Clem is married and is a skilled carpenter. Clem's wife wanda works part time as a substitute grade schoool teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (If any) under the following independent circumstances: a. Clem is self-employed and this year he incurred $525 for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $3600 to provide coverage for herself and Clem (not through an exchange).
b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred $1,250 in utilities and depreciation of $780.
c. Clem paid self-employment tax of $15,300 (the employer portion is $7,650), and Wanda had $3,500 of Social Security taxes withheld from her pay.
d. Clem paid $15,300 to rent a safe deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires.

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

Which of the following is a disadvantage to choosing a sole proprietorship business structure? question 9 options: the owner has personal responsibility for the company's liabilities. the owner has to share the profits with partners. the owner is still liable for personal debts. the owner has to report to shareholders.

If the economy were in the contracting phase of the business cycle, how might that affect your ability to find work?