Answer:
$220,000,
Explanation:
Given that:
- $500,000 of salary income
- $20,000 of interest income in 2019
So the total income of the taxpayer is: $500,000 + $20,000 = $520,000
As we know that, AGI (Adjusted gross income) is used to calculate how much income of a taxpayer is taxable. They are expenses incurred by the earner which are deducted before taxing.
In this situation, his share of the partnership's loss for the year is $300,000, so the taxpayer will report an AGI of:
$520,000 - $300,000
= $220,000
I hope it will find you well.
Answer: Malika's job starts in one month, so she will have one month without work. Therefore, the opportunity cost of moving herself is low during this month.
Explanation:
From the question, we are informed that Malika just got hired by Amazon to work in upper management and that she currently lives in South Carolina, and has to move to California for the job.
A good economic reason for her to move her personal belongings on her own rather than hiring someone else is Malika's job starts in one month, so she will have one month without work. Therefore, the opportunity cost of moving herself is low during this month.
Since her job will start in a month, that means that she can use the available time she has to move her personal belongings. Assuming, she has something else to do or she'll be busy and will be hard for her to move it on her own, then it'll be logical to request for someone to help her move it but in this case, she can move it herself as the opportunity cost is low.
It would most likely it would be false
Answer:
Part (1) November 1
The amount paid is the rental advances and must be recorded as advances which falls under the current asset category:
Dr Rental Advances $90,000
Cr Bank account $90,000
Part (2) December 31
On this date, some of the rental advances paid would be realized as expenses from the period November 1, 20X1 to December 31, 20X2.
This time duration constitutes to 2 months and the rental advance made on November were for five months. Out of these 5 months, 2 months share must be recognized as expense which is
The relevant entry would be:
Dr Rental Expenses $36,000
Cr Rental Advances $36,000
