Answer: $30 000 loss is deductible, $20 000 is suspended
Explanation:
Passive losses are only deducted from passive income. deduction is limited to $500 000 for jointly married couples and $250 000 single tax payers.
Passive income is $30 000, therefore $ 30 000 out of the $50 000 loss is deductible, the suspended loss is $20 000
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Answer:
$32,500
Explanation:
The items that appear on the Bank Statement and not on the Cash Book are used to update the Cash Book Balance.
Rahm Corp
Cash Book
Debit :
Balance before adjustment $32,800
Interest earned $100
Total $32,900
Credit :
Dishonored check $400
Balance (adjusted) $32,500
Total $32,900
Therefore,
Rahm Corp.'s adjusted cash balance at September 30, 2017 is $32,500
Answer:
Jennifer made more money than her mother.
Explanation:
Today, Jennifer earns $50000 at her first job.
Her mom used to make $15,000 at her first job in 1975.
The CPI today is 231 and the CPI in 1975 was 82.
Purchasing power of Jennifer's mother currently
= $42,256
Jennifer's purchasing power in 1975
= $17,748
Jennifer is currently making more than what her mother could have made if she started working today. Also, she would have earned more than her mother if she had started working in 1975.