Determining unrelated business income tax

Assignment Help Accounting Basics
Reference no: EM13149549

The local garden club, an exempt organization, had gross unrelated business income during the year of $15,000. Its costs associated with this income were $9,800. What is its unrelated business income tax?

Reference no: EM13149549

Questions Cloud

How much heat required to convert liquid to heat : The fluorocarbon compound C2Cl3F3 has a normal boiling point of 47.6 C The specific heats of C2Cl3F3(l) and C2Cl3F3(g) are 0.91 J/g-K and 0.67 J/g-K, respectively.
Compute the present value for the amounts : Compute the present value for each of the following amounts: $90,000 received 10 years hence if the annual interest rate is 8% compounded annually OR 8% compounded semiannually
What is the probability that seven of the men say no : Twenty single men were chosen at random and were asked if they would welcome a woman taking the initiative in asking for a date. What is the probability that seven (7) of the men say NO?
Who is fair-handsome and unscarred : Bobby is the only man standing next to exactly one handsome man. 4. Clinton is the only man not standing next to exactly one scarred man. Who is fair, handsome and unscarred?
Determining unrelated business income tax : The local garden club, an exempt organization, had gross unrelated business income during the year of $15,000. Its costs associated with this income were $9,800. What is its unrelated business income tax?
Find probability that all parts in sample are defective : What is probability that all parts in the sample are defective, what is probability that the sample will containe 3 defective parts of more.
Method of verifying accuracy of recorded dividend income : Jones was engaged to examine the financial statements of Gamma Corporation for the year ended June 30, 2002. Having completed an examination of the investment securities, which of the following is the best method of verifying the accuracy of recor..
Do you think this is a violation of section of sherman act : There is no evidence that the bar owners ever directly communicated. Do you think this is a violation of Section 1 of the Sherman Act?
Company minimum attractive rate of return : Its terminal salvage value will be $23,000, with annual operating costs of $7,500 for labor and $2,500 for maintenance. The company's minimum attractive rate of return is 18%.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Passive loss deduction in the current year

In the current year, Crow Corporation, a closely held C corporation that is not a personal service corporation, has $100,000 of passive losses, $80,000 of active business income, and $20,000 of portfolio income. How much of the passive loss may Cr..

  Which basis of allocating the cost is most likely

If the cost of ZZ is allocated to the X and Y products on the basis of the number of gallons produced, how much of the total cost of the 400 drums should be charged to each product?

  Fairness of recorded balance in accounts payable

What is your conclusion about the fairness of the recorded balance in accounts payable for pinnacle manufacturing as it affects the income statement and balance sheet?

  Prepare the journal entries to record the exchange

Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry.

  Preparing schedule indicating cash collections of accounts

The company expects to sell 20% of its merchandise for cash. Of sales on account, 50% are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the following month. Prepare a schedule indicati..

  What amount of dividend income does ted report

What amount of dividend income does Ted report as a result of the distribution and what is Ted's income tax basis in the land received from Sherburne?

  Concept of straight-line depreciation

Stevens Co. bought a machine on January 1, 2008 for $875,000. It had a $25,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Stevens uses straight-line depreciation.

  Compute kelly taxable income

Kelly is single. Her dependent child, Barbara, lives with her. After her divorce, Kelly was awarded the permanent custody of Barbara and has not agreed to waive her right to claim Barbara as a dependent. Kelly has the following items as income and..

  Adjusting entry to recognize bad debts

Assuming that the company uses the percentage of receivables allowance method, prepare the adjusting entry on December 31, 2001, to recognize bad debts expense.

  Compute the annual depreciation expense

Compute the annual depreciation expense for 2006 and 2007, and book value at December 31, 2007, under the straight-line method.

  Determine activity-based costing and traditional costing

How would you describe activity based costing? Also, can you explain why it might result in more accurate product costing information than the product cost derived under the traditional costing approach?

  Goods division at break even point problem

The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. What will sales be for the Sporting Goods Division at the break-even point?

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