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Evgesh-ka [11]
3 years ago
6

18. In the current year, Marc, a single taxpayer, has ordinary income of $35,000. In addition, he has $3,000 in short-term capit

al gains (STCG), short-term capital losses (STCL) of $6,000, and long-term capital gains (LTCG) of $4,000. What is Marc's adjusted gross income (AGI) for the current year
Business
1 answer:
Sergio039 [100]3 years ago
5 0

Answer:

$36,000

Explanation:

The computation of the adjusted gross income for the present year is as follows:

= Ordinary income + short term capital gain - short term capital loss + long term capital gain

= $35,000 + $3,000 - $6,000 + $4,000

= $36,000

Hence, the adjusted gross income for the present year is $36,000

The same is relevant

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At the beginning of 2020, Pronghorn Company acquired a mine for $1,732,800. Of this amount, $112,000 was ascribed to the land va
scoundrel [369]

Answer: a. $434880

b. $369,600

Explanation:

a. Compute the total amount of depletion for 2020.

Depletion Rate can be calculated as:

= (Mine cost - Value of land + Obligation + Development cost)/Ore extracted

= ($1,732,800 - $112,000 + $44,800 + $190,400)/$11,600,000

= $1856000/$11600000

= 0.16

Total amount of depletion for 2020 will now be calculated as:

= Depletion Rate × Ore extracted

= 0.16 × 2,718,000

= $434880

b. Compute the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020.

This will be calculated as the totsl depletion for 2014 divided by the value of the amount of ore that was extracted multiplied with amount of unit sold. This will be:

= (434,880/2,718,000) × 2,310,000

= 0.16 × 2,310,000

= $369,600

5 0
3 years ago
Open source software products often have fewer bugs than their commercial counterparts because of the:
Serga [27]

Answer:

The correct option to the following question is option (A).

Explanation:

Open-source software or OSS is the computer software in which the source code can be modified, enhance and, inspect by anyone but they have to distribute that software free of cost.

The person who modifies and enhances that Open Source software does not apply cost on it because this is illegal. The open-source software is the software that is distributed free of cost in the market.

  • The other options are not correct because any programmer can check and modify the quality and again distribute in the market.

3 0
4 years ago
The following transactions of Sandy Cruz occurred during 2018​: LOADING...​(Click the icon to view the​ transactions.)
FrozenT [24]

Answer:

1.

April 30

No entry​ required

This is because Cruz​'s attorney is certain it is remote that Cruz will lose this lawsuit.

June 30

DR Warranty Expense $14,400

CR Warranty Liability $14,400

Working = 360,000 * 4%

= $14,400

July 28

DR Warranty Liability $6,400

CR Cash $6,400

September 30

DR Lawsuit Loss A/c $150,000

CR Lawsuit Loss Liability $150,000

December 21

DR Warranty Expense $20,000

DR Warranty Liability $20,000

Workings ( Original question says 4%.)

= 4% * 500,000

= $20,000

2. Balance on Estimated Warranty Liability Account

June 30 14,400

July 28 (6,400) -

Dec 21 20,000 +

= $28,000 Credit

3 0
3 years ago
The following accounts and account balances are available for Badger Auto Parts at December 31, 2019:
SVETLANKA909090 [29]

Answer:

Answer is solved and explained in the explanation section below.

Explanation:

In this question, we are asked to prepare a trial balance assuming that all accounts have normal balances. And the purpose of making a trial balance is to make sure that the entries in the system are mathematically sound.

So,

Badger Auto Parts                                         Debit                Credit

Accounts payable                                                                   $8,500

Accounts receivable                                    $40,800

Accumulated depreciation (furniture)                                    $47,300

Advertising expense                                    $29,200

Cash                                                              $3,200

Common stock                                                                        $100,000

Cost of goods sold                                       $184,300

Depreciation expense (furniture)                $10,400

Furniture                                                       $128,000

Income tax expense                                    $3,800

Income tax payable                                                                 $3,600

Interest expense                                          $6,650            

Interest payable                                                                       $1,800

Inventory                                                       $60,500

Notes payable                                                                         $50,000

Prepaid rent                                                  $15,250

Retained earnings                                                                   $15,900

Sales revenue                                                                          $264,700

Utilities expense                                           $9,700

Totals                                                            $491,800         $491,800

6 0
3 years ago
Stock Z has an expected return of 12% with a standard deviation of 8%. If returns are normally distributed, then approximately t
Vesna [10]

Answer:

between 4% and 20%

Explanation:

Given that :

Expected return = 12%

Standard deviation = 8%

The return on stock Z can be calculated thus

Interval = expected return ± standard deviation

Lower boundary = 12% - 8% = 4%

Upper boundary = 12% + 8% = 20%

Hence, return on stock Z will be between 4% and 20%

6 0
3 years ago
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