Answer:
The total of their "FROM AGI" deductions in 2019 is $24,400
Explanation:
The computation of the total From AGI deductions is computed by considering
Larger amount of
1. Itemized deductions - $22,250
2. Standard deductions - $ 24,400
Since the standard deduction for the married couple is $24,400 is larger than the itemized deduction. So, the total deduction in 2019 is $24,400
And, the student loan interest should not be considered. Hence, it is ignored in the computation part.
It is a stock. C. The answer is stock
C. cash borrowed from a credit card account
Answer:
(C) $140
Explanation:
The computation of the end year balance before adjustment is shown below:
= Opening balance of allowance for doubtful debts + reinstated previously written off accounts - uncollectible amount
= $760 + $120 - $740
= $140
For computing the end year balance we add the previously written off amount and minus the uncollectible amount to the opening balance of the allowance for doubtful accounts
Hence, option c is correct.
Answer:
c. corporation
Explanation:
A corporation is a type of business ownership that recognizes a business as a separate entity from its owners. Legally, a corporation is an independent person with commercial rights like any other person. A corporation is entitled to de business, incur debts, acquires assets, and make profits.
A corporation is expected to file its income tax returns at the end of every financial year. The owners of a corporation or its shareholders are also expected to file their separate income tax returns. An element of double taxation arises the business is taxed, and the owners are also taxed separately. In the other form of business ownership, the business incomes pass as owner's income resulting in single taxation.