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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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About how many federal law enforcement offices ate employed in the United States
koban [17]

Answer:

Approximately 18,000

Explanation:

6 0
3 years ago
Read 2 more answers
18. HexaCo has various policies and procedures pertaining to the company’s operations. These policies and procedures are routine
anyanavicka [17]

Answer: Control activities

                 

Explanation: In simple words, control activities refers to the policies and procedures that help the management to reduce the risk they have identified. These activities reports as a support structure for other operating activities of the business.

In the given case, hexa company has policies and procedures that supports managements initiatives. Hence the given case depicts the control activities element.

3 0
3 years ago
Deferral adjustments are needed when the business:_______
Mnenie [13.5K]

Answer: b. pays cash before the expense has been incurred.checked

d. receives cash before the revenue has been generated

Explanation:

Here is the complete question:

Deferral adjustments are needed when the business:

a. pays cash after the expense has been incurred.unchecked

b. pays cash before the expense has been incurred.checked

c. receives cash after the revenue has been generated.unchecked

d. receives cash before the revenue has been generated.

Adjustments are made during the end of every accounting period in order to report the revenues and the expenses in proper period at which they occur and also in order to report the assets and the liabilities at their appropriate amounts.

Deferral adjustment is when the revenue or the expense has been deferred or postponed and will therefore be reported on the income statement at a later period.

Previously deferred amounts will show on the balance sheet when a company pays cash before having to incur the expense or in a case whereby the company gets and collects cash before earning the revenue.

When revenues are made or when expenses are incurred, the previously deferred amounts will have to be adjusted and then, the amounts will be transferred to income statement through the use of the deferral adjustment.

5 0
3 years ago
"if Washburn achieves the sales target of 2,000 units at the $349 retail price, what will its profit be?"
dybincka [34]

Answer: $370,000

Explanation:

Your question isn't complete as there were some further questions asked before getting to this question.

The profit from 2,000 units at $349 will be:

Profit = Total revenue – Total cost

Total revenue = (P x Q)

= $349 x 2000

= $698000

Total cost = [FC + (UVC x Q)]=

= [$38,000 + ($145 x 2,000)]

=$38000 + $290000

= $328000

Profit = Total revenue - Total cost

Profit = $698000 - $328000

Profit = $370000

5 0
2 years ago
Fairfield company's raw materials inventory transactions for the most recent month are summarized here: beginning raw materials
astraxan [27]

<u>Calculation of raw materials cost added to the work in process inventory account during the period:</u>

Raw materials issued using materials requisition 1445 for Job 101  = $25,000

Add: Raw materials issued using materials requisition 1446 for Job 102 = $35,000

Add: Materials requisition 1447 used on multiple jobs 1= $30,000

Total raw materials cost added to the work in process inventory account during the period =<u> $90,000</u>


4 0
3 years ago
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