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fredd [130]
3 years ago
12

Who wants branliest???!!!

Business
1 answer:
igor_vitrenko [27]3 years ago
8 0

Answer:

Sure...

Explanation:

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During the current year, Rulon’s toilet overflowed due to a pipe breaking during a nationally declared earthquake disaster. Rulo
sashaice [31]

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.

7 0
3 years ago
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the
BlackZzzverrR [31]

Answer:

a. Inventory is sold for $600,000.

gain on sale of inventory = $600,000 - $537,200 = $62,800

allocation of gain:

Kendra 1/2 x $62,800 = $31,400

Cogley 1/3 x $62,800 = $20,933

Mei 1/6 x $62,800 = $10,467

Dr Cash 600,000

   Cr Inventory 537,200

   Cr Gain on sale of inventory 62,800

Dr Gain on sale of inventory 62,800

   Cr Kendra, capital 31,400

    Cr Cogley, capital 20,933

    Cr Mei, capital 10,467

Dr Accounts payable 245,500

    Cr Cash 245,500

Dr Kendra, capital 124,400

Dr Cogley, capital 233,433

Dr Mei, capital 177,467

    Cr Cash 535,300

b. Inventory is sold for $500,000.

loss on sale of inventory = $500,000 - $537,200 = -$37,200

allocation of loss:

Kendra 1/2 x $37,200 = $18,600

Cogley 1/3 x $37,200 = $12,400

Mei 1/6 x $37,200 = $6,200

Dr Cash 500,000

Dr Loss on sale of inventory 37,200

   Cr Inventory 537,200

Dr Kendra, capital 18,600

Dr Cogley, capital 12,400

Dr Mei, capital 6,200

    Dr Loss on sale of inventory 37,200

Dr Accounts payable 245,500

    Cr Cash 245,500

Dr Kendra, capital 74,400

Dr Cogley, capital 200,100

Dr Mei, capital 160,800

    Cr Cash 435,300

c. Inventory is sold for $320,000 and any partners with capital deficits pay in the amount of their deficits.

loss on sale of inventory = $320,000 - $537,200 = -$217,200

allocation of loss:

Kendra 1/2 x $217,200 = $108,600

Cogley 1/3 x $217,200 = $72,400

Mei 1/6 x $217,200 = $36,200

Dr Cash 320,000

Dr Loss on sale of inventory 217,200

    Cr Inventory 537,200

Dr Kendra, capital 108,600

Dr Cogley, capital 72,400

Dr Mei, capital 36,200

    Dr Loss on sale of inventory 217,200

Dr Cash 15,600

    Cr Kendra, capital 15,600

Dr Accounts payable 245,500

    Cr Cash 245,500

Dr Cogley, capital 140,100

Dr Mei, capital 130,800

    Cr Cash 270,900

6 0
3 years ago
What life? and how are you
Masja [62]

Answer:

Life's going good I'm bored but okay but what about u

8 0
3 years ago
Read 2 more answers
Define financial statement and describe the function of balance sheets,
Dmitry [639]

Answer and Explanation:

The financial statements are the statements of the company that shows the financial position of the company. It involved the balance sheet, income statement, cash flow statement

The balance sheet shows the financial position, performance, profitability of the company with respect to the total assets, total liabilities and shareholder equity

Here the accounting equation applies i.e.

Total assets = Total liabilities + shareholder equity

The income statement records all the revenues and income earned and all the expense incurred. If the revenue is more than the expense so it would be net profit else net loss

The cash flow statement is a statement that records cash activities with related to cash payments and cash receipts. Here three activities are recorded i.e. operating, investing and financing

The operating activities deals with the change in working capital and purchase and sale of product and services

The investing activities record the purchase and sale of the assets

And, the financing activities record the shareholder equity with related to issuance of the stock, dividend, redemption, etc

4 0
3 years ago
Do I have what it takes to be a model??? ...
timama [110]

Answer:

Yes and no.

Explanation:

Fist off... most models need to be at least 16. There are younger models... but you have to get approval from your parents. Modeling is a hard business. Lots of girls hate themselves a lot because of it. You need to have good self image before you try something like this. But yes... I think if you rly wanted it... you could be a model.

5 0
2 years ago
Read 2 more answers
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