Answer:
$250,000 and $500,000
Explanation:
According to the tax laws there is annual limit on Loss deductions relating the amount of business loss that can be deducted in a year.
The law states that single or individual tax payers can deduct nothing more than $250,000 while married taxpayers who are filing jointly can deduct up to $500,000 per year of their business losses.
Therefore, if Jahlil is single the amount of partnership loss he can deduct is $250,000 but if he is married filing jointly, he can deduct $500,000
Answer:
D. expansion
Explanation:
A business cycle is made up of six stages including: expansion, peak, recession, depression, trough, and recovery.
The trough is the lowest stage of the business cycle.
It is followed by recovery where the economy starts to turn around.
However the stage of economic growth after a trough is the expansion stage, where real gross domestic product (GDP) grows for more than 2 quarters.
This stage is characterised by rise in consumer confidence, employment, and the equity market.
Answer:
The answers are:
A) total output should increase
B) total output should decrease
C) total output should be kept the same
D) total output should be decreased
Explanation:
A) consumers are willing to pay a higher price; the quantity supplied should increase
B) if Marginal cost > Marginal benefit; the quantity supplied should decrease
C) if total surplus is at maximum; the equilibrium point between quantity demanded and quantity supplied will remain the same
D) if the quantity supplied exceeds the quantity demanded; to reach an equilibrium point, the quantity supplied should decrease to match the quantity demanded
Automobile dealerships usually follow “product distribution franchises”
Product distribution franchises meaning: Distribution Franchise, these product-driven franchises are where the franchisee distributes the parent company products and some related services. The parent company provides the use of its branded trademark, but not typically an entire system for running a business.
Answer:
Dental Drilling Company's Income Statement for the year shows Net Income of $56,000.
Please note that:
- figures in bracket represent negative values
- solution in excel format is attached for your reference
Explanation:
Dental Drilling Company
Income Statement
Sales $489,000
Less: Cost of Goods Sold $(156,000)
Gross Profit $333,000
Less: Expenses
Selling and Administrative Expenses $(112,000)
Depreciation Expenses $(73,000)
Earnings before Interest and Tax $148,000
Less: Interest Expense $(45,000)
Earnings Before Tax $103,000
Taxes $(47,000)
Net Income $56,000
