Answer:
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Answer:
COGS = $816000
RE = $1542000
explanation:
Getting Corrected Cost of Goods Sold,(COGS.)
equals the sum and substract of inventory, purchases and ending inventory:
COGS = BeginningInventory + Purchases - EndingInventory
COGS = BI + P - EI
The BI given is $840,000. purchases is not available
The EI equals difference between $39000 and $63000
63000 - 39000= $24000
corrected amounts of COGS is
COGS = 840000- 24000 = $816000
the retained earnings can be calculated by
substraction of the value of the retained earning from ending inventory by the end of 2017,
$63000,
RE = 1605000 - 63000 = $1542000
Answer:
a. Tax basis $550,625
b.Three years
c. $245,000
d. Three years
Explanation:
a. Calculation to determine Lance’s tax basis in his LLC interest
Lance’s tax basis in his LLC interest will be $550,625 ( $245,000+$305,625)
Based on the information given Lance’s basis in his LLC INTEREST is been made up of the amount of $245,000 basis of the investment property he transferred to the LLC including his $305,625 share which is calculated as ($407,500 x 75%) of the LLC debt reason been that LLC general debt obligations are tend to be treated as NON RECOURSE DEBT which is why Lance’s profit sharing ratio is used to allocate a portion of the LLC debt to him.
b. Based on the information given Lance's Holding period in his interest is THREE YEARS in which Lance had been holding investment property.
c. Cloud Peak’s basis in the contributed property will be Basis of $245,000
d. Cloud Peak’s holding period in the contributed property is THREE YEARS.
There is no options given in the question but the options are;
A) The pullover sweater is difficult to track because it costs more than what he budgeted forclothing this month.
B) The video games are difficult to track because he did not add a budget category forelectronics.
C) The snacks are difficult to track because cash transactions don't leave a paper trail.
<span>D) Both A and B
from these options, the best choice is "</span>C) The snacks are difficult to track because cash transactions don't leave a paper trail".
Tracking your budget or expenses is considered as one of the key factors in influencing your financial plan to work for you. In the event that you don't know the amount you have spent every month, you can't tell when you have overspent. Indeed, even the little costs can make you blow your financial plan.
Answer: Your tax bracket (and tax burden) becomes progressively higher. In a progressive tax system, rates are based on the concept that high-income taxpayers can afford to pay a high tax rate. Low-income taxpayers pay not just lower taxes overall, but a lower percentage of their income within this tax system.
I got it off the internet):
Explanation: