1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lorasvet [3.4K]
4 years ago
14

On December 1 of Year 1, Jones, a self-employed cash basis taxpayer, took out a loan to use in her business. The loan principal

is to be repaid on November 30 of Year 3. Jones prepaid the entire interest of $12,000 on December 1 of Year 1. What amount of interest was deductible on Jones' Year 2 income tax return?
Business
1 answer:
Phoenix [80]4 years ago
4 0

Answer: $6,000

Explanation:

When expenses such as this interest expense are for 12 months or more, the deduction will need to be evenly spread over the period that they apply to. As the loan was to be repaid in 24 months, the interest payment deductions should be evenly spread over 24 months.

= 12,000/24

= $500

That means that for Year 2, the relevant deduction will be for the 12 months in it;

= 500 * 12

= $6,000

You might be interested in
Consider Boeing​ (a producer of jet​ aircraft), General Mills​ (a producer of breakfast​ cereals), and Wacky​ Jack's (which clai
Naddika [18.5K]

Answer:

The long run is longest for Boeing because aircraft production requires​ large, specialized machines and shortest for Wacky​ Jack's because providing singing telegrams requires primarily labor.

Explanation:

The current panorama of commercial aircraft manufacturers presents, due to the important high-tech entry barrier that there is a competitive situation between two major manufacturers: the European Airbus consortium and the North American company Boeing. There are many other construction companies, but their technological or production level is far behind them.

But apart from the commercial competition that exists between these manufacturers, logical on the other hand, both share a common interest in their respective strategies by focusing their research, design and manufacturing activities on ensuring the maximum reliability of their aircraft, since it The security they provide during their operational life will depend.

I do not exaggerate if I affirm that no other transport-related industry is subject to such exhaustive processes for its design, manufacture and maintenance as the air transport-related industry, which does not prevent failures from time to time. , some even unsuspected.

3 0
3 years ago
Pay your Taxes :DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD
horrorfan [7]

Answer:

do you need help with that or are you saying that

Explanation:

7 0
3 years ago
Read 2 more answers
Bargaining associations are required to bargain without making any threats against buyers. true false
Debora [2.8K]

Workers typically obtain a larger proportion of productivity improvements as wages through collective bargaining. The given statement is true.

<h3>What is Bargaining associations?</h3>

The three primary categories of negotiation subjects are obligatory, permissible, and unlawful. The required category includes wages, health and safety, management rights, working conditions, and benefits. Topics that are permitted during the process are ones that are not required but may be discussed.

Workers typically obtain a larger proportion of productivity improvements as wages through collective bargaining. This can then encourage teamwork, boost productivity inside the company, and support stronger economic demand.

Union members typically receive greater wages, better health and pension benefits, and better working conditions. For people who decide to work in education, the advantages of unionization are essential. NEA members use collective bargaining to fight for causes other than their own financial stability.

To negotiate our union contract with the employer, including our pay, benefits, hours, holidays, sick days, staffing levels, seniority, safety, supplies, and other working conditions, a group of union members—our Bargaining Team—sits down with management.  The given statement is true.

To learn more about Bargaining associations refer to:

brainly.com/question/1130553

#SPJ4

6 0
2 years ago
A firm plans to begin production of a new small appliance. The manager must decide whether to purchase the motors for the applia
blondinia [14]

Answer:

If the firm is going to need less than 50,000 motors, they should purchase them from the outside vendor.

If the firm is going to use between 50,000 to 59,999 motors, it should use process A.

If the firm expects to use 60,000 or more motors per year, it should use process B.

Explanation:

Process A:

contribution margin per unit = $11 - $7 = $4

break even number of units = $200,000 / $4 = 50,000 units

Process B:

contribution margin per unit = $11 - $8 = $3

break even number of units = $180,000 / $3 = 60,000 units

8 0
3 years ago
Tamarisk Corporation had net sales of $2,422,100 and interest revenue of $40,200 during 2020. Expenses for 2020 were cost of goo
Contact [7]

Answer:

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.  

The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

5 0
3 years ago
Other questions:
  • Calculate the values for each of the questions. Assume that in each country there are no taxes, international trade, or inflatio
    10·1 answer
  • Which of these assumptions can an entrepreneur safely make when planning a start-up? Check all that apply.
    14·2 answers
  • Adam is an economist who believes that in the long run, all prices are flexible and that any increase in the money supply will l
    13·1 answer
  • _____ refers to the actions of consumers directly involved in obtaining, consuming, and disposing of products, and the decision
    6·1 answer
  • When a government creates a budget, it is seeking a way to spend as much revenue as possible. cut spending to a bare minimum. re
    15·2 answers
  • The Cash T-account of Rainbow, Inc. has a beginning balance of $52,000. During the year, $244,000 was debited and $241,000 was c
    9·1 answer
  • In terms of global business strategy, the governance of ________ firms has been likened to a federal structureâ "strong central
    8·1 answer
  • Sell or Process Further Port Allen Chemical Company processes raw material D into joint products E and F. Raw material D costs $
    7·1 answer
  • On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What is the maturity value of the
    12·1 answer
  • __________ values and norms are exhibited by employees based on their observations of what actually goes on in the organization.
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!