<span>when the sets are completely finished, the cost should be transferred to: </span>W<span>IP inventory-Finishing
WIP stands for work in progress, which is an account to placed all the amount of manufactured product that still not ready to be sold to the market.
Since the manufacter process is in finishing stage (coloring/packing), the appropriate account should be </span>WIP inventory-Finishing
Based on the information given the amount of loss that Sherri deduct in 2021 is $3,000.
<h3>
Short-term loss and
long-term loss</h3>
Since he had both short-term loss and long-term loss the amount of loss that is deductible is $3,000 of capital loss. ($1,500 each for married filing separately).
Both the short-term loss and the long-term loss are combined up to the limit of the amount of $3,000 and the capital loss in excess of the amount of $3,000 are carried forward to following year.
Inconclusion the amount of loss that Sherri deduct in 2021 is $3,000.
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Answer:
D
As it helps in appraising the employees weekly, monthly, or yearly work behavior.
According to the profit and loss the partnership is liquidated, and the final distribution of partnership cash is made to the partners.
When a partnership is liquidated, how is the final distribution of partnership cash made to the partners? Which of the subsequent statements is actually concerning the accounting for a partnership going via liquidation? within a liquidation, all gains and losses are divided equally among some of the partners.
The partnership comes to a decision to liquidate, the property of the partnership is sold, liabilities are paid off, and any remaining coins are sent to the companions according to their capital account balances.
Liquidating distributions (coins or noncash) are a form of a return of capital. Any liquidating distribution you receive isn't always taxable to you until you recover the basis of your inventory. After the idea of your stock is reduced to zero, you ought to document the liquidating distribution as a capital advantage.
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