Answer:
$250,000 and $500,000
Explanation:
According to the tax laws there is annual limit on Loss deductions relating the amount of business loss that can be deducted in a year.
The law states that single or individual tax payers can deduct nothing more than $250,000 while married taxpayers who are filing jointly can deduct up to $500,000 per year of their business losses.
Therefore, if Jahlil is single the amount of partnership loss he can deduct is $250,000 but if he is married filing jointly, he can deduct $500,000
Answer:
Average rate = $1.55
Explanation:
Normally all companies use the current rates for the transaction, revenue department and profit loss, but it is not fair to use the same current rate on different dates.
Therefore, businesses usually use average exchange rates to overcome these kinds of shortcomings.
Therefore in this example, it would be appropriate to use the average exchange rates by the parent company to find the income of the subsidiary.
Answer:
d. financing activities section
Explanation:
cash investment made by the owner and their withdrawals will be in the financing activities section
On the financing activities, the accounting does a detail ofthe origin of funds which paid for the assets. These funds could be from owners or lenders.
Therefore, the equity transactions are included in the financing activities sections
From the owner point of view, it is an investment. But, we must remember that the owner and te company are different entities. For the company it is financiation
Sponser? i think its that sorry if its not
Answer:
$106,500
Explanation:
The computation of the total stockholder equity is shown below:
Total assets = Total liabilities + stockholder equity
where,
Total assets = Current assets + fixed assets
= $741,000 + $592,000
= $1,333,000
And, the total liabilities is
= Current liabilities + long term debt
= $533,500 + $693,000
= $1,226,500
So, the total stockholder equity is
= $1,333,000 - $1,226,500
= $106,500
