Answer:
Since half of his loss would be covered by insurance and he is not filing an insurance claim, he cannot take half of the loss.
For the half he can take, 4500, he must reduce it by 100 and then by 10% of his AGI. 4,500 - 100 - 5,000 = less than zero.
So he cannot deduct any of the loss.
Answer:
Explanation:Part 1). Answer :- Sales of Ford Mustangs will decrease by 15 % (1.5 * 10 %).
Explanation :- Camaro and Ford Mustangs are substitute goods because the cross-price elasticity between Ford Mustangs and Camaro is in positive. Accordingly, with the decrease in price of camaro, the quantity sold of Ford Mustangs will also decrease.
Part 2). Answer :- Quantity of Ford Mustangs will decrease by 16 % (0.80 * 20 %).
Explanation :- Gasoline and Ford Mustangs are complementary goods because the cross-price elasticity between Ford Mustangs and Camaro is in negative. Accordingly, with the increase in price of gasoline, the quantity sold of Ford Mustangs will decrease.
Part 3). Answer :- Quantity of Ford Mustangs will increase by 15 % (3 * 5 %).
Explanation :- With the increase in income of consumer, the demand for normal good also increase. Accordingly, with the increase in consumer's income, quantity demanded of Ford Mustangs will also increase.
Answer:
ii. Her accounting profit was $150,000
iii. Her economic profit was $50,000
Explanation:
The computation is shown below:
For accounting profit, it is
= Total revenues - total expenses i.e explicit cost
= $250,000 - $100,000
= $150,000
And, for economic profit
= Total revenues - total cost i.e explicit and implicit cost
= $250,000 - $100,000 - $100,000
= $50,000
Hence, the second and third options are correct
The taxpayer must increase his 2019 gross income by $5,000 in accordance with the tax advantage rule to make up for the 2018 calculation error. This statement is false.
<h3>What various forms of income tax are there?</h3>
The two types of taxes are direct tax and indirect tax. The term "direct tax" refers to taxes imposed on earned income. Income tax is a great example of direct taxation. The government imposes an indirect tax on a taxpayer in exchange for the goods and services they offer.
<h3>The person who pays income taxes is?</h3>
Income taxes are levied on several types of income, including wages and salaries, investment income, and others. Payroll taxes, which sustain Social Security, are the second-largest source of federal revenue.
To learn more about Income Tax here:
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Answer:
The monetary unit principle states that "A stable currency is going to be the unit of record".
Explanation:
- One of the important generally accepted accounting principles is the Monetary unit principle.
- This principle states that record those business dealings that can be conveyed in terms of a currency.
- This means anything that cannot be quantified should not be recorded a businesses transactions. The non-quantifiable items include customer service, motivation, management skills, etc.
- Over time, money has been used as a stable form of currency in accounting.
