How frequently does John typically receive account statements from his bank?

Angie owns numerous strip malls. A major tenant of one of the strip malls wanted to cancel its lease because it was moving to an

Vlad [161]

Answer:

1. To determine whether she is in the business of being a person who LEASE out property as well as what will be her TAX BASIS for the lease.

2. Ordinary income of $60,000

Explanation:

1. Based on the information given the factors that she should consider in order to determine the amount as well as the character of her income from these circumstances is to determine whether she is in the business of being a person who LEASE out property as well as what will be her TAX BASIS for the lease.

b. Based on the information given we were told that the tenant paid her the amount of $60,000 in order to cancel its obligations under the lease which means that the amount and character of her income from the cancelled lease will be ORDINARY INCOME of the amount of $60,000 which we were told the tenant paid her in order to cancel its obligations under the lease.

7 0

2 years ago

Various financial data for SunPath Manufacturing for 2019 and 2020 follow. 2019 2020 Output: Sales $ 300,000 $ 330,000 Inputs: L

erik [133]

Answer:

22.20%

Explanation:

Energy Productivity Ratio 2019 = 300,000 / 10,000 = 30

Energy Productivity Ratio 2020 = 330,000 / 9,000 = 36.66

The percentage change = (36.66-30)/30 * 100

The percentage change = 0.222 * 100

The percentage change = 22.20%

So, the percentage change in the energy partial productivity measure for SunPath between 2019 and 2020 is 22.20%

3 0

2 years ago

For the past year, Momsen, Ltd., had sales of $46,967, interest expense of $4,088, cost of goods sold of $17,184, selling and ad

Tatiana [17]

Answer:

The Net Income is $4416.1

Explanation:

The net income is calculated as follows,

Sales $46967

Less:Cost of sales (17184)

Gross Profit 29783

Less:Expenses

Selling & Admin exp (12051)

Depreciation exp (6850)

Interest exp (4088)

Net income before ta 6794

tax expense (2377.9)

Net Income 4416.1

4 0

2 years ago

The Meyers CPA firm has the following overhead budget for the year: Overhead Indirect materials $ 370,000 Indirect labor 1,705,0

Veseljchak [2.6K]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Total manufacturing overhead= $ 2,986,000

The firm estimates total direct labor cost for the year to be $1,866,250.

The firm uses direct labor cost as the cost driver to apply overhead to clients.

1) Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base= 2986000/1866250= $1.6 per direct labor $

2) the firm worked for many clients; data for two of them follow: Gargus account Direct labor $ 3,200

Feller account Direct labor $ 9,200

Allocated MOH= Actual amount of allocation base*Estimated manufacturing overhead rate

Gargus overhead= 3200*1.6= 5120

Feller= 9200*1.6= 14720

3) Total cost Gargus= 3200 + 5120= $8,320

TC Feller= 14720 + 9200= $23,920

4 0

1 year ago

Nola and Charles both own party planning firms in the small town of Trident, IA. Because they are the only party planners in tow

Sonbull [250]

Answer:

Nola and Charles Collusion at Trident, IA.

Helping or Impeding Scenarios:

Helping Scenarios:

4. Nola and Charles are regulars at the same coffee house. They talk regularly

5. Charles and Nola both charge a fixed per person price for a party

Impeding Scenarios:

1. Charles develops a signature appetizer that becomes the must have in Trident

2. A party planning school opens and the new graduates are ready to plan!

3. Nola lowers her price on national television

6. Nola's marginal cost is lower than Charles's.

7. Most of the parties are given by Trident's largest employer, a water bottling plant.

Explanation:

Nola and Charles can only enter a collusion agreement secretly because it is illegal. Since the agreement is secret, it is not enforceable in the court of law. The tendency for Nola and Charles to be entangled in the prisoner's dilemma is very high. It is also not possible for them to protect their collusion for very long because they have different cost bases and core competencies that derail collusion on a sustainable large scale. Graduates of party organization and other market participants, including the large firm that hosts most of the parties in the area will end the collusion before long.

4 0

2 years ago