A business idea is an idea that one or more people come up with to start a business. The idea will state what the business is, how they think it should be run and what their customer base will be. After a business idea is planned the developer typically develops a marketing plan and from there they try and receive funding or get approval for their business idea.
Answer:
Process Costing
Explanation:
Process Costing allows so many units to be in production at the same time which are identical. The cost of each unit can be determined by calculating the average price using to total units produced.
Answer:
a. Brad might be allowed to deduct up to $25,000
or Brad may be allowed to deduct the loss if he works more than 750 hours as a material participant in connection with the townhouse complex and more than half of personal service.
b. The reduction is equal to 50% of AGI in excess of $100,000. The deduction will be phased out completely if AGI reaches $25,000
Explanation:
Adjusted Gross Income is the final taxable income after all the allowable deductions are adjusted in the income. A tax payer can deduct up to $25,000 for the passive losses. This is standard deduction which Brad can deduct from the income.
Answer:
e. All of these choices are correct.
Explanation:
Note:
Statement a. about production budget is correct as the production budget only estimates number of units to be produced, in quantity and not in dollars and therefore is not converted into dollars.
Statement b. about sales budget is also correct as it shows the quantity in units and also in value.
Statement c. about overhead budget is also correct as the budget segregates variable and fixed overheads properly.
Statement d. about labor budget is correct, as in this budget an average rate is used for calculating the expenses.
Therefore all of the above is correct.
