The ________ is a fixed amount deducted from adjusted gross income to determine taxable income
Fill in the blank(s) with the appropriate word(s).
Answer: standard deduction or personal exemption
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An example of a Type I subsequent event would be a significant lawsuit that is initiated relating to an incident that occurred after the balance sheet date
a. True b. False Indicate whether the statement is true or false
If the sale of a good involves services that are of greater value than the goods themselves, the contract falls under the common law, not Article 2
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of nonprobabilistic sampling?
a. simple random sampling b. stratified simple random sampling c. cluster sampling d. judgment sampling
A local partnership has assets of cash of $5,000 and a building recorded at $80,000. All liabilities have been paid. The partners' capital accounts are as follows Harry $40,000, Landers $30,000 and Waters $15,000. The partners share profits and losses 4:4:2.If the building is sold for $50,000 and there are no liquidation expenses what amount should Harry receive in the final settlement?
A. $18,000. B. $9,000. C. $5,000. D. $55,000. E. $28,000.