Answer:
(B) Mark has a $3,000 capital loss deduction.
Explanation:
Based on the tax bracket proposed, we deteminate the 7,000 is a short-term gain
and the second a long term gain.
First we must offset short capital losses against short capital gains:
7,000 - 18,000 = 11,000 short-term loss
now we offset against long term, if it is gain it will be long term gain if loss short term loss:
6,000 - 11,000 = 5,000 short-term loss
Okay we end up with a total loss of 5,000 but; <u>we have a cap at 3,000 </u> . So that is all Mark can claim as a deduction in other categories against wages and salaries or to carry foward over next period
Answer:
Option B is correct one.
<u>Practicality</u>
Explanation:
Natasha addressed practicality in her persuasive speech on question of policy. Because she is talking about on-ground realities.
The correct answer for the question that is being presented above is this one:
(1) <span>B)People prefer tangible items, so the government would not be able to satisfy demand for the tangible item at any fixed rate of exchange
</span>(2) <span>B)Potential buyers of the assets of a bank, incorrectly rumored to be distressed, may suspect the assets to be of poor quality.
</span>(3) <span>C) The Federal Reserve ("the Fed") stands ready to inject reserves into the system more quickly in a crisis.
</span>(4) <span>A)Checkable Deposits / Required Reserves</span>
Complete Question:
One of the long-run effects of higher government budget deficits:
A. is growth in the economy's private sector at the same time the government sector shrinks.
B. a redistribution of real Gross Domestic Product (GDP) away from government-provided goods and toward more privately provided goods. C. a fall in the equilibrium price level.
D. an increase in the government's share of the nation's economic activity.
Answer:
D. an increase in the government's share of the nation's economic activity.
Explanation:
One of the long-run effects of higher government budget deficits is an increase in the government's share of the nation's economic activity because it would be mainly responsible for funding of the economy, thereby causing higher real Gross Domestic Product (GDP).
A government budget deficit arises when government expenses exceed it's revenue.
It usually expresses the financial health of a nation over a period of time.
Answer:
Identification of the Internal Control Weaknesses:
A. There is no segregation of duties and there is lack of access control. Jerry Miller as a security guard is not expected to have a master key to the cash box. With this he can pilfer the cash. If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts. Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.
B. There is no segregation of duties and there is lack of supervision, proper reconciliations, and assets audit. Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party. This exposes the company to procurement frauds and collusion with suppliers. She can purchase assets for the company at prices that would enrich her personally.
C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks. While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements. An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions. He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.
Explanation:
Internal Controls are controls established by management in order to help it achieve business goals. There are many internal controls, including Separation of Duties, Access Controls
, Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups. The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.
