Assume that all transactions are reflected in Amy's beginning capital and basis in the same manner. All AM Products’ activities are eligible for the qualified business income deduction. a. Calculate Amy's basis in her LLC interest at the beginning and end of the tax year. LLC interest at the beginning of the year: $ LLC interest at end of the year: $ b. What income, gains, losses, and deductions does Amy report on her income tax return? If an amount is zero, enter "0". Ordinary income$ Net long-term capital gain$ Interest income$ Charitable contribution deduction$ Cash distribution$ c. Based on the information provided, what other calculations is Amy required to make? Amy may be eligible to deduct up to % of the ordinary income as qualified business income under § 199A, and will make that calculation on her return. This deduction require a cash outflow by Amy or the LLC, and it affect her basis or capital account. As someone treated as a general partner, Amy's distributive share of the LLC's ordinary business income subject to self-employment tax and possibly the additional Medicare tax. Her from the LLC may be subject to the additional tax under § 1411. d. Prepare Amy's tax-basis capital account rollforward from the beginning to the end of the tax year. How does her ending capital account differ from her ending tax basis in the LLC interest as calculated in part (a)?

mary's baskets company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. there are 4,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. the company keeps no work-in-process inventory. what amount of sales revenue will be reported on the 2019 budgeted income statement?

Suppose portugal has 700 workers and 26,000 units of capital, and france has 18,000 workers and 700 units of capital. technology is identical in both countries. assume that wine is the capital-intensive good and cloth is the labor-intensive good. which of the following statements is correct if the nations start trading with each other? a) wages will increase in portugal. b) rental rates in france will increase. c) wages in france will decrease. d) rental rates in portugal will increase.

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya. jan. 3purchased on account 350 widgets for $11 each. b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c. jan. 10purchased on account 625 widgets for $12 each. d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company. e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered. f.jan. 13paid for the purchases made on jan. 3.g. jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h. jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition. i.jan. 25received payment for the sale made on jan. 5.j. jan. 26paid for the purchases made on jan. 10.k. jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."