Representative Smith also asks that you briefly advise him on the following:
What is meant by the subpart F rules? Why are they part of the Internal Revenue Code?
What is a CFC? What are the requirements for when a corporation is a CFC?
In: Accounting
Suppose you own a small business. You are facing a significant amount of loss. What are the best ways of increasing your revenue and reducing your cost in the short run. Assume you are in highly competitive market.
In: Economics
Moline Properties, Inc. v. Commissioner of Internal Revenue
319 U. S. 436 (1943).
In: Accounting
On January 1, Portillo, Inc. lends a corporate customer $156,000 at 5% interest. The amount of interest revenue that should be recorded for the quarter ending March 31 equals:
Multiple Choice
$7,800.
$650.
$2,600.
$1,950.
In: Economics
Write a short business report about Alibaba Group. The report must includes: Their business model, their sources of revenue, their profit for the last five years, future plans, Internet technologies using to handle Internet traffic.
In: Economics
1. Please discuss the characteristics of the perfect competition market structure.
2. What are the main characteristics of a competitive market?
3. Explain the difference between a firm’s revenue and its
profit. Which do firms maximize?
In: Economics
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet.
a.Note Receivable b. Office Equipment c. Office Supplies d. Dividends e. Postage Expense f. Prepaid Insurance g. Prepaid Rent h. Prepaid Service Fees Rent Expense j. Rental Revenue k. Repairs Expense i. Salaries Expense
Identify the normal balance (debit or credit) for each of the following accounts.
Normal Ending Balance
a. Fuel Expense
b. Furniture
c.Rent Revenue
d.Postage Expense
e. Office Equipment
f. Building
g. Accounts Receivable
h. Salaries Expense
i. Salaries Payable
In: Accounting
The balance sheet of Ipod Corporation on December 31, 2024:
Ipod Corporation BALANCE SHEET AS OF DECEMBER 31, 2024 | |
Assets | |
Cash | $ 40,000 |
Accounts and notes receivable | 30,000 |
Inventory | 90,000 |
$160,000 | |
Liabilities and Capital | |
Accounts and notes payable | $ 20,000 |
Common stock | 100,000 |
Retained earnings | 40,000 |
$160,000 | |
These errors were made by Ipod on December 31, 2023 and were not corrected: Ending inventory understated $2,400 and prepaid expense of $1,000 omitted. On December 31, 2024, unearned revenue of $1,100 was omitted, and accrued revenue of $1,400 was omitted.
The net income shown by the books for 2024 was $13,200.
The correct 2024 Net Income is:
Select one:
a. $7,300
b. $12,300
c. $12,100
d. $14,900
e. $10,100
In: Accounting
Given the following information:
Demand: Qd = 200 – 5P
Supply: Qs = 5P
If a quantity tax of $2 per unit sold is imposed,
(a)Considering that the government will earn revenue, overall, do you think that the
society benefits from the imposition of the tax? Explain.
(b) Calculate the equilibrium market price and the equilibrium quantity sold.
(c) Determine the demand and supply equation after the tax.
(d) What will be the new equilibrium price paid by the buyers and the new price
received by the supplier?
(e) Calculate the new equilibrium quantity sold.
(f) Calculate the tax revenue earned by the government.
(g) Calculate the deadweight loss due to the tax.
(h) What determines whether the buyer of the seller bears the burden of the tax?
In: Economics
Given the following information:
Demand: Qd = 200 – 5P
Supply: Qs = 5P
If a quantity tax of $2 per unit sold is imposed,
(a)Considering that the government will earn revenue, overall, do you think that the society benefits from the imposition of the tax? Explain.
(b) Calculate the equilibrium market price and the equilibrium quantity sold.
(c) Determine the demand and supply equation after the tax.
(d) What will be the new equilibrium price paid by the buyers and the new price received by the supplier?
(e) Calculate the new equilibrium quantity sold.
(f) Calculate the tax revenue earned by the government.
(g) Calculate the dead weight loss due to the tax.
(h) What determines whether the buyer of the seller bears the burden of the tax?
In: Economics