Explanation:
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<h3>An LLC also known as a Limited Liability Corporation is a type of business often pays similar taxes as that of a sole proprietorship or a partnership depending on whether there are one or more members. An LLC is normally formed by one or more people and they are given an EIN number which is their business ID number whereas a sole proprietor will use their social security number as their business ID number. </h3>
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Answer:
$0
Explanation:
The Tax Cuts and Jobs Act eliminated the possibility of deducting casualty losses if they were not caused by federally declared natural disasters. The only way Mary could deduct the $25,000 loss is that she had some type of casualty gain during the year that is offset by this loss. Casualty gains result when a person receives more money from an insurance company due to an event, e.g. fire, than the basis of the property. But in this case, there is no prior casualty gain, so the casualty loss cannot be deducted.
Answer:
$28,200
Explanation:
The computation of the net realizable value of account receivable is shown below:
As we know that
Net realizable value is
= Account receivable balance - balance in the Allowance for Doubtful Accounts
= $32,200 - $4,000
= $28,200
we simply deduct the allowance from the account receivable balance so that net realizable value could arrive
In the long run, perfectly competitive firms will react to profits by increasing production.
Firms in a perfectly competitive world earn zero profit in the long run. While firms can earn accounting profits in the long run, they cannot earn economic profits.
In the long run, perfectly competitive firms will react to profits by decreasing production. CORRECT: In the long run, perfectly competitive firms will respond to losses by exiting the market. In the long run, perfectly competitive firms will respond to losses by reducing production.
A perfectly competitive market achieves long‐run equilibrium when all firms are earning zero economic profits and when the number of firms in the market is not changing.
In the long run, profits and losses are eliminated because an infinite number of firms are producing infinitely divisible, homogeneous products. Firms experience no barriers to entry and all consumers have perfect information.
Learn more about a perfectly competitive firm here: brainly.com/question/25327136
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