Answer:
a) Jenna's tax basis = $45,000 + ($13,000 - $10,000) = $48,000
loss allocation = $65,000
loss limited by her tax basis = $65,000 - $48,000 = $17,000
b) Jenna's at risk loss = $48,000 - $13,000 = $35,000
c) Jenna's loss limited by passive activity = $35,000 - $4,000 = $31,000
Answer:
D. Replacement cost.
Explanation:
As we know that the inventory should be recorded at the cost or market value whichever is lower
Given that
Original cost is less than the net realizable value subtract the profit margin
So we assume the following figures
Original cost $10
Net realizable value 9
Replacement cost 8
NRV less normal profit margin 7
As if we compare the original cost and replacement cost so the lower value is of replacement cost
hence, the same is to be considered
Therefore the correct option is D.
Answer:
The cash collected from customers = $230,000
Explanation:
The cash collected from customers to be reported on a direct method statement of cash flows is = Net sales + decrease in accounts receivable.
or, Net sales - Increase in accounts receivable
Given,
Net sales = $200,000
Beginning accounts receivable = $100,000
Ending accounts receivable = $70,000
Decrease in accounts receivable = $100,000 - $70,000 = $30,000
Putting the values into the formula, we can get
Net sales + decrease in accounts receivable
$200,000 + $30,000 = $230,000
The cash collected from customers = $230,000
Answer:
Which step in the career planning process is Jason completing?
E) Evaluate financial and other factors of positions offered.
Explanation:
Career planning is an aspect of career management that involves self evaluation and formulation goals to have a strong career path. It involves constant evaluation in improving skills and setting goals to ensure that one achieves career objectives that they set out. Career planning is a step-wise procedure that is to move an individual to a direction that will make him/her achieve professional excellence in the career that is chosen. The following steps are involved in career planning;
1. Self assessment
Self assessment involves the evaluation of one's own skills and interests and also capabilities to understand what he/she already has and where he/she wants to be in the career path.
2. Research on careers
Once the skills and interests has been assessed, one can research on the careers they would love to pursue to find out if they align with their skills, capabilities and interests
3. Set career objectives
The individual should then set clean career objectives, both short-term and long-term objectives.
4. Learn and improve skills
In order to align with set career objectives, the individual should keep improving and acquiring new skills.
5. Search for a Job
This involves the preparation of Curriculum vitae and supporting documents and search for jobs that offer opportunities that will help in advancing your career.
6. Once you receive job offers, evaluate various factors including the financial ones offered by the positions.
