Alex, who is single, conducts an activity in 2021 that is appropriately classified as a hobby. The amount of income that Alex must report and the amount of the expenses he is permitted to deduct are:
An activity or business is classified as hobby :
- The owner of the business is not making profit from the business
- When their is no proof as to whether the business owner is making profit
- When the owner does not intend to make profit from the business etc
Based on the given information the revenues or income amount of $18,000 will be the amount that will be reported by Alex as part of the gross income.
While the expenses or property taxed amount of $3,000 is deductible because the deductions are itemized deductions.
Inconclusion Alex, who is single, conducts an activity in 2021 that is appropriately classified as a hobby. The amount of income that Alex must report and the amount of the expenses he is permitted to deduct are:
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B
in the theory, they do not talk about this cave drawing lket alone caves, so let it be, my answer is B
Answer:
The ending owner’s capital for the company is $40,000
Explanation:
For computing the ending owner capital, the following equation should be used which is shown below:
Ending owner capital = Beginning owner capital - net loss - dividend paid to shareholders
= $100,000 -- $50,000 - $10,000
= $40,000
The net loss and dividend decrease the owner equity which ultimately decreases the capital. So, we deduct these amounts.
Hence, the ending owner’s capital for the company is $40,000
Answer:
LaKeisha Thompson
a. At the end of four years, the total amount invested is:
= $6,000
b. At the end of four years, the total number of shares purchased is:
= 166.81
c. At the end of four years, the average cost for each share is:
= $35.97.
Explanation:
a) Data and Calculations:
Investments in Oakmark I Fund:
Year Investment Price Number
Amount per share of share
Feb 2008 $1,500 $40 37.50
Feb 2009 1,500 30 50
Feb 2010 1,500 34 43.60
Feb 2011 1,500 42 35.71
Total $6,000 166.81
Average cost per share = $35.97 ($6,000/166.81)
