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3 years ago

To be eligible for business deductions, your business must make a profit in any years of a -year period.

Business

1 answer:

mixer [17]3 years ago

7 0

Answer:

To be eligible for business deductions, your business must make a profit in any __________ years of a __________-year period.

b. 3,5

Explanation:

The IRS safe harbor rule states that a business must make a profit in 3 out of 5 consecutive years to be regarded as a business that is established for profit-making motive. This implies that if profits are not made in 3 of 5 consecutive years, IRS will not presume that the entity is established for profit, thereby affecting the entity's ability to claim business deductions.

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Activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including exp

stepladder [879]

Answer:

D. Operating activities.

Explanation:

A financial statement is a written report that quantitatively describes a firm's financial health. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.

Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.

Hence, activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including expenditures related to administering the business, are classified as operating activities. All the net income or cash from all operational business activities of a company is recorded as operating activities.

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3 years ago

LO 4.7In a job order cost system, raw materials purchased are debited to which account?

laiz [17]

Answer:

Raw materials inventory

Explanation:

Since the raw material is purchased which increase the stock account so we debited it and for purchasing the raw material, the cash is given or it can takes on credit so we credited it

So, the journal entry would be

Raw material A/c Dr

To Cash A/c

(Being raw material purchased for cash)

Raw material A/c Dr

To Accounts payable A/c

(Being raw material purchased on credit)

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4 years ago

8. Which type of credit requires that borrowers carefully manage the debt so it doesn't get out of

torisob [31]

Answer:

the type of credit that requires borrowers to carefully manage debt so that it doesn't get out of control is revolving credit

3 0

3 years ago

Read 2 more answers

Baldwin’s product Bold has material costs that are rising from $6.80 to $7.80. Assume that period costs and other labor costs re

DochEvi [55]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

8 0

4 years ago

Inventory Valuation under Absorption CostingDuring the most recent year, Judson Company had the following data associated with t

Ad libitum [116K]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Units in beginning inventory 300

Units produced 14,200

Units sold ($300 per unit) 12,700

Variable costs per unit:

Direct materials $20

Direct labor $60

Variable overhead $13

Fixed costs:

Fixed overhead per unit produced $30

Fixed selling and administrative $140,000

1) Ending inventory= units produced + beginning inventory - units sold

Ending inventory= 14,200 + 300 - 12,700

Ending inventory= 1,800

2) The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unit product cost= 20 + 60 + 13 + 30

Unit product cost= $123

3) Ending inventory= 1,800*123= $221,400

7 0

4 years ago