Answer:
The answer is: If Allen is a professional gambler, he can use his gambling losses to offset the income from his gambling activities.
Explanation:
We can consider the airfare and hotel expenses as income part of Allen's income (+$3,000) but since he lost more money in the casino (-$25,000), the net effect is an economic loss (-$22,000).
That economic loss isn't tax deductible unless he was a professional gambler, then he could offset his income by $22,000.
The correct answer for this question is a. True. Hope this helps you fulfill your desires.
Answer:
A) $102,000
Explanation:
The computation of the amount used today for preparing the operating budget is shown below:
= Contract value × forward rate
= $100,000 × $1.02
= $102,000
For computing this, we consider the forward rate and the same is multiplied with the contract value so that the correct amount can come.
All other information which is given is not relevant. Hence, ignored it
Total cost of 10000 snowboards
Per unit Total
Direct material 100 1000000
Direct Labor 30 300000
Variable overhead 45 450000
Fixed overhead 635000
Fixed selling and administrative costs 115000
Total cost of 10000 snowboards 2500000
Cost of one snowboard = Total cost of 10000 snowboards / Total number of snowboards
Cost of 1 snowboard $ 250
Thus, the cost of 1 snowboard = $ 250
Now, the selling price is set as = Total costs + 15 % on total costs
Selling price = $ 250 + (15 % × $ 250)
Selling price = $ 250 + $ 37.50
Selling price = $ 287.50 per snowboard
