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Ivan
3 years ago
7

ABC LLC reported the following items on the LLC's Schedule K: ordinary income of $100,000; interest income of $3,000; long-term

capital loss of ($4,000), charitable contributions of $1,000; AMT depreciation adjustment of $10,000, and cash distributions to partners of $50,000. How much will ABC show as net income (loss) on its Analysis of Income (Loss)
Business
1 answer:
Sophie [7]3 years ago
8 0

Answer:

$98,000

Explanation:

Use the following formula to calculate the net income

Net income = Ordinary income  + Interest income - long term capital loss  - Charitable contribution

Ordinary income  = $100,000

Interest income $3,000

Long term capital loss = $4,000

Charitable contribution = $1,000

Placing values in the formula

Net Income = 100,000 + 3,000 - 4,000 - 1,000

Net Income = $98,000

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Jamie is single. In 2020, she reported $108,000 of taxable income, including a long-term capital gain of $5,800. What is her gro
Harlamova29_29 [7]

Answer:

$19,478

Explanation:

<u>Computation of tax liability</u>

i. Total income excluding LTC gain = 108,000 - 5,800 = 102,200

ii. Tax on 102,200 as per single tax schedule = 14605.5+((102200-85525)*24%) = 18607.50

iii. Tax on LTC gain at 15% = 5800 * 15% = 870

So, Gross Tax liability = $18607.50 + $870 = $19477.50 = $19,478

Note: As per Long term capital gain schedule

4 0
3 years ago
Marketing research is best defined asA) the systematic design, collection, interpretation, and reporting of information to help
cupoosta [38]

Answer:

The correct answer is the option A.

Explanation:

To begin with, <em>marketing research</em> is the name given in the field of economics, to the term that refers specifically to the <u><em>systematic gathering and analysis of both qualitative and quantitative data</em></u> that focuses primarily in the product of the company and the customers as well in order to find information to help the decision makers of marketing to resolve certain situations regarding marketing issues and also to take advantages of marketing opportunities as well.

6 0
4 years ago
Jakob is stuck in the airport on a long layover while traveling for work. He sees two Wi-Fi’s he can log onto: one says Airport
Ostrovityanka [42]
The probability of a larger population inside that airport using free Wi-Fi is 9 out of 10, against a few people who would choose to log on to a more secure connection. People would always choose the easy way to get things done. Accessing a free Wi-Fi zone exposes a user to a threat of hacking. While on a free connection; a large percentage of users are into social media, some may be sharing photos and videos, others are opening their emails or doing online banking and there are those who are just waiting for their next would-be-victim. 
Since Jakob will be logging into his account to pay his bills, it is wiser to use a secured Wi-Fi connection to protect his personal information. 
7 0
3 years ago
Read 2 more answers
Warner Company’s year-end unadjusted trial balance shows accounts receivable of $112,000, allowance for doubtful accounts of $73
Sonbull [250]

Answer:

Debit bad debt expenses with $1,680, and credit Accounts receivable also with $1,680.

Explanation:

Uncollectibles = Accounts receivable × 1.50% = $112,000 × 1.50% = $1,680

The December 31 year-end adjusting entry for uncollectibles will be as follows:

<u>Details                                                 Dr ($)                  Cr ($)                </u>

Bad debt expenses                            1,680

Accounts receivable                                                      1,680

<u><em>Being the amount Accounts receivable estimated to be uncollectible</em></u>

<u><em /></u>

7 0
3 years ago
Basse Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockh
Verdich [7]

Answer and Explanation:

The journal entries are as follows:

1. cash dividend Dr (7,000 shares × $1) $7,000

            To Dividend payable $7,000

(Being the declaration of the dividend is recorded)

Here the cash dividend is debited as it increased the balance of the dividend and dividend payable is credited as it increased the liabilities

2. Dividend payable Dr $7,000

        To Cash $7,000

(being the payment is recorded)

Here the  dividend payable is debited as it decreased the liabilities and cash is credited as it also decreased the assets

6 0
3 years ago
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