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Nuetrik [128]
2 years ago
5

even though the taxpayer is claimed as a dependent on another tax return, he or she can still file an income tax return to repor

t earned income of $500 and claim $50 of tax withholding. quizle
Business
1 answer:
Oksana_A [137]2 years ago
8 0

Yes the taxpayer can file tax return to report earned income of $500 to claim income tax withholding of $50.

What is the rationale behind this answer? Why can taxpayer claim $50 of tax withholding?

The explanation to this question can be that even though taxpayer is claimed as dependent on another tax return, they can file tax return to claim tax withholding of $50. If a dependent is earning, their income cannot be combined with their parents' income if they are earning income. They have to file their returns if they have to claim any tax refund or credits.

To know more about tax refund, visit:

brainly.com/question/13234219

#SPJ4

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Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in 2018. The enacted tax rate
Nady [450]

Answer and Explanation:

1.

Net Operating loss carryback  Amount  Rate of Tax  Tax Recorded as

Carried back - 2014               $0.0          30%         $0.0  

Carried back - 2015               $0.0          30%         $0.0  

Carried back - 2016           $42,000        35% $14,700.0  

Carried back - 2017           $8,000.0       40% $3,200.0  

Total Carryback                 $50,000.0                    $17,900.0

Journal Entries - Cabot Company

Date                Particulars                                  Debit Credit

31-Dec-18      Receivables - Income Tax Refund  $17,900

          To Income tax benefit - Net Operating Loss           $17,900  

2. Cabot's net loss for 2018 = -$50,000 + $17,900

                                          = ($32,100)

5 0
3 years ago
Choose the correct answer in the following statements about financial and real assets.
lora16 [44]

Answer: Please refer to Explanation

Explanation:

A financial asset is a non-physical asset that that gets it's value from a contract that was signed by the parties involved.  Financial assets include Bonds, stocks and even cash amongst others.

Real Assets on the other hand are physical assets that can be seen and hence have an inherent value. Examples include buildings and cars.

a.  Toyota <u>creates</u> a <u>real asset</u>- the factory. The loan is a <u>financial asset </u>that is <u>created</u> in the transaction.

The factory becomes a real Asset that is tangible and has an inherent value. The loan was created by an agreement between Toyota and the bank and so is a Financial Asset.

b. When the loan is repaid, the <u>financial</u> asset is <u>destroyed</u> but the <u>real</u> asset continues to exist.

When the loan is repaid, Toyota no longer owns that financial asset because it has gone back to the bank. However, the Real Asset which is the factory that they were able to build will remain with Toyota.

c. The cash is a <u>financial</u> asset that is traded in exchange for a <u>real</u> asset, inventory.

As already mentioned, cash is a financial asset. Inventory is a tangible substance with an inherent value not determined by a contract and so is a Physical Asset. Trading cash for Inventory is therefore trading a financial asset for a physical one.

3 0
3 years ago
If a firm has economies of scale, increasing the quantity produced will lead to: multiple choice 1 higher long run average costs
xeze [42]

It results in lower short run average cost in economies of sale .

<h3>Economies of scale</h3>

Economies of scale refers to the situation where, as the quantity of output goes up, the cost per unit goes down. This is the idea behind “warehouse stores” like Costco or Walmart. In everyday language: a larger factory can produce at a lower average cost than a smaller factory. Figure 2 illustrates the idea of economies of scale, showing the average cost of producing an alarm clock falling as the quantity of output rises. For a small-sized factory like S, with an output level of 1,000, the average cost of production is $12 per alarm clock. For a medium-sized factory like M, with an output level of 2,000, the average cost of production falls to $8 per alarm clock. For a large factory like L, with an output of 5,000, the average cost of production declines still further to $4 per alarm clock.

One prominent example of economies of scale occurs in the chemical industry. Chemical plants have a lot of pipes. The cost of the materials for producing a pipe is related to the circumference of the pipe and its length. However, the volume of chemicals that can flow through a pipe is determined by the cross-section area of the pipe.

Learn more about economies of scale here :

brainly.com/question/15605103

#SPJ4

6 0
1 year ago
At the beginning of Year 2, the Redd Company had the following balances in its accounts:
bixtya [17]

Answer:

Redd Company

Journal Entries:

1. Debit Inventory $13,100

Credit Accounts payable (Ross Company) $13,100

To record the purchase of inventory on account, terms 2/10, n/30.

2. Debit Freight-in Expense $990

Credit Cash $990

To record the payment for freight.

3. Debit Accounts payable (Ross Company) $900

Credit Inventory $900

To record the return of goods to supplier.

4. Debit Accounts payable (Ross Company) $12,200

Credit Cash $11,956

Credit Cash Discounts $244

To record the payment on account.

5. Debit Accounts receivable $21,500

Credit Sales Revenue $21,500

To record the sale of goods on account, terms 2/10, n/45

Debit Cost of goods sold $12,500

Credit Inventory $12,500

To record the cost of goods sold.

6. Debit Sales Returns $3,000

Credit Cash $3,000

To record the payment of cash for returned goods.

Debit Inventory $2,150

Credit Cost of goods sold $2,150

To record the cost of goods returned.

7. Debit Freight-out Expense $880

Credit Cash $880

To record the payment of freight.

8. Debit Cash $18,130

Debit Cash Discounts $370

Credit Accounts Receivable $18,500

To record the receipt of cash on account.

9. Debit Cash $7,300

Credit Land $7,300

To record the sale of land for cash.

10. Debit Interest Receivable $650

Credit Interest Revenue $650

To accrue interest income.

11. Debit Cost of goods sold $5,750

Credit Inventory $5,750

To record the cost of inventory write down.

Explanation:

a) Data and Analysis:

1. Inventory $13,100 Accounts payable (Ross Company) $13,100, terms 2/10, n/30.

2. Freight-in Expense $990 Cash $990

3. Accounts payable (Ross Company) $900 Inventory $900

4. Accounts payable (Ross Company) $12,200 Cash $11,956 Cash Discounts $244

5. Accounts receivable $21,500 Sales Revenue $21,500, terms 2/10, n/45

  Cost of goods sold $12,500 Inventory $12,500

6. Sales Returns $3,000 Cash $3,000

  Inventory $2,150 Cost of goods sold $2,150

7. Freight-out Expense $880 Cash $880

8. Cash $18,130 Cash Discounts $370 Accounts Receivable $18,500

9. Cash $7,300 Land $7,300

10. Interest Receivable $650 Interest Revenue $650

11. Cost of goods sold $5,750 Inventory $5,750

Inventory write down:

Beginning     $9,000

Purchase        13,100

Return              (900)

Sold             (12,500)

Return            2,150

Net             $10,850

Ending            5,100

Write down $5,750

3 0
3 years ago
What relationship exists between financial institutions and financial markets? g
NemiM [27]

Answer:

Access and price relationships

Explanation:

Financial institutions - organizations operating in the financial and credit system. In the interpretation of the Western economic tradition, financial institutions are intermediaries between investors (households) and entrepreneurs (consumers of investments).

Financial markets are mechanisms that enable funds to be transferred from those with excess funds to those with few funds. Financial markets are divided into two as money markets and capital markets in terms of maturity. Money markets are markets where short-term funding supply and demand meet. Here, a short term is a year and a shorter term. Capital markets are the markets where long-term fund supply and demand are encountered. Here, long term is meant for over a year. Financial markets also provide low transaction cost value and prices that reflect the effective-market hypothesis.

We can think of basic relationships. The first concerns about the access. Financial institutions provide access to financial markets on behalf of investors seeking financial assets, such as institutional investors. The second relationship can often be claimed as "price." Financial asset prices (traded in financial markets), research and trading activities in financial assets, the actual cost or price of a particular asset affect the performance of financial institutions that affect the market outlook. For example, if a financial institution holds a significant stake in a particular company, it is a sign of markets (good or bad) and ultimately affects the price that a company is willing to pay for a financial asset. (e.g. stocks, bonds, etc.).

3 0
3 years ago
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