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zavuch27 [327]
3 years ago
5

In the current year, Norris, an individual, has $52,000 of ordinary income, a net short-term Capital loss (NSTCL) of $9,800 and

a net long-term capital gain (NLTCG) of $2,900. From his capital gains and losses, Norris reports:
Business
1 answer:
Tanya [424]3 years ago
3 0

Answer:

The answer is an offset against normal income of $3,000 and a NSTCL move forward of $3,900.

Explanation:

Solution

Given that:

The net short term capital loss=$9800

The net Long term capital gain=$2900

The net short term capital loss is =$6900

Thus

In this case, 3000 is allowed to be set off against ordinary income and the balance of (6900 - 3000) = 3900 can be moved forward or over.

Therefore Norris report implies that an offset against normal income of $3,000 and a NSTCL carry forward of $3,900.

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As of December 31, Year 2, Moss Company had total cash of $195,000, notes payable of $90,500, and common stock of $84,500. Durin
Setler79 [48]

Answer:

$20,000

Explanation:

Calculation for the amount of retained earnings as of December 31, Year 2.

Using this formula

Retained earnings=Total cash -Notes payable-common stock

Where,

Total cash= $195,000

Notes payable= $90,500

Common stock= $84,500

Let plug in the formula

Retained earnings = $195,000 − $90,500 − $84,500

Retained earnings= $20,000

Therefore the amount of retained earnings as of December 31, Year 2 will be $20,000

7 0
3 years ago
Tennies Clinic uses client-visits as its measure of activity. During November, the clinic budgeted for 3,700 client-visits, but
Viefleur [7K]

Answer:

The correct answer is $814 Unfavorable because actual medical supplies is more than standard.

Explanation:

Actual Medical Supplies                                         $26,768

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Therefore, The correct answer is $814 Unfavorable because actual medical supplies is more than standard.

3 0
3 years ago
Omega Company makes and sells jungle gyms and tree houses for children. For jungle gyms, the price is $150 and the variable expe
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Answer:

b 5:3

Explanation:

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10,000 : 6,000

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= 5/3

=5:3

6 0
3 years ago
Read 2 more answers
Hurlburt Corporation renewed an insurance policy for 3 years beginning July 1 and recorded the $81,000 premium in the prepaid in
Slav-nsk [51]

Answer:

B. Debit insurance expense for $13,500 and credit prepaid insurance for $13,500.

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8 0
3 years ago
What is meta genetics​
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Hope it helped!

5 0
2 years ago
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