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2 years ago

Tom and Amanda Jackson

Business

2 answers:

julsineya [31]2 years ago

8 0

Answer:ikr

Explanation:

Levart [38]2 years ago

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Answer:

Question: In 2021, Tom And Amanda Jackson (Married Filing Jointly) Have $200,000 Of Taxable Income Before Considering The Following Events: (Use The Dividends And Capital Gains Tax Rates And Tax Rate Schedules.) On May 12, 2021, They Sold A Painting (Art) For $110,000 That Was Inherited From Grandma On July 23, 2019. The Fair Market Value On The Date Of Grandma’s

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In 2021, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.)

On May 12, 2021, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2019. The fair market value on the date of Grandma’s death was $90,000 and Grandma’s adjusted basis of the painting was $25,000.

They applied a long-term capital loss carryover from 2020 of $10,000.

They recognized a $12,000 loss on the 11/1/2021 sale of bonds (acquired on 5/12/2011).

They recognized a $4,000 gain on the 12/12/2021 sale of IBM stock (acquired on 2/5/2021).

They recognized a $17,000 gain on the 10/17/2021 sale of rental property (the only §1231 transaction), of which $8,000 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,000 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2015).

They recognized a $12,000 loss on the 12/20/2021 sale of bonds (acquired on 1/18/2021).

They recognized a $7,000 gain on the 6/27/2021 sale of BH stock (acquired on 7/30/2012).

They recognized an $11,000 loss on the 6/13/2021 sale of QuikCo stock (acquired on 3/20/2014).

They received $500 of qualified dividends on 7/15/2021.

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Reptile [31]

Answer: Please see explanation column

Explanation:

Uncollectible amount = Amount x percentage of the uncollectible amount

$170,000 x 1% ) + (15,000 x 3% ) + ( 12,000 x 6% ) + (5,000 x 12% ) + (9,000 x 30%) = 1700+450+720+600+2700= $6,170

Credit Balance from Eastman = $400

Adjustment required = $6170 - $400 (credit) = $5,770

Journal to record adjusting entry on December 31, 2012 for recognized bad debts expense.

a) Accounts Titles & Explanation Debit Credit

Bad Debt Expense $5, 770

Allowance for Doubtful Accounts $5,770

b Allowance for Doubtful Accounts account= $400 debit balance before the current year's provision for uncollectible accounts.

Adjustment required = $6170 +$400 (debit) = $6,570

Accounts Titles & Explanation Debit Credit

Bad Debt Expense $6,570

Allowance for Doubtful Accounts $6,570

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4 years ago

Leas Corporation staffs a helpline to answer questions from customers. The costs of operating the helpline are variable with res

Nikolay [14]

Answer:

The average cost of operating the helpline per call at a volume of 25,300 calls in a month will be $18.10

Explanation:

The costs of operating the helpline are variable with respect to the number of calls in a month. At a volume of 25,000 calls in a month, the costs of operating the helpline total $452,500.

The average cost of operating the helpline per call = $452,500/25,000 = $18.10

At a volume of 25,300 calls in a month, The average cost of operating the helpline per call does not change but the total costs of operating the helpline increase because the costs of operating the helpline are variable.

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3 years ago

Does an agency conflict exist between csi's cfo and the company's shareholders

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3 years ago

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Part S00 is used in one of Morsey Corporation's products. The company makes 6,000 units of this part each year. The company's Ac

Vsevolod [243]

Question

Part S00 is used in one of Morsey Corporation's products. The company makes 6,000 units of this part each year. The company's Accounting Department reports the following costs of producing the part at this level of activity:

Direct material 1.4

Direct labour 2.4

Variable manufacturing overhead 7.2

Supervisors salary 3.6

Depreciation of special equipment 8.9

Allocation of general overhead 4.5

An outside supplier has offered to produce this part and sell it to the company for $16.10 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company. If the outside supplier's offer were accepted, only $6,000 of these allocated general overhead costs would be avoided. If management decides to buy part S00 from the outside supplier rather than to continue making the part, what would be the annual impact on the company's overall net operating income?

Answer:

Impact on overall profit = $3,000

Explanation:

Relevant costs for this decision includes

Variable cost
Attributable portion ( avoidable) of fixed overhead

Unit variable cost = 1.4 + 2.4 +7.2 + 3.6= $14.6

Notes

The depreciation of equipment cost is not a relevant cost. it is a sunk cost. Also, only the directly attributable overhead of $6000 would be considered, balance represents unavoidable cost that would be incurred either way

Variable cost of making (14.6 ×6,000) = 87,600

Variable cost of external = (16.10 ×6,000) = 96,600

Extra variable cost of buying 9,000

Savings in allocated general overhead (6,000)

Net Savings in cost 3,000

Impact on overall profit = $3,000

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