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1 year ago

For 2021, Sherri has a short-term loss of $2,500 and a long-term loss of $4,750. a. How much loss can Sherri deduct in 2021?

Business

1 answer:

lakkis [162]1 year ago

7 0

Based on the information given the amount of loss that Sherri deduct in 2021 is $3,000.

<h3>Short-term loss and long-term loss</h3>

Since he had both short-term loss and long-term loss the amount of loss that is deductible is $3,000 of capital loss. ($1,500 each for married filing separately).

Both the short-term loss and the long-term loss are combined up to the limit of the amount of $3,000 and the capital loss in excess of the amount of $3,000 are carried forward to following year.

Inconclusion the amount of loss that Sherri deduct in 2021 is $3,000.

Learn more about short-term loss and long-term loss here:brainly.com/question/25117603

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2 years ago

Jackie notices everyone wearing Converse sneakers on the first day of school. Ever the fashionista, this will likely affect: Mul

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Answer:

Jackie's income, as she now needs to buy Converse and will have less to spend on other goods.

Explanation:

Jackie is a fashionista and so she would respond to trends. Since everyone around her is wearing converse, she would want to wear converses too. so her income would be affected as it would be reduced as she would buy the converse.

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2 years ago

Crosby contracts with Subban whereby Crosby agrees to sweep Subban retail shop at the end of each work day. Before the first pay

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Crosby signs a contract with Subban and agrees to meet at Subban's business at the conclusion of each work day, before the first payment is due, and then files a lawsuit against Subban, claiming that the license is unenforceable because the license's objective is to protect the public.

<h3>What is contract?</h3>

A contract is the legal agreement between the two parties. It contains all the essentials of section 10. On the breach of such contract, the party who break the contract will be punishable under the act.

Crosby and Subban have a contract in which Crosby agrees to sweep Subban's retail store at the end of each work day. Subban discovers Crosby is unlicensed before the first payment is due.

All retail floor sweepers in Florida are required to be certified and pay annual dues.

As a result, Subban does not compensate Crosby for his efforts. When Crosby s pursues a breach of contract complaint against Subban to court, the judge will conclude the contract is invalid since the purpose of the license is to protect the public.

Therefore, the contract is unenforceable.

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1 year ago

This is a classic retirement problem. A time line will help in solving it. Your friend is celebrating her 35th birthday today an

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Answer:

a. $21,725.65

b. $19,385

c. 27,421.32

Explanation:

Savings = 125,000

Annuity Formula :

$(\frac{1}{1.07})^{30}$ [ $\frac{125,000}{0.07}$ ( $1 - \frac{1}{1.07 ^}^{20}$ ) ] = $\frac{A}{0.07}$ ( $1 - \frac{1}{0.07 ^ } ^{30}$ )

Solving the equation we get,

A = $21,725.65

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2 years ago

If total liabilities decreased by $30,000 and stockholders' equity decreased by $10,000 during a period of time, then total asse

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Answer:

C) $40.000 Decrease

Explanation:

The accounting equation states that: Assets = Liabilities + Equity, so in this case the Assets must decrease in the same amount that change the other side of the equation, $40.000.

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2 years ago