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Kay [80]
3 years ago
12

Kathy and Annise are a married couple who file jointly. In the current year, they have net ordinary income of $10,000 from a par

tnership interest in which they do not materially participate. They also have a net loss of $30,000 from a rent house in which they actively participate. Their adjusted gross income (AGI) exclusive of these investments is $120,000. What is their AGI after taking into account these investments
Business
1 answer:
mojhsa [17]3 years ago
3 0

Answer:

$100,000

Explanation:

As Kathy and Annise are a married couple who file jointly, their revised AGI can be calculated by deducting a net loss from the adjusted gross income.

DATA

Current AGI = $120,000

Rental loss = $30,000

Partnership gain = $10,000

Revised AGI = Current AGI - Net loss

Revised AGI = 120,000 – 20,000(w)

Revised AGI = 100,000

Working

Net loss = Rental loss – partnership gain

Net loss = $30,000 - $10,000

Net loss = $20,000

NOTE: Kathy and Annise can deduct 20,000 loss against other income as they materially participate in rental activities.

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Answer:

Explanation:

B C and D have become tools that have been tried.

Deficit spending is a budget/government policy. Its use should be very limited.

Same with Increased Government Spending. FDR was the master at controlled government spending.

Reducing income taxes is another government policy.

So only A is an example of monetary policy. This is a regulation imposed on the Banks by the Federal Reserve.

4 0
3 years ago
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The office supplies account had a $240 debit balance on december 31, 2016. during 2017, $5,200 of office supplies are purchased.
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If you are looking for the adjusting entry at the end of the year, it would be:

 Office Supplies Expense 5000                Office Supplies 5000

The amount to be recorded is 5000 because:

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Deduct the $440 from the $5440 which will give us $5,000. This is to make sure that the amount in the journal entry at the end of the year will be same with the physical count of the supplies.
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3 years ago
Pharoah Company sells merchandise on account for $3600 to with credit terms of 2/14, n/30. Blue Spruce Corp. returns $600 of mer
aleksandr82 [10.1K]

Answer:

The journal entry to record the merchandise return and the payment should be:

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Explanation:

The sales returns and allowances account is used to record returned merchandise, while the sales discount account is used to record discounts for early payments or other types of sales discounts.

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chapter 16 discusses evaluative criteria and chapter 18 discusses postpurchase cognitive dissonance. what are some things that a
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Amazon may have to make recommendations for the items that the consumer wants to purchase. They would also make suggestions as well.

The company can also ensure to keep the information and data of the shoppers safe on their website.

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8 0
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A broker learns that one of his institutional clients is about to enter a buy order for 10,000 shares of ABC stock. The broker t
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Answer:

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