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vodomira [7]
2 years ago
10

An individual taxpayer reports the following items for the current year: Ordinary income from Partnership A, operating a movie t

heater in which the taxpayer materially participates $70,000 Net loss from Partnership B, operating an equipment rental business in which the taxpayer does not materially participate (9,000) Rental income from building rented to a third party 7,000 Short-term capital gain from sale of stock 4,000 What is the taxpayer’s adjusted gross income for the year?
Business
1 answer:
wel2 years ago
5 0

Answer:

$74,000

Explanation:

Calculation to determine the taxpayer’s adjusted gross income for the year

Taxpayer’s adjusted gross income=Net loss from Partnership B+Capital gain from sale of stock

Let plug in the formula

Taxpayer’s adjusted gross income=$70,000+ $4,000

Taxpayer’s adjusted gross income=$74,000

Therefore the taxpayer’s adjusted gross income for the year is $74,000

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The Boxwood Company sells blankets for $38.00 each. The following was taken from the inventory records during May. The company h
Juliette [100K]

Answer:

Gross Profit for May           798

Explanation:

<u>under FIFO </u>

We need to use units from the beginning of the month first.

May 10th sale 12 x $16 = 192

May 20th sale 15 x $16 = 240

May 23th

2 x $16 = 32

8x 1$8 =144

Total COGS

608

Sales Revenue 37 x 38 = 1,406

Cost of Good Sold            (608)

Gross Profit for May           798

7 0
3 years ago
In my opinion, I think that each and every child should get an education at school. (rewrite and reduce to 9 words)
Mashutka [201]

In my opinion, every single child needs an education.

(1)  (2)  (3) (PUNC.) (4)   (5)    (6)      (7)       (8)    (9)

Grammar ⇒ √

3 0
2 years ago
Line Corporation's balance sheet showed the following amounts for their liability and stockholders' equity accounts: Current Lia
postnew [5]

Answer:

the   debt-to-equity ratio is 1.47

Explanation:

The computation of the  debt-to-equity ratio is shown below

= (Current liabilities + Bonds payable + Lease obligations + Deferred income taxes) ÷  Total stockholder's equity

= ($5,000 + $1,500 + $2,000 + $300) ÷ $6,000

= 1.47

Hence, the   debt-to-equity ratio is 1.47

Therefore the same should be considered and relevant

6 0
2 years ago
Distribution Corporation collects 35​% of a​ month's sales in the month of​ sale, 45​% in the month following​ sale, and 20​% in
boyakko [2]

Answer:

The amount of cash that will be collected in July is budgeted: $227,500

Explanation:

In Distribution Corporation:

The amount of cash that will be collected in July is budgeted = 35% x July budgeted sales + 45% x June budgeted sales + 20% x May budgeted sales.

May budgeted sales are $ 150,000

June budgeted sales are $ 260,000

July budgeted sales are $ 230,000

July budgeted cash collected = 35% x $230,000 +  45% x $260,000 + 20% x  $150,000 = $227,500

8 0
3 years ago
Merchandise with a sales price of $3,500 is sold on account with terms 2/10, n/60. The journal entry to record the sale would in
alexdok [17]

Answer:

debit to Accounts Receivable for $3,500 credit to Sales for $3,430

Explanation:

Merchandise with a sales price of $3,500 is sold on account with terms 2/10, n/60. The journal entry to record the sale would include a debit to Accounts Receivable for $3,500 credit to Sales for $3,430.

Since the goods were sold on account, it means that it was sold on credit and an entry to cash will be a wrong entry. The right Journal entry will be a debit to accounts receivable for the total amount and a credit to sales for the total amount less the proposed discount amount of 2%

6 0
3 years ago
Read 2 more answers
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