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lilavasa [31]
3 years ago
11

5. Josh has investments in two passive activities. Activity A (acquired three years ago) produces income of $30,000 this year, w

hile Activity B (acquired two years ago) produces a loss of $50,000. What are the amounts of Josh’s deductible loss and suspended loss for the year?
Business
1 answer:
Bas_tet [7]3 years ago
6 0

Answer: $30 000 loss is deductible, $20 000 is suspended

Explanation:

Passive losses are only deducted from passive income. deduction is limited to $500 000 for jointly married couples and $250 000 single tax payers.

Passive income is $30 000, therefore $ 30 000 out of the $50 000 loss is deductible, the suspended loss is $20 000

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Giorgio Italian Market bought $8,000 worth of merchandise from Food Suppliers and signed a 90-day, 10% promissory note for the $
Mekhanik [1.2K]

Answer and Explanation:

The journal entry is shown below:

Cash $8,200

      To  Notes receivable  $8,000

      To Interest revenue ($8,000 × 10% × 90 days ÷ 360 days)  $200

(being the collection of notes is recorded)

For recording this we debited the cash as it increased the asset and credited the notes receivable and interest revenue as it decreased the assets and increased the revenue

4 0
4 years ago
Addison wants to ride her bicycle more than 80 miles this week. She has already ridden her bicycle 18 miles. Which inequality co
Galina-37 [17]
The inequality is:
18 + 6 x > 80
6 x > 80 - 18
6 x > 62
x > 62 : 6
x > 10.333... miles
She would need to ride her bicycle more than 10 1/3 miles each day to achieve her goal.
5 0
4 years ago
Read 2 more answers
The basic work of managers in the hospitality industry calls for: a. Being able to perform each job in the organization and make
Tamiku [17]

Answer:

d. Making the guest welcome, making the operation run correctly, keeping control operating costs.

Explanation:

The basic work of managers in the hospitality industry calls for: Making the guest welcome, making the operation run correctly, keeping control operating costs.

The hospitality industry's backbone is comprised of customer service, it is the foundation and cornerstone of all segments of the industry. A business may focus on one or all facets of hospitality but the level of success achieved is dependent on how well the managers and staff, are serving their customers.

8 0
4 years ago
1.1. define the following concept social change
k0ka [10]

ANSWER:

Social change refers to any significant alteration over time in behaviour patterns and cultural values and norms. By “significant” alteration, sociologists mean changes yielding profound social consequences.

8 0
3 years ago
Changes in tariffs and quotas are A) a means of slowing outsourcing. B) corporate strategies designed to maximize profits. C) bu
kicyunya [14]

Answer:

 E) government actions that reduce competition from international firms.

Explanation:

Quotas place a limit on the amount of goods that can be imported.

A tariff is a tax levied on imported goods.

Tariffs and quotas are imposed by the government and they limit the amount of import flowing into a country. This reduces the amount of competition from international firms.

I hope my answer helps you

6 0
4 years ago
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