Answer:
$6,000
Explanation:
First, Carey's allowable deductions repersents 'real estate loss allowance. The real estate loss allowance is an allowance or tax reduction made available to taxpayers who are also owners of rental properties in the U.S.
The specific allowance states that if the adjusted gross income of the owner of the rental property is $100,000 or less, then the taxpayer is allowed a deduction of $25,000. However, this begins to reduce as the adjusted gross income approaches $150,000 and the allowance is completely eliminated when the income exceeds $150,000
Based on this explanation, Carey's Adjusted Gross Income= $138,000, higher than $100,000 but less than $150,000
The calculation= 50% ($150,000- maximum allowable adjusted gross income- $138,000 - Carey's reported adjusted gross income)
=0.50 ($12,000)
= $6,000
Answer:
Lopez Sales Company
1. Amount of Gross Margin recognized by Lopez:
Sales = $81,600
Less cost of sales = $38,400
Gross Margin = $43,200
2. Amount of the gain on the sale of land recognized by Lopez:
Land:
Selling price = $81,000
less Cost = $43,200
Gain on sale = $37,800
Explanation:
a) Gross margin is the difference between the selling price and the cost price of a product. It is the profit determined before business running expenses are deducted to obtain the net income or margin.
It measures the ability of the business to generate enough income to cover expenses that are normally incurred in business, like rent, utilities, and salaries and wages.
b) The Gain on sale of any capital asset is the difference between the selling price and the cost (book value). This gain is reported separately in the income statement and is the subject of capital gains tax.
Answer:
A business continuity document
Explanation:
A business continuity plan document helps protect a business from the impact of potential crises that may affect their operations.
It is very important for small businesses to have this written document.
Carla's business continuity plan document should detail:
1. the key business functions needed to get operating as quickly as possible and the resources needed to do so if there's an attack.
2. identify potential crises that might affect the business and also determine how to minimise the risks of these disasters occurring.
Since training has been given to staffs before about their responsibilities in an emergency situation, they should apply what they've learnt.
For example, if there's a possibility for an attack that may affect power supply, Carla should put a back-up generator in place, in the event of a failure.
a. The population of this study consists of all subscribers to Bloomberg Newsweek in North America.
b. Quantitative variables are those that can be measured numerically. Annual income is a quantitative variable since it can be expressed in numbers.
c. Categorical variables are those that can’t be quantified. They can only take on a fixed number of values. In this case, the question ‘do you own an American express credit card’ can take on only two values – Yes or No. So, the ownership of an American Express credit card is a categorical variable.
d. The data above gives two different values that describe the same population at the same time, it involves cross-sectional data.
Time-series data refers to data that is collected at equally spaced time intervals. For e.g. production of wheat in each year for the last 10 years, the amount of rainfall received over each of the last five years etc.
Cross-sectional data refers to data from many (similar)individual groups at one given point in time. For e.g. Prices of different varieties of corn on a particular day.
e. On the basis of the survey, Bloomberg Newsweek might infer that at least some of its subscribers with an income of $75,000 or more have an American Express credit card.
The answer is 40 because you have to divide 60 and then 1.50 to get your answer
