Answer:
Ray = $200,000
Chuck = $250,000
Explanation:
<u>Determine how much trade or business loss can each deduct on their tax returns </u>
Total loss of Ray = $16000 + $250000 = $266000
since Ray suffered a loss of $16000 from his sole proprietorship and a loss of $250,000 . the total loss suffered from the partnership will not be deductible because it will lead to excessive business loss for the partnership
For RAY : the partnership loss can be calculated as : $250000 - $16000 =$234000
chuck can deduct $250000 loss on tax returns
this is because the threshold is not exceeded as no other loss is created
Answer:
a double coincidence of wants
Money provides a measuring stick with which to express relative values of goods and services, simplifying comparisons.
Money eliminates the need to find trading partners who happen to possess what you want and want what you possess.
Money enables you to specialize in tasks you're good at, knowing you can earn the money needed to buy the products of other individuals, skilled in different tasks
Explanation:
Functions of money
1. Medium of exchange : money can be used to exchange for goods and services. For example, money serves as a medium of exchange when you pay $20 for your favourite jeans.
Without money, you would have to find someone that has jeans and wants to sell it and also wants what you have. This is known as double coincidence of wants
2. Unit of account : money can be used to value goods and services, For example, $20 is the value of your favourite jeans
3. Store of value : money can retain its value over the long term, this it can be used as a store of value
Answer:
The budgeted required production for August is 11940 units and option B is the correct answer.
Explanation:
The opening inventory in August will be 20% of the August's sales in units.
Thus, the opening inventory for August = 0.2 * 11600 = 2320 units
The Production in August should be enough to meet the desired closing inventory for August and the remaining sales requirements for August after selling off the beginning Inventory for August.
The desired closing inventory in August is equal to 20% of September's sales requirements.
Desired Closing Inventory - August = 13300 * 0.2 = 2660 units
Production in August = Desired Closing Inventory + Sales - Opening Inventory
Production in August = 2660 + 11600 - 2320 = 11940 units
Answer:
$13,899.60
Explanation:
The amount of interest income that Ms. Ann Price should recognize in year 2020,the year the loan was given to Joe Kiger is the amount of the loan given out multiplied by the prevailing interest on similar loan which is shown below:
interest income in the year 2020=$154,440*9%=$13,899.60
The amount computed is the interest amortized for the year.
By multiplying the prevailing interest rate by outstanding loan amount each ,at end of the third year the loan amount would be $200,000 as shown below:
future value=$154,440*(1+9%)^3=$ 200,004.28 approximately $200,00
Answer:
A larger industrial and service sector, and a larger number of people working outside of agriculture, can indicate a higher level of industrialization in the economy and vice versa. This means that the size of industrial service and the sector of agriculture employment rate indicates the level of industrialization because if the agriculture employment is higher than the industrial service it means that the country is not fully developed yet and therefore the level of industrialization is lower. But if the industrial service is higher than the agriculture employment that suggests or indicates that the country is developing or developed. For example in the United States the size of the industrial/service sector is much larger than it's agricultural employment and therefore this should suggest that country is much more industrialized or developed and the United States is. In comparison you take a developing country such as Chad and you can see that the agricultural employment is higher than the size of the industrial/service sector and in relation to this you can see that Chad must have a lower level of industrialization and in fact it does.
Explanation: