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Mrrafil [7]
4 years ago
6

Joanne invested $90,000 for a 20% interest in a limited liability company (LLC) in which she is a material participant. The LLC

reported losses of $340,000 in 2019 and $180,000 in 2020. How much of these losses can Joanne deduct in 2019 and in 2020?
Business
1 answer:
ExtremeBDS [4]4 years ago
5 0

Answer:

Explanation:

Her loss for each year is

$ 340000 × 0.2 = $ 68 000

$ 180000 × 0.2 = $ 36 000

the loss she will remove in 2019 $ 68 000 and in 2020 she remove ( $ 90000 - $ 68 000) = $ 22000

$ 68 000 in 2019 and $ 22000 in 2020

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Dazzle Inc produces beads for jewelry making use . The following information summarizes production operations for June . The jou
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Answer:

Missing wordings <em>"Direct materials used $104,000, Direct labor used 177,000, Predetermined overhead rate (based on direct labor) 160 %, Goods transferred to finished goods 449,000, Cost of goods sold 461,000, Credit sales 980,000"</em>

<em />

Factory overhead = Direct Labor used * Predetermined Overhead rate

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Journal Entry                           Debit          Credit

Work in Process Inventory   $283,200

   Factory Overhead                                 $283,200

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4 years ago
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