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choli [55]
3 years ago
8

Tom operates an illegal drug-running operation and incurred the following expenses:Salaries $ 75,000Illegal kickbacks 20,000Brib

es to border guards 25,000Cost of goods sold 160,000Rent 8,000Interest 10,000Insurance on furniture and fixtures 6,000Utilities and telephone 20,000Which of the following amounts reduces his taxable income?
A.$0.
B.$160,000.
C.$279,000.
D.$324,000.
E.None of the above
Business
1 answer:
SSSSS [86.1K]3 years ago
8 0

Answer:

Correct option is B

$160,000

Explanation:

From the question above, Cost of goods sold of $160,000 is treated as a negative item in calculating gross income rather than as a deduction.

For a drug dealer like Tom, all deductions

listed above are disallowed.

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How can business help in solving social problem​
Katen [24]
Business generates those resources when it makes a profit. And those resources can help to solve social and environmental problems, they only have to reallocate these profits to social problems. Many companies don't still know but, when they really make profit is when they solve social problems.
3 0
2 years ago
Why might an economist favor activist policies in developed countries and laissez-faire policies in developing countries
Maslowich

Answer:

One of the main economic issues in developing countries is rampant corruption or extremely inefficient government institutions. This means that less government intervention is always better in developing countries.

On the other hand, in developed countries, the checks and balances system exists within government institutions and even though corruption may exist, it is not as widely spread. The most severe economic problem in developed countries is inequality and huge economic actors. This is why activist policies may be necessary in developed countries, at least in certain economic sectors.

5 0
2 years ago
Lowe's is the second-largest home improvement retailer in the world, with 2,002 stores. During its fiscal year ended in February
34kurt

The financial statement effects template records Lowe's purchases for the fiscal year ended February 28, 2019 as follows:

Transaction        Assets                       =   Liabilities   +   Equity

Purchases          $0       +   $49,569    =   $49,569     +    $0

                          Inventory                         Accounts Payable

The accounts equally affected by the purchases on account are the Inventory and the Accounts Payable.

Data Analysis:

Merchandise Inventory $49,569 Accounts Payable $49,569

Thus, with the purchases of merchandise during the fiscal year at a cost of $49,569, the Assets (inventory) and Liabilities (accounts payable) are increased by the same amount.

Related question on the financial statement effects at brainly.com/question/16362041

4 0
2 years ago
Suppose that a recent purchase of a residential home has been facilitated equally by a listing agent and a buyer broker. Based o
alexgriva [62]

Answer:

The correct answer is

D) both the listing broker and the buyer broker

good luck ❤

8 0
3 years ago
FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the
Sidana [21]

Answer:

FIFO - $22,880

LIFO - $21,120

Explanation:

The FIFO inventory system means first in, first out. It means the initial inventory is the first to be sold. The ending inventory would consist of the last purchased inventory.

Ending inventory = 52 ×$440 = $22,880.

The LIFO inventory system means last in, first out. It means the last purchased inventory are the first to be sold . The ending inventory would consist of the initial inventories.

Ending inventory = (36 units × $400) + [(52-36) × 420] =$14,400 + $6,720 = $21,120

I hope my answer helps you

5 0
3 years ago
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