Explanation:
The recovery is included in gross income in the year received if a taxpayer obtains a deduction for an item in one year and in a later year recovers all or a portion of the prior deduction.
Therefore, the $ 111 tax benefit rule provides that no income is recognized upon the recovery of deduction, the recovery would be partially or totally excluded from gross income in the year of recovery.
The standard deduction in 2016 was $ 12,600, the 4,000$ of state income taxes the taxpayers paid in 2016 yielded a tax benefit of only $1,100($ 13,700-$ 12,600) in 2016 . Under tax benefit rule, only $ 1,100 of the state income tax refund is included in gross income in 2017 .
Answer:
fairness and honesty
Explanation:
Ethical relationships are relationships between individuals that are based on the trust that one person has to another person, and vice versa. The basic pillar of trust is honesty, if any of the people involved are dishonest, it cannot be a trust based relationship. In order for a trust based relationship to be ethical, it must also be fair. For example, slave owners had honest relationships with their slaves, but since the relationship was completely unfair and totally biased against the slaves, it wasn't an ethical relationship and therefore it was wrong.
In a company, an ethical relationship must be both honest and fair, so that abuses don't happen and the relationship can be positive for everyone.
Answer:
cost of goods sold is $197,800
ending inventory is $55,000
Explanation:
LIFO System is an Inventory Management Method that sells the Recent Inventory Acquired First followed by older Inventory.
<u><em>Cost of Goods Sold</em></u>
March 14 = (1,380×$62) = $85,560
August 31 = (1,130×$80) = $90,400
= (70×$62) = $ 4,340
= (350×$50) = $ 17,500
Total = $197,800
<em><u>Closing Inventory</u></em>
(1,100×$50) = $55,000
Answer: $1,195,200
Explanation:
Net sales = $1,440,000
Expenses = $504,000
Reductions = $604,800.
We then calculate the initial mark up which will be the addition of the net sales, expenses and the reduction. This will be:
= $1,440,000 + $504,000 + $604,800
= $1,195,200
Answer:
Letter d is correct. <em>Commodity chain</em>
Explanation:
Commodity chain is a technique widely used in the globalized capitalist world. In this process organizations produce their goods in various locations, which becomes a connected link of production and distribution in a globalized market. The advantages of the commodity chain is to achieve significant cost savings from purchasing goods from other countries, as well as increased production volumes and reach of international customers that enhances an organization's global perspective.