Answer:
The correct answers are letters "C" and "D": Jane's Schedule C net profit; Qualified Publicly Traded Partnership (PTP) income.
Explanation:
The Qualified Business Income Deduction or QBI allows up to 20% of deductions for people who file small businesses taxes in personal statements. The rule mainly applies to all those activities developed in a sole proprietorship. Capital gains, losses, dividends, and interest are not eligible for this type of deductions. A schedule C (form 1040) or a qualified Publicly Traded Partnership (PTP) income can be subject to this deduction.
Answer:
D : $600,000 loss
Explanation:
In the income statement, the total revenues and the total expenses are recorded.
If the total revenues are more than the total expenditure then the company earns net income
And, If the total revenues are less than the total expenditure then the company have a net loss
This net income or net loss would reflect in the statement of the retained earning account.
So,The net income or net loss would be
= Net income - research and development costs
= $2,400,000 - $3,000,000
= $600,000 loss
Answer:
$69,000
Explanation:
Calculation for overapplied or underapplied manufacturing overhead
Using this method
Manufacturing overhead=Cost of Goods Manufactured-( Actualmanufacturing overhead cost-Applied manufacturing overhead cost to job)
Let plug in the formula
Manufacturing overhead=71,000-(27,000-29,0000)
Manufacturing overhead=71,000-2,000
Manufacturing overhead=$69,000 overapplied
Therefore Manufacturing overhead for the year will be $69,000 overapplied
The answer is $3,045.
To solve:
Find first the interest.
Interest = Principal x Interest Rate x Time
I = $3000 * .06 * (90/360)
= $3000 * 0.015
= $45
$45 is the interest.
Add the interest to the principal to get the maturity value.
Maturity Value = Interest + Principal
MV = $45 + $3000
= $3045
