What the amount of income CT Corporation must report

Assignment Help Accounting Basics
Reference no: EM133129382

Questions -

Q1. Rocky and Charlie form RC Partnership as equal partners. Rocky contributes? $100,000 into RC while Charlie contributes real estate with a cost and fair market value of? $100,000. During the current? year, RC earned net income of? $600,000. The partnership distributes? $200,000 to each partner. The amount that Rocky should report on his individual tax return is?

A.? $0.

B. ?$300,000.

C. ?$200,000.

D. ?$100,000

Q2. CT Computer? Corporation, an accrual-basis ?taxpayer, sells service contracts on the computers it sells. At the beginning of January of this? year, CT Corporation sold contracts with service to begin? immediately:

One for three months ?$200

One for 20 months 800

One for 48 months ?4,000

The amount of income CT Corporation must report for this year is

A. ?$5,000.

B.? $1,000.

C. ?$1,680.

D. ?$200.

Reference no: EM133129382

Questions Cloud

Theory of comparative advantage : Table 1 shows the maximum output of X and Y that Kenya and Nigeria can produce under constant cost conditions.
What is the level of undesired excess reserves : A bank has $50,000 of deposits, $42,000 of loans and $8,000 of reserves. The required reserve ratio is 10%, the desired excess reserve ratio is 7%, and the curr
Rationale behind the expansion of the european project : 1. What is the rationale behind the expansion of the European project in its early days?
Outline the theory of an optimal currency area : Outline the theory of an optimal currency area and assess the extent to which the Euro conforms to these ideas.
What the amount of income CT Corporation must report : CT Computer? Corporation, an accrual-basis ?taxpayer, sells service contracts on the computers it sells. What the amount of income CT Corporation must report
Appreciation on gdp for home and foreign country : The effect of currency depreciation and appreciation on GDP for home and foreign country. If France invested into US stock market and the dollar appreciated,
Benefits of paying down the national debt : What are the benefits of paying down the national debt? What might be the negative effects?
Explain the idea of comparative advantage : Read the textbook Chapter 17, Lesson 1.Using the information from this chapter, write a children's story titled Why We Trade.
Determinants of coercive diplomacy : Describe 4 determinants of coercive diplomacy. Identify and discuss each of these

Reviews

Write a Review

Accounting Basics Questions & Answers

  Distribution of business owners

The director of a small business development center located in a mid-sized city is reviewing data about its clients. In particular, she is interested in ex- amining if the distribution of business owners across the various stages of the business l..

  Accounting problems

Three years ago a piece of machine was purchased for $10,000. Assuming an eight-year life and straight-line depreciation, financial statements for the third year will show:

  Find how should the net income be distributed

Find How should the net income be distributed? May, June and July formed a partnership and agreed to maintain an average investment of P100,000

  Indicate the function served by each procedure

Indicate the function served by each procedure. Identify an error or irregularity that may be prevented or detected by the control procedure

  What was the stockholders equity at the end of the year

If assets increased by $40,000 and liabilities decreased by $30,000, what was the stockholders' equity at the end of the year

  Prepare the general journal adjusting entry needed

The loan is to be repaid plus interest of 10% per year, on December 31, 20x2. Prepare the general journal adjusting entry needed for December

  Calculate Linda allowable itemized deductions for the year

Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. Calculate Linda's allowable itemized deductions for the year

  What is libscomb cash cycle

Libscomb Technologies' annual sales are $5,474,941 and all sales are made on credit, What is Libscomb's Cash Cycle (in days)

  How is cash received in person independently verified

How is cash received in person independently verified? What is the primary internal control goal for cash payments?

  What was the labour cost per equivalent unit

The closing work-in progress was 60% complete. Labour costs totalled Rs. 592,000 in the period. What was the Labour cost per equivalent unit

  Please provide the proper journal entries

Purity Landscaping Co. usually receives a monthly phone bill for $200, in which a check is issued for immediately. However, for this month end, the bill never came.

  What amount of revenue should be shown on the income

During its first year of operations, Griffin Company bills credit customers $47,300 for services rendered. What amount of revenue should be shown on the income

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!

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