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3 years ago

Which type of organization uses the form 1065 and schedule k-1?

1 answer:

6 0

Organizations known as Partnerships use the Form 1065 and Schedule K-1. A Partnership is an agreement between two partners to agree to work together to benefit each others interest. These organizations of Partnerships may be between individuals, governments, schools, etc.

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Mr. and Mrs. Frazier are legally married and realized a $723,000 gain on sale of a home that had been their principal residence

alexgriva [62]

Answer: $223,000 long-term capital gain.

Explanation:

LEGALLY MARRIED couples who file a JOINT TAX RETURN, selling their Place of PRIMARY RESIDENCE are allowed to reduce by $500,000, their Long-term capital gain.

That means that Mr. and Mrs. Frazier, bless their souls, are allowed to remove $500,000 from the total $723,000 and as such recognize only $223,000 as tax consequence on long-term capital gain.

I guess Uncle Sam likes marriages.

If you need any clarification do react or comment.

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3 years ago

A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (20,000 units)

prohojiy [21]

Answer:

If 1,500 units remain unsold at the end of the month, the amount of inventory that would be reported on the variable costing balance sheet is $52,500

Explanation:

For computing how much amount is recorded in the balance sheet, first we have to calculate the per unit cost.

The formula to compute the per unit cost is shown below:

= Total production cost ÷ Number of units

where,

Total production cost = Direct labor + Direct material + Variable factory overhead

= 240,000 + $180,000 + 280,000

= $700,000

And, the number of unit is 20,000 units

Now, put these values on the above equation which is equals to

= $700,000 ÷ 20,000

= $35 per unit

After that, multiply the per unit cost with unsold units

In mathematically,

= 1,500 units × $35 per unit

= $52,500

Hence, If 1,500 units remain unsold at the end of the month, the amount of inventory that would be reported on the variable costing balance sheet is $52,500

5 0

3 years ago

Sklar, CPA, purchased from Wiz Corp. two computers. Sklar discovered material defects in the computers 10 months after taking de

Nuetrik [128]

Answer:

End up losing because it is legally binding the clause that would limit the statute of limitations to 18 months.

Explanation:

Within UCC 2-725, in cases that involve the exchange of goods, a 4-year restriction law applies. The parties can reduce the duration to not less than 1 year (but not extend it).

When a delivery tender is made, an action for violation of warranty accrues (the statute begins to run).

However if the warranty specifically applies to future performance and violation disclosure must postpone that performance, the penalty will occur when the breach is discovered or should have been discovered.

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3 years ago

Do you think having power and being in control makes boy and men more masculine

shusha [124]

Yes I do believe that but not in all men tho some are different

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3 years ago

Give a short introduction of seasonal vegetable cultivation

vazorg [7]

Answer:

Seasonal vegetables are those vegetables that can not adjust all kind of temperatures. The seasonal vegetables are grown in the natural cycle of seasons when they are most suitable. For example, cauliflower only grows in winter season.

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3 years ago

Read 2 more answers