For calendar year 2018, jean was a self-employed consultant with no employees. she had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2018. how much of these premiums may jean deduct as a deduction for agi? as an itemized deduction? if an amount is zero, enter "0". self-employed persons can deduct % of their medical insurance premiums as a deduction for agi in 2018. thus, jean may deduct $ as a deduction agi and she may deduct $ as an itemized deduction (subject to the agi floor).

Partnerships are the most common type of business firms in the world. t/f

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

In early january, burger mania acquired 100% of the common stock of the crispy taco restaurant chain. the purchase price allocation included the following items: $4 million, patent; $3 million, trademark considered to have an indefinite useful life; and $5 million, goodwill. burger mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. what is the total amount of amortization expense that would appear in burger mania's income statement for the first year ended december 31 related to these items?