Mac and June, who file as married filing jointly with a modified AGI of $430,000 and a tax liability of $20,000.
Option D
Explanation:
For every eligible minor child under the age of 17 at the end of the tax year, the Child Tax Credit is granted to US taxpayers. In December 2017, the recent tax legislation doubled the loan to 2,000 dollars per child, making much of it reimbursable. 1 It was a non-refundable bonus of $1,000 previously.
If the taxpayer is filing jointly then the claim of child tax credit will be up to the tax liability. Thus, Mac and June has tax liability of $20,000 and the maximum limit of child credit is $2,000. Thus, they can claim full $2,000 claim and reduce their liability to $18,000.
When prices are rising, the Cost of Goods Sold according to LIFO will be <u>higher </u>than cost of goods sold under FIFO.
Last-In, First-Out (LIFO) refers to a company selling off the latest inventory that it receives first before the inventory it received earlier.
When prices are rising, LIFO will result in a higher COGS because:
- Purchases will be high
- Closing stock will be low on account of only the earlier cheaper inventory being left
In conclusion, LIFO results in cost of goods sold being higher because the closing stock which is deducted from COGS will be lower.
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Answer:
8.46%
Explanation:
Monthly interest rate = 0.640%
Number of month in year = 12
Investment in non-interest bearing = 6%
Effective annual interest = [(1 + Monthly interest rate)^Number of month] - 1 / (1 - Investment in Non-interest)
Effective annual interest = [(1 + 0.640%)^12] - 1 / (1 - 6%)
Effective annual interest = (1.0064)^12 - 1 / 0.94
Effective annual interest = 1.07956187072 - 1 / 0.94
Effective annual interest = 0.07956187072 / 0.94
Effective annual interest = 0.084640288
Effective annual interest = 8.46%
Hence, the Effective annual is 8.46%.
Answer:
$18,400
Explanation:
A/R $20,100
Less: Allowance for doubtful accounts ($1,700)
net realizable value of A/R $18,400
The write off amount is already included in allowance for doubtful accounts on provision basis therefore it can't be separately deducted again.
Explanation:
Ocean warming-driven deoxygenation: Warmer ocean water holds less oxygen and is more buoyant than cooler water. This leads to reduced mixing of oxygenated water near the surface with deeper waters, which naturally contain less oxygen. Warmer water also raises oxygen demand from living organisms.
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