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: $117,000
Explanation:
So we are to calculate the Raw Materials purchased during the year.
Logically speaking the following should hold,
Raw materials purchased during the year + beginning raw materials = ending Raw materials + Raw materials used
Agreeing on that and rearranging the formula we will have,
Raw Material purchased during the year = Raw Material used during the year + Ending Raw Material Inventory - Opening Raw Material Inventory
Slotting in the figures we will then have,
Raw Material purchased during the year = 114,000 + 56,000 - 53,000
= $117,000
Raw materials purchased during the year amount to $117,000.
Answer:
$18,500
Explanation:
The first in first out (FIFO) inventory system assumes that It is the first purchased inventory that is the first to be sold.
Total inventory sold = 175 + 50 = 225 units
The first 50 units would be taken from the beginning inventory which costs $80. Total cost of 50 units of inventory would be $80 × 50 = $4,000
This leaves 75 units of the beginning inventory.
The 175 units sold would be taken from the remaining 75 units of the beginning inventory and the 270 units purchased
75 × $80 = $6,000
100 x $85 = $8500
Total cost of goods sold = $6,000 + $8500 + $4,000 = $18,500
I hope my answer helps you
The correct option is "higher".
<span>During a period of rising prices, FIFO provides the higher net income figures and during the period of falling prices, LIFO provides the higher net income figures.
FIFO stands for first in, first out.
LIFO stands for last in, first out.</span>
Answer:
$ 97,900
Explanation:
ASSETS = LIABILITIES + OWNERS CAPITAL ( Equity)
