GAP insurance is the difference between the actual cash value of a vehicle and the balance still owed on the financing (car loan, lease, etc.).
The answer to this question is <span>Wherewithal to pay
In the wherewithal to pay concept, the</span><span> Income will be recognized in the period in which the company has the means to </span>pay<span> the tax on the income. Often times, company make their report to show a loss on purpose in order to postpone the tax payments</span>
Answer:
D.
Revenues to be understated
Explanation:
Understated amounts indicate a reported amount is not correct and the reported amount is less than the true amount.
Answer:
Kristie reports the following income from KKM during the current tax year: (A) $54,000 ordinary income; $9,000 charitable contribution.
Explanation:
From the provided data;
KKM's net ordinary income = $180,000 ($280,000 ordinary income - $80,000 of office expenses - $20,000 payment to Kaylyn).
Since the cash distributions to Kaylyn and Megan are not deductible.
Kristie's share of this income is equal to
30% of KKM's net ordinary income
= 30% 0f $180,000
= $54,000.
In addition, Kristie reports 30% of partnership charitable contribution
= 30% of $30,000
= $9,000 of her share of the partnership's charitable contribution.
Therefore, Kristie reports the following income from KKM during the current tax year: $54,000 ordinary income; $9,000 charitable contribution.
Entrepreneurs take risks because they may lose time and money despite their high expectation of success.
<h3>Who is an entrepreneur?</h3>
An entrepreneur is an individual who starts a business. Entrepreneurs are known for their passion to achieve business success. They enjoy the gains from their success and may risk losing their time and money in the process.
Thus, as the entrepreneurs expect to succeed, they must be realistic, recognizing that they are taking a risk.
Learn more about entrepreneurs at brainly.com/question/353543