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maw [93]
3 years ago
14

​the irs says you must do what a "reasonable business person" would do to make a profit when running your own business.

Business
1 answer:
Lady bird [3.3K]3 years ago
4 0
This implicates that you have to pass several tests from IRS, usually revolves around your primary employment and the amount of income you get from your business. If you somehow do not meet the standard in IRS test,  IRS will classify your business as a hobby business and you wouldn't be allowed to use any expenditures as tax deductions
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If houston company billed a client for $18,000 of consulting work completed , the accounts receivable asset increases by $18,000
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The answer is

Revenues increases by 18000
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3 years ago
It's clear that the lives of many creative artists are being transformed by digital technology. But competing schools of thought
Advocard [28]

Answer and Explanation:

Artists' lives have been changed by digital technology. This has created different schools of thought such as the "winner take all" theory, which claims that delivering high quality products at low cost will create a world where small differences in talent demand large differences in reward, and the "long tail"  theory, who claims that digital technology is creating a small portion of sellers that the market will adapt to, promoting low-cost products. These two theories are effective in different realities. However, the existence of both proves the change that programming and technology has been showing in entertainment and in the market.

7 0
3 years ago
On January 1, 20X7, Server Company purchased a machine with an expected economic life of five years. On January 1, 20X9, Server
djverab [1.8K]

Based on the information given for Server Company, the machine will be valued a<u>t $42,000 </u>and the machinery account will be credited.

<h3>What would be the value of the machine?</h3>

The machine was sold on January 1, 20X9 and at that point, the accumulated depreciation was $28,000.

The value of the machine was therefore:

= Cost of machine - Accumulated depreciation

= 70,000 - 28,000

= $42,000

Find out more on accumulated depreciation at brainly.com/question/1287985.

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4 0
2 years ago
Approximately 85% of the customers at hanson's furniture store purchase furniture using store credit. the store's average collec
aev [14]
<span>With a Net 30 payment policy, but an average collection period of 75 days with customers, Hanson's furniture store, should either reduce their store credit option, and encourage approximately 45% of their store credit customers to pay upon receipt, or shorten their operating cycle.</span>
7 0
3 years ago
Lucas Co. has a job-order cost system. For the month of April, the following debits (credits) appeared in the general ledger acc
aliya0001 [1]

Answer:

direct material charge = $8500

Explanation:

given data

April 1 balance = $24000

April 30 Direct materials = 80000

April 30 Direct labor = 60000

April 30 Factory overhead = 54000

April 30 finished goods =  200000

so balance is = finished goods - ( balance + Direct materials + Direct labor + Factory overhead )

put here value

balance =  200000 - ( 24000 + 80000 + 60000 + 54000 )

balance = 18000

so here balance above $18000 is total manufacture cost of job no 100

so direct material charge for job no 100 is

direct material charge =  manufacturing cost - applied cost - direct labour cost

direct material charge = 18000 - 4500 - 5000

direct material charge = $8500

5 0
3 years ago
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