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vladimir2022 [97]
3 years ago
8

Charles is a single person, age 35, with no dependents. In 2015, Charles has gross income of $75,000 from his sole proprietorshi

p. Charles also incurs $80,000 of deductible business expenses in connection with his proprietorship. He has interest and dividend income of $22,000. Charles has no itemized deductions. Charles's taxable income is
Business
1 answer:
r-ruslan [8.4K]3 years ago
6 0

Answer:

The correct answer is $7,650.

Explanation:

According to the scenario, the computation of the given data are as follows:

Gross income from business               $75,000

 Business deductions (Less)                $80,000

Interest and dividend income (Add)    $22,000

Gross income                                        $17,000

Standard deduction (Less)                   $5,700

Exemption (Less)                                  $3,650

Net  Taxable income                             $ 7,650

So, the net taxable income is $7,650.

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Identify and describe the purpose of the 3 types of employment forms.
Lilit [14]

Answer: Employee, worker and self-employed.

Explanation: An employee is an individual who has entered into or works (or worked) under the terms of a contract of employment.

A Worker A worker who is not an employee works under a contract whereby the individual.

A self-employed is the state of working by themself not as a employee .

5 0
3 years ago
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Park Co.'s wholly-owned subsidiary, Schnell Corp., maintains its accounting records in Pounds Sterling. Because all of Schnell's
MrRissso [65]

Answer:

C) $8,100

Explanation:

A foreign exchange gain happens when one company engages in foreign trade or foreign direct investment and when they convert the foreign currency into domestic money, the final amount is larger than originally expected. This happens because the exchange rate is not fixed, and if the foreign currency appreciated, then a gain will result since more domestic money will be received. On the other hand, if the foreign currency depreciates, this will result in a loss.

3 0
4 years ago
The purchasing function, sometimes called ________, is an important part of any firm's production strategy.
drek231 [11]

Answer:

Procurement

Explanation:

The purchasing function, sometimes called procurement is an important part of any firm's production strategy. The role of procurement is simply to get goods and services for the business needs.

Procurement is the act of getting goods or services, for business purposes. It is generally the last act of purchasing.

8 0
3 years ago
The general message of the full disclosure principle is that: a. information is symmetric. b. information is costly to fake. c.
erica [24]

Based on financial and accounting principles, the general message of the full disclosure principle is that "<u>the lack of evidence that something resides in a favored category will often suggest that it belongs to a less favored one."</u>

This is because the full disclosure principle state that all information should be documented in a company or individual financial statements which are believed to affect a reader's knowledge of that specific financial statement.

This ensures that every party that needs to access the financial statements under concern should fully understand them without missing any form of information.

Otherwise, any missing link or information will be ruled in favor of the less favored party in a legal situation.

Hence, in this case, it is concluded that the correct answer is option D.

Learn more here: brainly.com/question/24280368

6 0
3 years ago
Consider the example of a clothing manufacturer/seller who would like to differentiate its products from those of other firms. W
LekaFEV [45]

Answer:

Adding the manufacturer's logo to all items in the current season's collection

Explanation:

The reason is that creating brand recognition among the public helps in promoting the product and developing perception of good quality product. The products that are differentiated products are promoted by developing the brand name, charging high prices, etc. are the examples of adopting of differentiated strategy.

7 0
3 years ago
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