The document that lists the steps of the budget process is the

John Budd is the sole shareholder of Ral Corp., an accrual-basis taxpayer engaged in wholesaling operations. Ral’s retained earn

Annette [7]

Answer: $27,000

Explanation:

Even though for GAAP reasons, revenue is to be recognized only when earned as per the Accrual principle of accounting, this is not so for the calculation of taxable income.

Taxable income is to be calculated on cash basis which means that taxes are to be paid on revenue when the revenue is received in cash and not when it is earned.

As Ral Corp. received the money in 2020, they are to include the entire amount of $27,000 in their 2020 taxable income for rent revenue.

4 0

2 years ago

10 percent partner in a partnership that incurred a $4 million business loss this year. Jahlil has no other business activities.

sashaice [31]

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

6 0

2 years ago

Pitkin Enterprises produces animal figurines for children and young adults. For children, it makes hard-to-break figurines that

Kryger [21]

Answer:

The correct answer is letter "A": True.

Explanation:

Multi-segment targeting or market segmentation is the classification a company makes to differentiate its existing or potential customers by features such as age, gender, income or occupation. This is done to provide customers a more tailored product according to their characteristics and demands.

7 0

2 years ago

During January, 7,000 direct labor hours were worked at a standard cost of $20 per hour. If the direct labor rate variance for J

igor_vitrenko [27]

Answer:

$17.50

Explanation:

Given that,

Direct labor hours = 7,000

Standard cost = $20 per hour

Direct Labor Rate Variance = $17,500 Favorable

(Standard Rate - Actual Rate) × Actual Hours = $17,500 Favorable

(20 - Actual Rate) × 7,000 = $17,500 Favorable

140,000 - 7,000 Actual Rate = $17,500 Favorable

Therefore,

7,000 Actual rate = (140,000 - $17,500)

Actual rate = 122,500 ÷ 7,000

= $17.50

8 0

2 years ago

Celaneo Avionics makes aircraft instrumentation. Its basic navigation radio requires $60 in variable costs and $4,000 per mont

Tomtit [17]

Answer:

$400 per unit

Explanation:

Variable cost $60 * 20 units = 1200

Fixed cost = $4000

Total current cost is $5,200

Total sales is 280 * 20 = $5,600

net income (Sales - Total cost) = $400

If CEO wants to increase net income by $1,100 the

Net income = Total sales - Variable cost -Fixed cost

Net income $1,500 = x - ($60 + $40) * 20 units - $4,000+ $500

Total sales = $1,500 + $2,000 + $4,500

Total sales = $8,000

Sales price per unit = $8,000 / 20 units

Sales price per unit = $400 / unit

5 0

2 years ago