The partnership of marks & sparks sustained an ordinary loss of $42,000 in year 1. the partnership, as well as the two partners, are on a calendar-year basis. the partners share profits and losses equally. at december 31, year 1, marks had an adjusted basis of $18,000 for his partnership interest, before consideration of the loss. on his year 1 individual tax return, marks should deduct an(a)
ordinary loss of $18,000 j k l m n
ordinary loss of $21,000 j k l m n
ordinary loss of $18,000 and a capital loss of $3,000 j k l m n
capital loss of $21,000j k l m n

Neon light company of kansas city ships lamps and lighting appliances throughout the country. ms. neon has determined that through the establishment of local collection centers around the country, she can speed up the collection of payments by one and one-half days. furthermore, the cash management department of her bank has indicated to her that she can defer her payments on her accounts by one-half day without affecting suppliers. the bank has a remote disbursement center in florida. a. if neon light company has $2.90 million per day in collections and $1.18 million per day in disbursements, how many dollars will the cash management system free up?

Acompany recorded a check in its accounting records as $87. however, the check was actually written for $78 and it cleared the bank as $78. what adjustment is needed to the personal statement? a. decrease by $9 b. increase by $9 c. decrease by $18 d. increase by $9

For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or both: 1. sec examiner 2. bookkeeping department 3. division controller 4. external auditor (public accounting firm) 5. loan officer at the company's bank 6. state tax agency auditor 7. board of directors 8. manager of the service department 9. wall street analyst 10. internal auditor 11. potential investors 12, current stockholders 13. reporter from the wall street journal 14. regional division managers