The correct answer is letter A. The 13th account in the ledger. The account number 13 in the ledger doesn't mean the 13th day of the month but rather the 13th account in the ledger.
Answer:
Salt's basis = -$3900 from a 50% sharing basis
Explanation:
profit sharing ratio as per contributions is 50%:50%
ordinary loss - $5000
tax exempt income -$2000
Charitable contribution -$800
Taxable loss =$7800
profit(loss) share
Salt = -3900
Pepper =-3900
To find the value of the inventory to the nearest cent:
Estimated costs are: $18,750
Storage costs: 12%
Interest costs: 12%
Transportation costs: 5%
Let's add the costs up: 12% + 12% + 5% = 29%
We are solving for the value of inventory so in this case we will make that X.
X = estimated costs/interest amounts
X = $18,750/29%
X = $18,750/0.29
X = $64,655.17
The value of the inventory is $64,655.17
To check your work you can take $64,655.17 and multiply it by 29%
= $18,750
I believe The only legal filing status for Molly will be a qualifying widow.
Hope this helps !
