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3 years ago

Which of the following would not be classified as a material particiapant in an activity?

Business

1 answer:

Nadusha1986 [10]3 years ago

6 0

Answer:

C. MACRS depreciation expense.

Explanation:

Material participation in an income-producing activity. That is, an activity that is regular, continuous, and substantial leading to income-producing actions, in which the taxpayer materially participates is an active income or loss.

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McVeigh Corp. owns 40% of Gondor Company's common stock. McVeigh received $41,200 in cash dividends from Gondor. The entry to re

Anestetic [448]

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6 0

3 years ago

Suppose Piranha.com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10, 2018 to The Textbo

nadezda [96]

Answer:

The journal entries are as follows:

(1) (i) On October 10, 2018

Merchandise inventory A/c (3,500 × $17) Dr. $59,500

To Accounts payable (Piranha) $59,500

(To record the purchase of books)

(ii) On October 13, 2018

Accounts payable A/c (100 × $17) Dr. $1,700

To merchandise inventory $1,700

(To record the purchase return of book)

(2) (i) On October 10, 2018

Accounts receivable A/c Dr. $59,500

To sales

(To record the sales of book)

Cost of goods sold A/c Dr. $35,700

To merchandise inventory $35,700

(To record the cost of goods sold of book)

(ii) On October 13, 2018

Sales return and allowances A/c Dr. $1,700

To accounts receivable $1,700

(To record the sales return of book)

Merchandise inventory A/c Dr. $1,020

To cost of goods sold $1,020

(To record the cost of good return)

5 0

4 years ago

During his annual performance review, Blake says to his supervisor, "So the two main ways that you want me to improve are to dou

Rom4ik [11]

Answer:

E. summarizing

Explanation:

This is an effective listening skill, as Blake asked his manager to improve what he said, and he articulated key ideas, and he took key points from people doubling his work to improve accuracy and become a team.

The player being investigated

so correct option is E. summarizing

6 0

3 years ago

Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $120 per unit. Variable expenses are $60.00 pe

umka21 [38]

Answer:

50%

Explanation:

Given: Selling price= $120 per unit.

Variable cost= $60 per unit.

First computing contribution margin.

Contribution margin= $Selling\ price\ per\ unit - variable\ cost\ per\ unit$

⇒ Contribution margin= $\$120 - \$ 60$

∴ Contribution margin= $\$ 60$

Now, calculating the contribution margin ratio.

Contribution margin ratio= $\frac{Contribution\ margin}{selling\ price\ per\ unit}$

⇒ Contribution margin ratio= $\frac{\$ 60}{\$ 120} \times 100$

∴ Contribution margin ratio= $50\%$

Hence, the product´s contribution ratio is 50%.

7 0

3 years ago

Freddy offers to supply water bottles to Jerry’s Gym at a cost of $40a case. The signed contract says that Jerry’s Gym will buy

atroni [7]

Answer:

-jerry is entitled to monetary damages compensations due to a contract breach.

-Freddy has to pay Jerry $90

Explanation:

the damage that the gym is entitled to would be that of a contract breach. Freddy wanted to earn more money so he breached the contract. Now given that Jerry had to go with another supplier of water at a greater cost of 50 dollars for 9 months, just to satisfy his requirements. Freddy has to pay him monetary damages for this breach in contract. he has to pay the difference that exists between the price in the contract they had and what jerry now has to pay due to the breach. The difference is 10 dollars, which is to be paid every month for 9 months

= (50 - 40)*9

= 10 * 9 = $90

4 0

3 years ago