Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells the following long-term assets: Asset Sales Price Cost Accumulated Depreciation Building $ 737,000 $ 718,000 $ 44,000 Sparkle Corporation stock 168,000 231,000 n/a Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $879,000. What are Shimmer's taxable income and tax liability for the year

Answers

Answer 1

Shimmer Incorporated's taxable income is $879,000 and the tax liability for the year is $184,590 at a 21% corporate tax rate.

Data and Calculations:

Asset                                    Sales Price    Cost     Accumulated   Capital Gain

                                                                                Depreciation     or (Loss)

Building                                $ 737,000 $ 718,000   $ 44,000      $63,000

Sparkle Corporation stock     168,000    231,000     n/a              ($63,000)

Net Capital Gain or (Loss) = $0

Taxable income before capital gain transactions = $879,000

Add net capital gain or (loss) =                                     $0

Adjusted taxable income                                           $879,000

Tax liability (21%) = $184,590 ($879,000 x 21%)

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Related Questions

personal finance question,, think its a or b??? i second guess myself alot lol

Answers

Answer:   C

Explanation:

Answer:

It is either B or C. But, C is most reasonable.

In your job application, you must sound professional so they actually think about hiring you, or by sounding professional, it gives you a higher chance of getting the job.Why I think it's B is because it's quite helpful having a paper and online copy. But it's not essential. Having either or is enough.

I hope this helped at all.

Competition is to be expected in capitalist economies.

True
False

Answers

Answer:

True

Explanation:

Capitalism works because it encourages competition

New household appliances, automobiles, and __________ were goods popular among consumers of the 1920s. A. airplanes B. sailboats C. televisions D. radios

Answers

Answer:

I believe the answer is C and if the answer is wrong then my second best choice is D but im sure its C let me know!

Explanation:

Answer:

radios because people would need it 2 listen 2 music and other things

Explanation:

Reductions off the list price offered to resellers in the marketing channel on the basis of where they are in the channel and the marketing activities they are expected to perform in the future are called ______ discounts.

Answers

Answer: Trade

Explanation:

What are an employees legal rights that would prevent an employee from terminating an employee?

Answers

Employees may not be discriminated against on the basis of race, sex, gender, sexuality, skin color, religion, or any characteristic that is unrelated to their performance of the job.

"Wrongful termination is when an employee is fired illegally. This occurs when an employee is terminated because of discriminatory practices in the workplace, when a company violates public policy in the process of terminating the employee, or when a company's own guidelines for termination were not followed."

A. Wealth
B. Level of living
C. liquidity
D. Assets

Answers

Answer:

D. Assets

Explanation:

those are all things you have and are considered to be owned by you, therefore they're your assets.

hope this helps! :)

what characterizes a market with oligopolistic competition?

Answers

It is an oligopolistic market if it has the following:

- Few number of competitors (economy is shared through a few number of businesses/companies)

- The absence of other competitors besides the dominating ones

- If those few companies have a significant impact on the market (can increase price easily)

describe one way in which consumers depend on producers

Answers

The producers generate food for themselves and others(example would be plants and algae); consumers do not produce anything, instead eating producers, other consumers or both.
Therefore, consumers depend on producers to obtain energy by eating them.

According to Keynesian economics, what impact would a balanced budget amendment to our constitution have on our national economy

Answers

Answer:

By requiring a balanced budget every year, no matter the state of the economy, such an amendment would raise serious risks of tipping weak economies into recession and making recessions longer and deeper, causing very large job losses.

Explanation:

when a country that exported a particular good abandons a free-trade policy and adopts a no-trade policy

Answers

Answer:

producer surplus increases and total surplus decreases in the market for that good.

True or False: Your company manufactures and sells a complex solution where a lot of expertise and value is delivered through company sales reps. Product margins are thin. For these reasons, you should use an Indirect sales channel.

Answers

True; the company should use an Indirect sales channel.

By definition;

An indirect sales channel is the sale of a good or service by a third-party, which may be a partner or affiliate, rather than a company's personnel.

According to the question;

The company manufactures and sells a complex solution where a lot of expertise and value is delivered through company sales reps.

As a result, Product margins are thin.

For these reasons; an indirect sales channel is used as it involves subcontracting the sales to a third party, thereby relieving the company of sales responsible.

Ultimately, True; the company should use an Indirect sales channel.

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warren works at a distribution center that ships merchandise by truck to 300 stores. in order to handle complex transportation problems, what does warren rely on?

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In other to maximize the effectiveness of delivery equipments and manage time, Warren would need to rely on routing and scheduling softwares.

Handling logistics is an important aspect of business as it is at the core of the distribution process. Therefore, in other to solve complex transportation problems, reliance would be on routing and scheduling software.

These softwares takes into cognizance, road, traffic and other constraints on other produce the most efficient route for warren.

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throughout the years, various beer companies have entered and exited the market. anheuser-busch in the 1960s had a little over 10% market share but has grown to about 50%. when anheuser-busch decides to change its prices on beer, the other beer manufacturers do the same. what type of competition-based pricing does this illustrate?

Answers

Answer:

price leader/follower

Explanation:

The type of competition-based pricing used by other beer manufacturer is the Price leadership type of competition-based pricing

Basically, the competition-based pricing refers to price decision-making by a firm which are majorly influenced by the price its dominant competitors of same product.

There are three type of competition-based pricing and includes Price leadership. Predatory pricing and Going-rate pricing.

The Price leadership is a type of competition-based pricing where setting of prices in a market by a dominant company are followed by others company in same market.

Therefore, the type of competition-based pricing used by other beer manufacturer is the Price leadership.

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Innovations like the mass production of cars can create economies of scale. However, over time this benefit becomes less meaningful because:

Answers

Answer:

other companies copy the processes

Explanation:

When a customer exits the queue, there are two possible outcomes. One is a chance that the customer may return to the source population to be served again. What is the other

Answers

Answer:

there is a low chance of reservice

Explanation:

`927487658732478597349579-3489812o798-1265946582399749-82635-`221-976489-6128-`6-495465487561298576087

Answers

THE Leo Frank case is one of the most notorious and highly publicized cases in the legal annals of Georgia. A Jewish man in Atlanta was placed on trial and convicted of raping and murdering a thirteen-year-old girl who worked for the National Pencil Company, which he managed.

According to cisco, what was considered the inflection point for the internet of things?

Answers

Based on the information released at the IoT World Forum in Dubai, according to Cisco, the thing that was considered the inflection point for the internet of things is "Strategic."

Cisco described the inflection point through its Executive Chairman, John Chambers.

John Chambers claimed that the inflection point is the strategic significance for the IoT in terms of interest and initiates.

Hence, in this case, it is concluded that the correct answer is "Strategic."

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A response strategy requires suppliers be selected based primarily on A. being willing to share information. B. capacity, speed, and flexibility. C. cost. D. product development skills.

Answers

Answer:

D

Explanation:

Hope this helps

The sales interns of Nortrom Inc., an electronics company, call the company's potential clients and inform them about the company's various products and offers. In this scenario, the sales interns of Nortrom Inc. are engaged in _____.

Answers

Answer:

whys it taking so long to load bro

Explanation:

What are the importance of feedback in the communication process(3mks)

Answers

Feedback helps your team avoid major mistakes.

By creating a clear and honest communication flow during any kind of teamwork, it saves you the time of correcting someone's work, reduces errors caused by miscommunication to a minimum, and prevents regrets of those who feel like they failed.

Suppose the government introduces tax incentives to increase private household saving. What would be the effect on net capital outflows and the exchange rate

Answers

Answer:

Mama thu thu thu thu thu thu

Explanation:

Hi

Net capital outflows decrease and the exchange rate rise would be the effect on net capital outflows and the exchange rate. Hence, option C is correct.

What is net capital outflows?

The amount that domestic residents are lending abroad less the amount that foreigners are lending to home countries is the net capital outflow.

The sum of money a nation spends on imports, exports, and investments abroad is known as net capital outflow. An American citizen purchasing Toyota Corporation stock, for instance, results in a net outflow of money for the United States.

Net purchases of domestic assets by non-residents, or the difference between purchases and sells, are referred to as capital inflows. Net foreign asset purchases by domestic agents, excluding the central bank, equal net capital outflows.

This is due to the fact that our assets are more appealing the higher the domestic real interest rates. Since more money is available, this will increase foreign investment, which will decrease net capital outflow.

Thus, option C is correct.

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The options were attached below-

Which is NOT something you should look for in a savings account?


a) Low (or no) monthly fee
b) Rewards for using your debit card
c) Free online banking
d) Competitive interest rate

Answers

Answer:

b) Rewards for using your debit card

Explanation:

If it’s a saving account why would I using my debit?

if bill performs plumbing upgrades for alice in exchange for her incorporating his business, then their _________________________ will be satisfied.

Answers

For performing the plumbing upgrades for Alice while she incorporates Bill's business, they have satisfied each other's _________NEEDS_______ without the exchange of money.

This satisfaction of needs by the exchange of services is a trade by barter.  The barter system enables Bill, who is a professional plumber, to upgrade the plumbing system at Alice's house.  In payment for the plumbing service, Alice can incorporate Bill's plumbing business.

Thus, the exchange of services satisfies each other's needs without the payment of cash.

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4. You hire three individuals as independent contractors (gardener, hairdresser, handyman). What is the maximum you can annually pay each and NOT be required to report the earnings to the IRS on a Form 1099-MISC?

A. I don't know
B. $0 - I am not required to report their earnings because they are independent contractors
C. $259
D. $499
E. $599
F. $1,899

Answers

Answer:

c

Explanation:

Price discrimination leads to a _____ price for consumers with a _____ demand. higher; perfectly elastic lower; less elastic higher; less elastic higher; more elastic

Answers

According to macroeconomic theory, Price discrimination leads to a higher price for consumers with less elastic demand.

This is because price discrimination is a pricing strategy whereby producer of similar products or identical goods is selling these goods at different prices.

These goods, however, would make the price of some goods higher for the consumers while at the same time having less elastic demand.

There will also be ones with lower prices that would have more elastic demand.

Hence in this, case, it is concluded that the correct answer is option C. " higher; less elastic."

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The phenomenon of selecting an insurer that charges lower rates for a specific risk exposure is known as:

Answers

Adverse selection. The phenomenon of selecting an insurer that chargers lower rates for a specific risk exposure is known as: The number of similar exposure units is small. All risks are not insurable.

in the united states, the nation’s fiscal policy is conducted by

Answers

Answer:

By both the executive and legislative branches. 

the return an investor in a security receives is ______ _____ the cost of the security to the company that issued it.

Answers

Securities are known to be fungible and tradable financial tools that are employed to raise capital in public and private markets. the return an investor in a security receives is equal to the cost of the security to the company that issued it.

Three forms or types of securities exist. They are:

Equity: This type of security gives an individual ownership rights to holders.

Debt: This are important loans repaid within a set payments.

Hybrids: this is composed of some aspects of debt and equity.

A Security is commonly described as a financial asset or tool that is of economic importance and can be bought, sold, or traded. Examples are stocks, bonds, options, mutual fund shares etc.

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primary costs to the company, such as payments to artists and staff who maintain the threadless website, come out of which budget?

Answers

The operating budget make provision for primary costs such as payments to artists and staff who maintain the website,

The operating budget refers a detailed projection of expenses, expected future costs, and fore-casted income over a period of time

This budget helps to make plans for the income and expense departments expected in the business,

In conclusion, the operating budget is the budget that make the provision described in the question.

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Sell-side marketplaces are similar to the _________ model; _________ auctions are the key mechanism.

Answers

Answer:

B2C; forward

Explanation:

Sell-side marketplaces are similar to the B2C model; forward auctions are the key mechanism.

What is B2C model?

The term "business-to-consumer" (B2C) refers to a model of commerce between a company and a single customer. Although B2C is a term that can refer to any form of direct-to-consumer selling, it is currently often used in relation to operating an online store, sometimes referred to as ecommerce.

Business to Consumer (B2C) enterprises are different from Business to Business (B2B) organizations in that they concentrate on selling their goods or services directly to consumers rather than other businesses. .

Shopify is one prominent B2C startup that has created a platform to let small sellers sell their goods online and reach a larger audience.

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