The lines 8z & 24z in Schedule 1 (Form 1040) are used to report <u>other Income and adjustments</u> that do not have their own designated line.
<h3>What is
Form 1040?</h3>
The Form 1040 is a tax document used by taxpayers to file an annual income tax return.
In the schedule form 1040, the line 8 report other incomes like:
- net operating loss
- gambling income
- cancellation of debt
- jury duty
- pay prize
In the schedule form 1040, the line 24 report other adjustments like:
- housing deduction
- attorney fees etc
In conclusion, the lines 8z & 24z in Schedule 1 (Form 1040) are used to report <u>other Income and adjustments</u> that do not have their own designated line.
Read more about Form 1040
<em>brainly.com/question/4120733</em>
Answer:
what amount of Raxston’s liability should be eliminated? d.$500,000
Explanation:
At different levels of the consolidation, certain intercompany payables and receivables balances must be eliminated. Eliminations are only required in the context of a consolidation where the trading parties are both included in a given consolidation.
Answer:
B. a fixed-price contract.
Explanation:
"A fixed price contract places minimum administrative burden on the contracting parties, but subjects the contractor to the maximum risk arising from full responsibility for all cost escalations. Also called firm price contract."
Mr. Plow couldn't come back to Springfield because he took full responsability for all cost escalations.
Reference: WebFinance Inc. “What Is Fixed Price Contract? Definition and Meaning.” BusinessDictionary.com, 2019
Answer:
1,000,000
Explanation:
As there are constant returns to scale the cost to produce a greater output will grow following a linear fucntion thus,
if 100 units units are produced at a cost of 200,000 dolllars
then 500 units will be produced five times that amount:
200,000 x 500/100 = 200,000 x 5 = 1,000,000
The total cost for 500 units will be a million dollars
Answer:
The value that Perfection records in it's books on Jan 2, 2021 related to its investment in Satisfactory is:
$486,000.
Explanation:
a) Data and Calculations:
Net asset value of Satisfactory = $1,944,000 on acquisition date
Stake purchased by Perfection = 25%
25% of the net asset value of Satisfactory = $486,000 ($1,944,000 * 25%)
b) There is no goodwill arising from the investment in Satisfactory. The equity method will be used to account for the investment in the Satisfactory. The Equity Method involves recording the investment in an associated company like Satisfactory when Perfection's ownership interest in Satisfactory is valued at 20–50% of the net assets.
