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:
Debt ratio = 0.4167 or 41.67%
Explanation:
The total assets turnover is the ratio that tells us the level of net sales generated on each $1 of invested total asset. Thus the formula for total assets turnover is,
Total assets turnover = Net Sales / Average total assets
Using the formula and the available values, we calculate the total assets to be,
4.1 = 49.20 / Average Total assets
Average total assets = 49.2 / 4.1
Average total assets = $12 million
The debt ratio calculates the value of debt as a percentage of total assets.
Debt ratio = Total debt / Total assets
Debt ratio = 5 / 12
Debt ratio = 0.4167 or 41.67%
Answer:
a. standing plan
Explanation:
operational plan make a room for strategy plan it give clear picture of the goals to be accomplished as well as the objectives and the task behind it to the personnel in an organization. It is an implementation of strategies.It should be noted that standing plan is a type of operational plan that saves managers time because it is created once and then used repeatedly to handle frequently recurring events.
Answer:
an increase of $5,000 in the cash flows from financing activities
Explanation:
There are three types of activities in the cash flow statement which are described below:
1. Operating activities: It includes those transactions which affect the working capital after net income. The increase in current assets and a decrease in current liabilities would be deducted whereas the decrease in current assets and an increase in current liabilities would be added.
These changes in working capital would be adjusted. Moreover, the depreciation expense is added to the net income
2. Investing activities: It records those activities which include purchase and sale of the long term assets. The purchase is an outflow of cash whereas sale is an inflow of cash
3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance. The issue of shares is an inflow of cash whereas redemption and dividend is an outflow of cash, and the increase in note payable is also recorded
The computation is shown below:
= Ending balance of note payable - beginning balance of note payable
= $40,000 - $35,000
= $5,000
Answer:
$7,000
Explanation:
Data provided in the question:
Beginning balance = $2,000
Office Supplies expenses = $8,000
Ending balance = $1,000
Now,
Let the amount of office supplies purchased be 'x'
Therefore,
Ending balance = Beginning balance + Purchases - Office Supplies expenses
or
$1,000 = $2,000 + x - $8,000
or
$1,000 = - $6,000 + x
or
x = $7,000
