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Rudik [331]
3 years ago
10

Pedro owns a 50% interest in a limited partnership that operates an apartment complex. During the current year, the partnership

generates a taxable rental loss of $42,000. Pedro's other sources of income are a salary of $55,000 and an interest of $18,000. How much of the rental loss can Pedro deduct from his other sources of income
Business
1 answer:
True [87]3 years ago
8 0

Answer:

Pedro can deduct $13,000 from his other income sources and his allowable loss is $0

Explanation:

Solution

Recall that:

Pedro has an interest of 50% in  s limited partnership

In the present year the partnership produces a taxable rental loss of =$42,000

The other sources of income for Pedro is = $55,000 salary

Interest rate = $18,000

The next step to take is to find the rental loss Pedro can deduct from his other sources of income

Thus,

We have to subtract his Other sources of income from The rental loss generated which i stated below:

Other income sources - Rental loss generated

$55,000 - $42000 = $13,000

Both note that the loss from the partnership can be adjusted with salary

So,

The salary loss can be set out with partnership loss

Therefore, Pedro can deduct $13,000 from his other income  sources and his allowable loss is $0

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Answer:

Variable overhead rate variance = $2,870 favorable

Explanation:

Variable overhead rate variance is the difference between the standard cost allowed for variable production overhead and the actual variable cost incurred.

This computed as follows:

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Variable overhead rate variance                           <u>  2870 </u> Favorable

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6 0
3 years ago
Wassenaar Arrangement HIPAA PCI DSS FERPA GLBA SOX A. Provides safeguards for credit card transactions B. controls the way finan
Amiraneli [1.4K]

Your question is quite unclear, However it would be inferred you want a match of the functions of the abbreviated organizations.

Explanation:

Wassenaar Arrangement

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HIPIAAB (Health Insurance Portability and Accountability Act).

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8 0
3 years ago
Describe voluntary exchanges
Ann [662]

Voluntary exchange is the actions of buyers and sellers freely coming together in the marketplace to buy and sell goods. They are not restricted or told what to buy, how to buy it, or how much, by the government or any other regulator.

6 0
3 years ago
Saphire Company budgeted the following production in units for the second quarter of the year:
Ugo [173]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Sales:

April 45,000

May 38,000

June 42,000

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A) Budgeted production= sales + desired ending inventory - beginning inventory

Budgeted production:

Sales=38,000

Ending inventory= 42,000*0.3= 12,600

Beginning inventory= 38,000*0.3= (11,400)

Total= 39,200

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6 0
3 years ago
A company purchases a machine for $12,000. The estimated residual value is $4,000. The machine has a useful life of 5 years, and
tatuchka [14]

Answer:

$2,400

Explanation:

The computation of the depreciation expense under the activity-based depreciation method is shown below:

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= ($8,000) ÷ (20,000 units)

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Now for the first year, it would be

= Production units in first year × depreciation per unit

= 6,000 units × $0.4

= $2,400

8 0
3 years ago
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