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o-na [289]
3 years ago
9

QUIZLET Kim raises and sells horses as a hobby. She also has income from riding lessons that are part of the hobby activity. Inc

ome from horse sales $10,000 Income from riding lessons $5,000 Feeding expense $8,000 Boarding expenses $6,000 Veterinary expenses $2,000 What is the tax impact of this activity? Question 36 options: Include no income; deduct no expenses. Include all income; deduct all expenses. Include all income; deduct expenses up to income Include all income; deduct no expenses
Business
1 answer:
Juli2301 [7.4K]3 years ago
6 0

Answer:

Include all income; deduct no expenses

Explanation:

The Tax Cuts and Jobs Act changed the way hobby expenses and income is taxed. Since 2019, any income generated by a hobby is taxed as ordinary income (not subject to self employment taxes) but any expenses related to your hobbies are not deductible any more. Until 2018, you could deduct hobby expenses as long as they were above 2% of your gross income and they didn't hobby income.

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Which of the following pair of journal entries correctly records the current month's activity where the company had $21,030 in t
Lelechka [254]

Answer:

----------------------    -   -------------------------------

Factory Payroll         21030

             Cash                        21030

----------------------    -    -------------------------------

Goods in process     16200

Factory Overhead     4830

       Factory Payroll               21030

----------------------    -    -------------------------------

Explanation: The payment of the total labor factory costs must be recorded, we debit the "Factory payroll" cost account and credit the "cash" account as they were paid in cash.

Then we must allocate these costs to the production process, therefore we debit the "goods in process" account for the amount of <u>direct labor</u> consumed, and "factory overhead" for the amount of <u>indirect labor </u>consumed, and finally credit the account " Factory payroll " for the total.

7 0
3 years ago
When policymakers set prices by legal decree, they obscure the signals that normally guide the allocation of society's resources
r-ruslan [8.4K]

True- prices are supposed to be controlled by the changing equilibrium of supply and demand and when the government sets a price it may increase or decrease demand or supply in a way that would not naturally take place.

3 0
3 years ago
A consumer products company produces inexpensive goods in underdeveloped markets, then repackages them as cost-effective innovat
Ksenya-84 [330]

Answer:

B) False

Explanation:

Glocalization is a term that combines both globalization and localization. It was first used during the 1980s in Japan to define a way of thinking and developing business strategies: think locally and act globally.

Back in the 1980s Japan's economy was booming, it was the second largest economy in the world and Japanese car manufacturers and technological firms were wiping out the competition. This term refers to the western interpretation of Japanese business strategies of that decade, of selling similar but differentiated products everywhere.

E.g. American car manufacturers used to complain that Japanese consumers wouldn't buy their cars in Japan, but they simply had the steering wheel on the wrong side and Japanese consumers were not willing to even try them for that reason.

Luckily, things have changed and American companies also realized that their reality is not necessarily the reality of the rest of the world, and you must adapt your products to different markets.  

5 0
3 years ago
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending Ju
Zinaida [17]

Answer:

$32,864.00

Explanation:

check the file attached below for full explanation

Download docx
4 0
3 years ago
A(n) ________ is defined as the frameworks that employees can use to help make conclusions about ethical actions by following a
madreJ [45]

Answer:

Ethical Audit

Explanation:

A(n) ethical audit is defined as the frameworks that employees can use to help make conclusions about ethical actions by following a short, step-by-step list of rules.

An ethical audit can also be defined as the guidance for employee behavior provided in policies and procedures of the company or employer

Usually an ethics audit will aid an employee to make a comparison between actual employee behavior and the expected employee behavior provided in policies and procedures.

3 0
3 years ago
Read 2 more answers
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