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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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1 year ago
What is the range of useful life estimates that Tesla provides for office furniture, machinery and equipment in the 2013 10-K?a.
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Answer:

The correct answer is letter "B": 3 to 12 years.

Explanation:

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3 years ago
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated J
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Answer:

Journal Entries are as below

Directive or Autocratic Decision Making:

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JOURNAL    

PERPETUAL INVETORY SYSTEM [AMOUNT IN $]    

   

DATE PARTICULARS     INVOICE DATE DR. CR.

Jul-01 PURCHASE A/C     Jul-01  6,000  

1/15,N/30  PAYABLE A/C {BODEN CO.}      6,000

Jul-02 A/C RECIEVABLE {CREEK CO.}   Jul-02  900  

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2/10,N/60    

COST OF GOODS SOLD      500  

   INVENTORY        500

Jul-03 CARRIAGE INWARDS A/C   Jul-01  125  

                                       CASH A/C      125

Jul-08 CASH A/C       1,700  

                                        SALES A/C     1,700

COST OF GOODS SOLD      1,300  

                                        INVENTORY     1,300

Jul-09 PURCHASE A/C     Jul-09  2,200  

                                        PAYABLE A/C {LEIGHT CO.}   2,200

2/15,N/60    

Jul-11 PAYABLE A/C {LEIGHT CO.}   Jul-09  200  

                                         INVENTORY     200

Jul-12 BANK A/C     Jul-02  882  

DISCOUNT ALLOWED      18  

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Jul-16 PAYABLE A/C {BODEN CO.}   Jul-01  6,000  

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Jul-19 A/C REVIEVABLE {ART CO.}     1,200  

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3 years ago
During 2019, Dowdy, a C corporation, realized a long-term capital gain of $8,000 from the sale of a tract of land, a short-term
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Answer:

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