Jenna began the year with a tax basis of $26,000 in her partnership interest. Her share of partnership debt consists of $8,000 of recourse debt and $15,000 of nonrecourse debt at the beginning of the year and $8,000 of recourse debt and $20,000 of nonrecourse debt at the end of the year. During the year, she was allocated $44,000 of partnership ordinary business loss. Jenna does not materially participate in this partnership, and she has $7,000 of passive income from other sources. A) How much of Jenna’s loss is limited by her tax basis? B) How much of Jenna’s loss is further limited by her at-risk amount?
C) How much of Jenna’s loss is further limited by the passive activity loss rules?

Island novelties, inc., of palau makes two products—hawaiian fantasy and tahitian joy. each product's selling price, variable expense per unit and annual sales volume are as follows:

The following accounts appeared in recent financial statements of delta air lines. identify each account as either a balance sheet account or an income statement account. for each balance sheet account, identify it as an asset, a liability, or stockholders' equity. for each income statement account, identify it as a revenue or an expense. item financial statement type of account accounts payable balance sheet advanced payments for equipment balance sheet air traffic liability balance sheet aircraft fuel (expense) income statement aircraft maintenance (expense) income statement aircraft rent (expense) income statement cargo revenue income statement cash balance sheet contract carrier arrangements (expense) income statement flight equipment balance sheet frequent flyer (obligations) balance sheet fuel inventory balance sheet landing fees (expense) income statement parts and supplies inventories balance sheet passenger commissions (expense) income statement passenger revenue income statement prepaid expenses income statement taxes payable balance sheet

In its 2016 annual report, caterpillar inc. reported the following (in millions): 2016 2015 sales $38,537 $47,011 cost of goods sold 28,309 33,546 as a percentage of sales, did caterpillar's gross profit increase or decrease during 2016? select one: a. gross profit increased from 26.8% to 28.6% b. gross profit decreased from 28.6% to 26.5% c. gross profit increased from 71.4% to 73.2% d. gross profit decreased from 73.2% to 71.4% e. there is not enough information to answer the question.