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9966 [12]
3 years ago
9

In 2018, Mark has $18,000 short-term capital loss, $7,000 28% gain, and $6,000 0%/15%/20% gain. Which of the statements below is

correct?
(A) Mark has a $5,000 capital loss deduction.
(B) Mark has a $3,000 capital loss deduction.
(C) Mark has a $13,000 net capital gain.
(D) Mark has a $5,000 net capital gain.
(E) Mark has a $18,000 net capital loss.
Business
1 answer:
NARA [144]3 years ago
7 0

Answer:

(B) Mark has a $3,000 capital loss deduction.

Explanation:

Based on the tax bracket proposed, we deteminate the 7,000 is a short-term gain

and the second a long term gain.

First we must  offset short capital losses against short capital gains:

7,000 - 18,000 = 11,000 short-term loss

now we offset against long term, if it is gain it will be long term gain if loss short term loss:

6,000 - 11,000 = 5,000 short-term loss

Okay we end up with a total loss of 5,000 but; <u>we have a cap at 3,000 </u> . So that is all Mark can claim as a deduction in other categories against wages and salaries or to carry foward over next period

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3 years ago
Bed &amp; Bath, a retailing company, has two departments—Hardware and Linens. The company’s most recent monthly contribution for
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3 0
3 years ago
Mark Achin sells 3,600 electric motors each year. The cost of these is $200 each, and demand is constant throughout the year. Th
netineya [11]

Answer:

A) 100

Explanation:

total sales 3,600 units

cost per unit $200

cost of placing order $40

holding cost $20 per year

working days 360 per year

lead time 5 days

If Mark orders 200 units each time, his average inventory ?

daily sales = total sales / working days = 3,600 / 360 = 10 units per day

number of orders per year = 3,600 / 200 = 18

Mark places one order every = 360 days / 18 orders = 20 days

average inventory = (200 units / 20 days) x 10 days = 100

I assume that mark has some type of safety stock that allows him to hold enough inventory to cover for the 5 day lead time.

8 0
3 years ago
Computing first-year depreciation and book value
MArishka [77]

Answer:

1. Compute Austin Airlines' first-year depreciation expense on the plane using the following methods:

a. Straight-line

depreciation expense for first year = ($33,500,000 - $5,500,000) / 5 = $5,600,000 per year

b. Units-of-production

depreciation per mile = ($33,500,000 - $5,500,000) / 4,000,000 = $7 per mile

depreciation expense for first year = $7 x 1,100,000 = $7,700,000

c. Double-declining-balance

depreciation expense for first year = 2 x 1/5 x $33,500,000 = $13,400,000

2. Show the airplane's book value at the end of the first year for all three methods.

a. Straight-line

book value at end of first year = $27,900,000

b. Units-of-production

 book value at end of first year = $25,800,000

c. Double-declining-balance

book value at end of first year = $20,100,000

Explanation:

Purchase cost = $33,500,000

useful life of 5 years (or 4,000,000 miles) and residual value of $5,500,000

expected use during first year of 1,100,000 miles

4 0
3 years ago
Respectively, Accounts​ Receivable, Salary Expense and Salary Payable​ are: A. all permanent accounts. B. ​permanent, temporary,
viktelen [127]

Answer:

B. ​permanent, temporary, and permanent accounts

Explanation:

Having in mind the closing of accounts at the end of the accounting year, the <em>difference between permanent and temporary accounts</em> is the following:

- Permanent accounts are the ones that are not closed at the end of the account year; instead, their balance is moved to the following year, as the starting balance. <em>Asset </em>accounts which are permanent are: <u>Accounts receivable</u>, Investment, Equipment, Cash, while the permanent <em>Liability </em>accounts are  Accounts payable, <u>Salary Payable</u>, Utilities Payable...

- Temporary accounts always start with zero balance when the accounting year begins. The balance at the end of the year is handled by moving it to another account. All sorts of revenues and <u>expenses </u>belong to this account category.

6 0
2 years ago
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