1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Blababa [14]
3 years ago
12

Assume Joe Harry sells his 25% interest in Joe's S Corp., Inc. to Tyrone on January 29. Using the specific identification alloca

tion method, how much income does Joe Harry report if Joe's S Corp., Inc. earned $200,000 from January 1 to January 29 and a total of $1,460,000 from January 1 through December 31 (365 days)?
Business
1 answer:
WARRIOR [948]3 years ago
4 0

Answer:

The $29,000 is the income which does harry report

Explanation:

Special identification allocation method: Under this method, the allocation is done on the basis of days, weeks, etc to know how much inventory is left on the particular date.

First we have to calculate the income of one day so that we can easily compute for the 29 days. The calculation is shown below.

One day income = Total income ÷ Number of days in a year

                            = $1,460,000 ÷ 365 days

                            = $4,000

Now,the income is

= one day income × 29 days × rate if interest

= $4,000 × 29 × 25%

= $29,000

Thus, the $29,000 is the income which does harry report

You might be interested in
The following information is available for Amos Company for the year ended December 31, 2017. Balance of retained earnings, Dece
kvv77 [185]

Answer:

The retained earnings of Amos company for the year ended 31st December 2017 is $1,016,400.00  

Explanation:

In calculating retained earnings for 2017, I began with prior year retained earnings of $866,000,deducted depreciation net of taxes not recorded previously.

After,having adjusted retained earnings for prior year, I added net income for the year 2017 of $216,000

Finally,I deducted dividends paid during 2017 of $25000 to arrive at closing retained earnings for 2017 as shown in the attached.

Download xlsx
8 0
3 years ago
Coffee bean merchants notice that coffee prices are at a historic low today but they expect the price of coffee beans to increas
d1i1m1o1n [39]

Answer:

1. Supply will decrease

Explanation:

Due to the basic economic principle that when supply superceeds the demand for goods and services, the prices of such goods and services fall. As a result of this, and an expected increase in future prices, the supply of coffee beans by coffee merchants to the markets will decrease.

This is because the merchants want to receive higher profits and to do so, they will withhold supply to sell in the next six months when the price is higher.

6 0
3 years ago
Read 2 more answers
Teams commonly used by companies like​ Toyota, Ford, and​ Cisco, which can coordinate complex projects with individuals from sim
Kitty [74]

Answer: ​Cross-functional

Explanation:

A ​cross-functional team is a group of organization that works together to achieve a functional goal. Toyota, Ford, and​ Cisco are doing so in this narrative.

4 0
3 years ago
Where are traditional economies usually found? . A. in small communities that welcome change . . B. in large communities that we
Kay [80]
The answer is small communities that avoid change. 
 Traditional economies are usually found in a small communities that avoid change. It is so hard to put business in that places because it is very risky.

4 0
3 years ago
Read 2 more answers
On January 14, A Company purchased supplies of $900 on account. The entry to record the purchase will include
Citrus2011 [14]

Answer:

the complete journal entry should be:

Date

Dr Supplies 900

    Cr Accounts payable 900

Explanation:

Supplies is an asset account that has a normal debit balance, while accounts payable is a liability account with a normal credit balance. Our accounting system is based on the double entry system where one account must be debited and another one must be credited.

7 0
2 years ago
Other questions:
  • Determine which of the following expressions can be factored to (y – 4)(y – 7).
    9·1 answer
  • Johnson Battery Systems recently reported $9,000 of sales, $6,000 of operating costs other than depreciation, and $1,500 of depr
    11·1 answer
  • Bramble Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of
    13·1 answer
  • Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee.To start the fir
    11·1 answer
  • At December 31, 2021 and 2020, Miley Corp. had 180000 shares of common stock and 12000 shares of 6%, $100 par value cumulative p
    13·2 answers
  • During an economic​ recession, A. the bond demand and supply curves both shift to the left and the equilibrium interest rate usu
    13·1 answer
  • Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From
    7·1 answer
  • 93) Jack Corporation purchased a 20% interest in Jill Corporation for $1,500,000 on January 1, 2021. Jack can significantly infl
    7·1 answer
  • Currency $1,000 Checking Account Balances $2,000 Savings Account Balances $5,000 Small-Denomination Time Deposits $6,000 Non-Ins
    7·1 answer
  • In ________, salespeople are independent contractors who not only sell the product, but also recruit additional salespeople.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!