Business, 15.04.2020 19:58 michelle5642b
In 2019, Nighthawk Corporation, a calendar year C corporation, has $5,440,000 of adjusted taxable income and $163,200 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $2,176,000. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $37,600,000. Determine Nighthawk's current-year deduction for business interest. $ b. Assume that Nighthawk has average gross receipts for the prior three-year period of $18,750,000. Determine Nighthawk's current-year deduction for business interest. $
Answers: 3
Business, 21.06.2019 17:00
Herman is covered by a cafeteria plan by his employer. his adjusted gross income (agi) is $100,000. he paid unreimbursed medical premiums in the amount of $10,500 and he itemizes deductions. what amount will herman be able to deduct for his medical insurance premium expenses?
Answers: 1
Business, 22.06.2019 11:10
Suppose that the firm cherryblossom has an orchard they are willing to sell today. the net annual returns to the orchard are expected to be $50,000 per year for the next 20 years. at the end of 20 years, it is expected the land will sell for $30,000. calculate the market value of the orchard if the market rate of return on comparable investments is 16%.
Answers: 1
Business, 22.06.2019 15:00
Magic realm, inc., has developed a new fantasy board game. the company sold 15,000 games last year at a selling price of $20 per game. fixed expenses associated with the game total $182,000 per year, and variable expenses are $6 per game. production of the game is entrusted to a printing contractor. variable expenses consist mostly of payments to this contractor.required: 1-a. prepare a contribution format income statement for the game last year.1-b. compute the degree of operating leverage.2. management is confident that the company can sell 58,880 games next year (an increase of 12,880 games, or 28%, over last year). given this assumption: a. what is the expected percentage increase in net operating income for next year? b. what is the expected amount of net operating income for next year? (do not prepare an income statement; use the degree of operating leverage to compute your answer.)
Answers: 2
In 2019, Nighthawk Corporation, a calendar year C corporation, has $5,440,000 of adjusted taxable in...
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