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balandron [24]
3 years ago
9

Clampett, Inc., has been an S corporation since its inception. On July 15, 2020, Clampett, Inc., distributed $44,000 to J.D. His

basis in his Clampett, Inc., stock on January 1, 2020, was $42,000. For 2020, J.D. was allocated $10,600 of ordinary income from Clampett, Inc., and no separately stated items. How much capital gain does J.D. recognize related to Clampett, Inc., in 2020
Business
1 answer:
Serjik [45]3 years ago
8 0

Answer:

-$8,600

Explanation:

Data provided in the question:

Distributions = $44,000

Basis = $42,000

Amount of ordinary income allocated = $10,600

Now,

Capital gain from distribution in excess of basis

= Distribution - Basis -  Amount of ordinary income allocated

= $44,000 - $42,000 - $10,600

= -$8,600

here, negative sign depicts there is a capital loss

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Answer:

Return

Explanation:

Supply chain management (SCM) is the management of interconnected activities involved in movement and storage of raw material, work in progress and finished goods. The process is used to check if supply chain activites are working smoothly or not, also, is it cost effective or not?. SCM follow basic five component:

  1. Plan
  2. Develop
  3. make
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  5. Return.

Return is a stage where supply chain managers must create a responsive and flexible network to support customers who have problems with delivered products.

8 0
3 years ago
Suppose Chef Kitchen manufactures cast iron skillets. One model is a​ 10-inch skillet that sells for $ 28 . Chef Kitchen project
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Answer:

production schedule for July = 815 10-inch skillets

Explanation:

price of 10-inch skillet $28

projected sales 625 units

costs:

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  • direct labor $3
  • manufacturing overhead $5
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beginning inventory 60 units

ending inventory 40% of August sales

production during July = (projected sales - beginning inventory) + (40% x projected sales August) = (625 units - 60 units) + (40% x 625 units) = 565 units + 250 units = 815 10-inch skillets

6 0
3 years ago
Describe a product, and then give an example of a time when the demand for this product night be high and the demand for this pr
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frez [133]

Answer:

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Finally, in the accounting closing, a series of steps are carried out: the accounting regularization, the determination of the result, the closing of accounts and the presentation of annual accounts.

In conclusion, in the accounting cycle a period of time is contemplated and a set of operations and procedures are carried out in order to reflect the financial status of a company.

4 0
3 years ago
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xxTIMURxx [149]

Answer and Explanation:

The journal entry is shown below:

Delivery expenses Dr $56

Merchandise inventory Dr $179

Miscellaneous expenses $25

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