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frosja888 [35]
3 years ago
10

Dorsett Corporation's income tax return for Year 8 shows deductions exceeding gross income by $56,800. Included in the tax retur

n are the following items: Net operating loss deduction (carryover from Year 7) $15,000 Dividends received deduction 6,800 What is Dorsett's net operating loss for Year 8
Business
1 answer:
never [62]3 years ago
7 0

Answer:

Dorsett's net operating loss for Year 8 is $41,800.

Explanation:

From the question, we have:

Amount by which deductions exceeding gross income = $56,800

Net operating loss deduction (carryover from Year 7) = $15,000

Dividends received deduction = $6,800

In order to calculate Dorsett's net operating loss for Year 8, the dividends received deduction of $6,800 has to be fully allowed but the net operating loss deduction (carryover from Year 7) of $15,000 wouldn't be not allowed.

Therefore, we have:

Dorsett's net operating loss for Year 8 = Amount by which deductions exceeding gross income - Net operating loss deduction (carryover from Year 7) = $56,800 - $15,000 = $41,800

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Record the following transactions for Red Wood Trails in a general journal.
Serggg [28]

Answer:

Date         Account, title and description                 debit              credit

June 3      Merchandise inventory                           3,985

                Accounts payable                                                           3,985

                Merchandise purchased on account

                from JVC Co.

June 9      Merchandise inventory                           2,300

                Accounts payable                                                           2,300

                Merchandise purchased on account

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June 12    Store supplies                                          675

                Accounts payable                                                           675

                Merchandise purchased on account

                from Craft Shop

June 13    Accounts payable                                    3,985

                Cash                                                                                3,985

                Paid for June 3 purchase of

                merchandise from JVC Co.

June 19    Accounts payable                                    2,300

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                Paid for June 9 purchase of

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3 0
3 years ago
An investment of $115 generates after-tax cash flows of $50 in Year 1, $90 in Year 2, and $150 in Year 3. The required rate of r
WINSTONCH [101]

Answer:

The  correct answer is B.

Explanation:

Giving the following information:

An investment of $115 generates after-tax cash flows of $50 in Year 1, $90 in Year 2, and $150 in Year 3.

Rate of return= 20%

To calculate the present value, we need the following formula:

NPV= -Io + ∑[Cf/(1+i)^n]

Cf= cash flow

Io= 115

Cf1= 50/ 1.20= $41.67

Cf2= 90/1.2^2= $62.5

Cf3= 150/1.2^3= $86.81

NPV= -115 + (41.67 + 62.5 + 86.81)

NPV= $75.98

6 0
3 years ago
Which of the following would be considered a subtopic for a mind map?
snow_lady [41]

Answer:

Free youngboy

Explanation:

and blogging would be considrerd the sub

3 0
3 years ago
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7nadin3 [17]

Answer:

Audit

<h3>What is an audit defined as?</h3>
  • Auditing is defined as the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance with requirements.
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To learn more about it, refer

to brainly.com/question/28168942

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In the Tito's Vodka case study, trends in cocktails were studied to create a quarterly recipe for customers. Group of answer cho
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In the Tito's Vodka case study, trends in cocktails were studied to create a quarterly recipe for customers. The statement is true.

<h3>What are cocktails?</h3>
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To learn more about cocktails with the given link

brainly.com/question/1320828

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