1. Sugar
2.Agricultural products.
I hope this helps
Answer:
a)Randy received $2,800 of interest this year and no other investment income or expenses. His AGI is $75,000.
complete question
Explanation:
Randy can deduct $33,050 i.e. (30,250 + 2800)
The interest on the car loan is non-deductible personal interest. However, he can deduct all $30,250 of his interest on the home loan as an itemized deduction.
The interest margin of $5,325 is assumed to be investment interest and this itemized deduction is limited to net investment income.
The amount of $2,800 of interest income qualifies as investment income and since, Randy has no other investment expenses, the investment interest expense would be limited to his $2,800 in net investment income.
Answer:
C
Explanation:
wise use of our resources
Answer: I do not agree with that statement.
Explanation: Auditing is a term used to describe the various processes and activities put in place to review, examine and verify the financial reports and statements of an organisation. When effectively implemented, it has the advantage of ensuring the following.
I. Improved quality of financial statements
II. Reduced chances for fraudulent activities.
III. Proper documentation and reporting of daily Transactions.
IV. Improved monitoring and evaluation of the financial activities of an organisation.
V. It is a statutory requirements and obligation for Business Organisations.
VI. It will help to make the financial records of an organisation to be more accessible and transparent.
Many organisations have continued to Implement periodic audits and make it part of their processes, system and policy as it has benefited them and helped them to comply with statutory regulations and obligations.
Answer:
This question requires us to calculate net income and return on assets for the year.
Net income
As sales and profit margin on sales is given so net income can be calculated as follow.
Net income = sales * profit margin
Net income = 837,900 * 8% = $ 71,832
Return on investment
To calculate return on asset we first have to find total asset. Total assets can be calculated as follow.
Asset turnover ratio= Sales/ Asset
Asset = 837,900/1.9 = $ 441,000
Return on asset = 71,832/441,000 = 16.29%
