Answer:
$21,000
Explanation:
NOL, Phillis and Trey's taxable income must be adjusted by:
= Standard deduction - (Interest income + Net non business capital gain)
= $24,000 - [$500 + ($4,800 - $2,300)]
= $24,000 - ($500 + $2,500)
= $24,000 - $3,000
= $21,000
Therefore, the NOL, Phillis and Trey's taxable income must be adjusted by $21,000.
Answer:
The answer is: NONE OF THE ABOVE, the souvenir cup is a type of supplemental feature.
Explanation:
The souvenir cup is a type of supplemental feature. It provides additional value to the core product. In this case the drink would be the core product and the cup would add value or attributes to it.
The cup is not part of a product line, nor it is the core product, it doesn't provide experiential benefits and is not a different product (brand extension).
Answer: The profits would be shared equally
Explanation: This is because
Since there was no agreement stating how profits would be divided,then the applicable state Limited Liability Company statute will rule. Most LLC statutes states that if members do not specify how profits are to be divided, they will be divided equally. As long as no operating agreement or LLC statute addressed the particular issue, the partnership law applys which also indicates that profits should be divided equally among the owners of a firm unless it was specified otherwise.
Answer: A. Depreciation Expense and credits a contra-asset account.
Explanation:
Depreciation is an expense which means that when it is incurred, it will be debited because expenses are debited to show that they have increased.
Depreciation reduces the value of an asset so the asset needs to be credited which is what is done when an asset reduces. The full entry would therefore involved a debit to the Depreciation account and a credit to the asset account that is being depreciated.
Answer:
MAROON Inc
Net Unrelated Business Income
Lease Income :
Building $100,000
Equipment <u> 9,000</u>
109,000
Rental expenses:
Building 40,000
Equipment <u> 4,000 </u> <u>(44,000)</u>
Net unrelated business income <u> 65,000</u>
Explanation:
