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3 years ago

Which of the following is a deductible loss for income tax purposes?

Business

1 answer:

shutvik [7]3 years ago

6 0

Answer:

d. Net long-term capital losses in excess of $3,000.

Explanation:

A net long-term capital losses in excess of $3,000 is a deductible loss for income tax purposes.

For instance, in a tax year, if an individual has up to $3,000 of net long-term capital losses, this would be considered a form of income rather than a capital gain.

Furthermore, if an individual accrues a net long-term capital losses in excess of $3,000, this loss is deductible and are carried over indefinitely to subsequent tax payments in the future.

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Which is an example of a cultural block?

jonny [76]

Example its the best in the world hope i helped

8 0

3 years ago

Havermill Co. establishes a $330 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei

slavikrds [6]

Answer: a) Debit to Office Supplies for $81.

Explanation:

Office Supplies of $81 were used in the month of September. When replenishing the fund, this asset will be accounted for by being debited and cash will be credited to reflect the reason the cash account is being reduced.

The Journal entry for the replenishment will be;

DR Office supplies Account ......................................$81

DR Merchandise inventory Account ........................$153

DR Misc. expense Account........................................ $30

CR Cash account ......................................................................$264

5 0

4 years ago

Which of the following is true about the ISO? Question 1 options: It makes technical recommendations about data communications i

Vadim26 [7]

Answer:

All of the above

Explanation:

ISO means: International Organization for Standardization. It is one of the most important standard making bodies.

This organization has issued the standard ISO 15118 (1-9) that gives technical recomendations about data communication interfaces for road vehicles. So, both concepts listed above are true.

6 0

3 years ago

Folio Company estimates total manufacturing overhead costs to be $80,000 for the year and estimates direct labor hours to be 4,0

gregori [183]

Answer:

Allocated Overhead= $76,000

Explanation:

Giving the following information:

Estimated overhead for the period= $80,000

Estimated direct labor hours= 4,000 for the same period

Actual direct labor hours for the period are 3,800.

<u>First, we need to calculate the estimated overhead rate. Then, we can determine the amount of overhead allocated to work in process for the period.</u>

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 80,000/4,000= $20 per direct labor hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 20*3,800= $76,000

8 0

3 years ago

Andy Basil Industries Inc. reported the following information about the production and sale of its only product during the first

grandymaker [24]

Answer:

Cost of Goods Sold = $ 400,000

Explanation:

Units Sold = $360,000/ $225= 1600

Sales $360,000

Direct materials $176,000

Direct labor $100,000

Variable factory overhead $44,000

Fixed factory overhead $80,000

Total Manufacturing Costs $ 400,000

Variable selling and administrative expenses $20,000

Fixed selling and administrative expenses $10,000

Cost of Goods Sold = $ 400,000

As ending Inventory Finished Goods is 400 units it is not included in the Cost of Goods Sold.

3 0

3 years ago