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3 years ago

PLEASE HELP ME !

1 answer:

4 0

Answer: My business is a dry cleaners. We clean clothes, household items, press shirts, sterilize and anything else our community may need with regard to cleaning apparel

Explanation:

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In your own words, describe a proprietorship.

belka [17]

An owner of a business

4 0

4 years ago

Ilene rents a property for the entire year. During the year, Ilene reported a net loss of $15,000 from the rental. If Ilene is a

Maksim231197 [3]

The loss can she deduct against ordinary income in the year is $5000.

<h3>How to calculate the loss?</h3>

AGI = $140000

Less: Allowable limit = $100000

Excess = $40000

50% of excess = $20000

Less: Net loss = $15000

Loss deduction = $5000

Therefore, the loss can she deduct against ordinary income in the year is $5000.

Learn more about income on:

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6 0

2 years ago

James A. Garfield a. was elected president with a commanding popular-vote margin. b. had been nominated by the Republicans becau

natita [175]

Answer:

c. was assassinated by an unsuccessful office seeker

Explanation:

James A. Garfield was the 20th president of USA and he was the first sitting member of congress to be elected as the president of the nation. His service was short lived only for six and a half months until his death by assassination.

He was shot dead by Charles J. Guiteau at the Baltimore and Potomac Railroad Station in Washington, D.C. and died in Elberon, New Jersey. Guiteau's motive was avenge against Garfield for an imagined political debt.

Hence the correct option is c. was assassinated by an unsuccessful office seeker.

7 0

4 years ago

Sebastian purchases two pieces of equipment for $100,000. Appraisals of the equipment indicate that the fair market value of the

Schach [20]

Answer:

$100,000

Explanation:

According to the internal revenue service ''<u>In most situations, the basis of an asset is its cost to you.</u> <u>The cost is the amount you pay for it in cash</u>, debt obligations, and other property or services. Cost includes sales tax and other <u>expenses connected with the purchase</u>.''

Therefore Sebastian's basis in these two assets is unconnected with the fair market value of the assets but with the cost.

Purchased Equipment is always recorded at its acquisition cost or its net book value, that is after deducting the accumulated depreciation . In the scenario we have no depreciation figures, hence the basis is the cost of $100,000

8 0

3 years ago

Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $

Viefleur [7K]

Answer:

A. $2.40 per Machine hour

B. Underapplied = $10,000

C. cost of goods sold (debit) $10,000 , overheads (credit) $10,000

Explanation:

A) Compute the manufacturing overhead rate for the year

Overhead Rate = Total Fixed Overheads / Budgeted Activity

= $300,000 / 125,000 Machine hours

= $2.40 per Machine hour.

B) What is the amount of under- or over applied overhead at December 31st?

Under Applied Overheads = Actual Overheads > Applied Overheads

Over Applied Overheads = Actual Overheads < Applied Overheads

Actual Overheads = $322,000

Applied Overheads = $2.40 × 130,000 hours = $ 312,000

Underapplied = $10,000

C) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.

cost of goods sold (debit) $10,000

overheads (credit) $10,000

7 0

4 years ago

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