Answer:
The journal entries are shown below:
Explanation:
The journal entries are as follows
Raw materials inventory $90,000
To Cash $90,000
(Being the raw material is purchase for cash is recorded)
Factory overhead $17,000
Raw materials inventory $17,000
(Being the factory supplies is recorded)
Work in process inventory $66,100
Raw materials inventory $66,100
(Being the work in process is recorded)
Only these three entries are to be recorded)
Answer:
<u>$22,500</u>
Explanation:
Note, the applicable tax law in this case states permits an individual who engages in a rental real estate to use up to $25,000 of net losses from the rental real estate activity to offset other their other income.
Since a rental activity is classified as a passive activity, whether or not the taxpayer participates in such activity, the $25,000 rental loss is reduced by 50% of the amount in the case where Annual Gross Income (AGI) exceeds $100,000. Consequently, since Barry's AGI is $105,000 ($80,000 + $20,000 + $5,000), which is greater than $100,000, only the amount exceed $100,000 would be reduced by 50%, which is calculated below:
<u>$105,000 – $100,000 × 50% = $2,500, next subtract amount from Barry's $25,000 ($25000-$2,500) = $22,500.</u>
Answer:
11.11%
8 Baskets and in year 2, 9 Baskets, the value of money will increases
Increases
Explanation:
The computation of the given question is shown below:-
Decrease at an Annual Rate = price of the same basket ÷ the basket costs - one year
= $8 ÷$ 9 - 1
= 0.1111
= 11.11%
In year one, $72.00 will buy 8 Baskets and in year 2, 9 Baskets, the value of money will increases.
The value of money is increasing.
