Answer:
e. None of these.
Explanation:
John's expenses on the trip;
Air fare = $3,200
Lodging = $900
Meals = $800
Entertainment = $600
Of all the expenses incurred by John, only the expense on entertainment is a non-deductible expense. A such,
Total deductible expense = $3,200 + $900 + $800
= $4,900
Hence, the right option is e. None of these.
Answer:
assets + 80,000
liaiblities + 80,000
equity: no effect
Explanation:
the land enter the accounting at cost, which is 100,000
cash, which is an assets will decrease by 20,000
the net effect on assets is 80,000
(100,000 from lñand - 20,000 ecrease in cash)
the amount financed through the promissory note will increase liaiblities for 80,000
equity will not be affected.
Answer: d. All of these choices are correct.
Explanation:
The Distributable Net income is the taxable income acquired by a person who is a beneficiary to a trust from that trust. It is therefore the maximum amount that they should report for taxation purposes when they receive distributions from their trusts.
It also specifies the character of the distribution and is the maximum amount that the fiduciary can deduct for distribution income purposes from their taxable income.
Answer: A
Explanation: it’s easy to compare