? Help me with this anyone HelpPlz!!!!!!!!!!!!!!!!!!!!!!!!!!!!! When you compose a message, you want your audience to find the information it needs quickly and to understand what it finds. Your message should be easy to read and to comprehend. Well-designed documents enhance readability and comprehension. Understanding and employing the various design techniques that can be used to improve readability will make your messages more effective._______________ define the shape of text characters.a. Headings b. Fonts c. Typefaces in a cathode-ray tube, particles are fired at the screen. What are these particles PLS HELP ME ON THIS QUESTION I WIL MARK YOU AS BRAINLIEST IF YOU KNOW THE ANSWER!!The number of rare coins a coin collector owns is considered ________ data.A. discreteB. continuousC. neither continuous nor discreteD. both continuous and discrete Which is a statement that is true of a child with Down Syndrome? A. These children are almost always severely mentally impairedB. These children have a lengthened life expectancyC. The risk of giving birth to this baby is highest among women over 40 D. These children can never have happy, fulfilling lives Combine the sentences replacing the adjective with a noun:1. My sister was cheerful. This made me forget all my troubles._________________________________________________________________________2. The Mosque's foundations are strong. This stopped it from collapsing in the earthquake._________________________________________________________________________3. The crate is heavy. It slowed Ram's progress._________________________________________________________________________ Which of the following shows the extraneous solution to the logarithmic equation below?2 log Subscript 5 Baseline (x + 1) = 2