User Account

All Pages

What adjustment will be necessary for entertainment expense

Assignment Help Accounting Basics
Reference no: EM132728512

Problem 1: DONAT Company reported taxable income of $500,000 in 2020. This amount does not include a $5,000 nondeductible (for tax purposes) entertainment expense. If you start with taxable income of $500,000 what adjustment will be necessary for the $5,000 entertainment expense for purposes of calculating E& P?

a. a $5,000 addition.

b. a $5,000 deduction.

c. no adjustment.

d. none of the above.

Reference no: EM132728512

Questions Cloud

Describe roles and responsibilities of the administration : Describe the roles and responsibilities of the administration in each department of your chosen facilities.
How do you see the given being applied in your workplace : According to the textbook, nurses in various settings are adopting a research-based (or evidence-based) practice that incorporates research findings into.
Discuss 3 types of inventory : Discuss 3 types of inventory that would be the most important to coca col beverages and explain why they would be the most important to this company
What would be max total saved money at the time : The car costs $300,000 now. What would be Max's total saved money at the time just prior to him getting his raise? (at the end of year 5)
What adjustment will be necessary for entertainment expense : DONAT Company reported taxable income, what adjustment will be necessary for the $5,000 entertainment expense for purposes of calculating E& P?
What is the probability of a registration time : What is the probability of a registration time shorter than 6 minutes?
Explain the main applications of social psychology : For this assignment you will create a two-sided tri-fold brochure using the Word brochure template or Canva. You will create 6 panels.
Patient Protection and Affordable Act : Explore the role technology plays in accessing health care and on the Patient Protection and Affordable Act
Advantages and disadvantages of using collaborative planning : Consider the advantages and disadvantages of using collaborative planning, forecasting, and replenishment (CPFR) in managing production and purchasing processes

Reviews

Write a Review

Accounting Basics Questions & Answers

  At what volume was the old break-even

You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an important cash producer for the company.

  What amount that abc accrue as a contingent liability

What amount that ABC accrue as a contingent liability in its balance sheet? Should ABC disclose the contingency in its note

  What are the amount and character of y loss

Worthless Securities, Y purchased 30 shares of BCD corporation common stock on March 2, 2010 for $2475. On February 26,2011, Y was notified by her broker that the stock was worthless.

  Prepare a multiple-step income statement for the year

On January 1, 2008, Nordham also issued 1,000 shares of common stock for $23,000. Prepare a multiple-step income statement for the year ending December 31, 2008

  What goodwill impairment should be recognized

On December 31, 2011, the fair value of Special Products Division is $4,000,000. What goodwill impairment should be recognized by General Products in 2011

  Prepare journal entries for allocation of its gain or loss

Asure, Ramirez, and Soney, who share income and loss in a 2:1:2 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears.

  Prepare a sales budget for the last three months of the year

Prepare a sales budget for the last 3 months of the year, including estimated collections of accounts receivable.

  Analyze the circumstances that resulted in the merger or

examine the circumstances that resulted in the merger or acquisition for the selected company. speculate on two 2

  Prepare the city annual operating budget

What accounting basis was used to prepare the city's annual operating budget and why was it likely chosen

  How should this loss be reflected in the quarterly income

None of this loss was recovered by the end of the year. How should this loss be reflected in the quarterly income statements of CD Company

  Determine the estimated value of the inventory burned

The gross profit rate for the last five years was maintained at 40% of sales. Determine the estimated value of the inventory burned on October

  Amount for common stock at year-end

Garnet Corporation was organized by issuing 100,000 shares of $1 par value common stock at a price of $50 cash per share. During the first year, Garnet had net income of $250,000 and paid $50,000 dividends. What is the balance sheet amount for com..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd