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DanielleElmas [232]
3 years ago
15

n certain circumstances, a taxpayer who provides less than half the support of another may still be able to claim that person as

a dependent as a qualifying relative. True/false
Business
1 answer:
siniylev [52]3 years ago
7 0

Answer:

True, through a multiple support agreement signed between 2 or more taxpayers that provide financial support to the same dependent.

Explanation:

Form 2120 allows taxpayers to claim deductions for a relative as a dependent on their tax returns, but since they do not pay at least 50% of their expenses, they cannot claim them under normal rules. Certain conditions must be met, the most important are:

  • the taxpayer must pay for at least 10% of the dependent financial needs
  • they must have signed a multiple support agreement (the other taxpayers waive their right to claim the person as a dependent).

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A The following section is taken from Blossom's balance sheet at December 31, 2021.
loris [4]

Answer:

Date    Account titles and explanation          Debit       Credit

1-1-21    Bond interest payable                       $46,000

                  Cash                                                               $46,000

            (To record payment of interest)

1-1-21    Bond payable                                    $155,000

            Loss on redemption bond                $15,500

            (155,000/100*10)

                    Cash                                                              $170,500

            (To record bond redemption)

31-1-21   Interest expenses                              $36,450

                    Bond interest expenses                               $36,450

                    (560,000-155,000)*9%

             (Adjusting entry to accrue the interest on the remaining)

6 0
3 years ago
A teacher instituted a new reading program at school. after 10 weeks in the​ program, it was found that the mean reading speed o
Bess [88]

Answer:

0.0139

Explanation:

Given that:

The number of sample (n) = 21

The sample distribution has mean (μ) and a standard deviation of σ/√n

The z score is given as (x - mean)/ standard deviation

x = 94.8 wpm, let us assume that σ = 10 and μ = 90

Therefore: z = (x - μ) / (σ/√n) = (94.8 - 90) / (10/√21) = 2.2

To calculate the probability using Z table:

P(X>94.8) = P(Z>94.8) = 1 - P(Z<94.8) = 1 - 0.9861 = 0.0139

The probability is low that is less than 0.05, the program is more effective than the old one.

5 0
3 years ago
Read 2 more answers
The industry-low, industry-average, and industry-high cost benchmarks on p.6 of each issue of the Footwear industry report
pashok25 [27]
<span>You would look at the different costs on the industry report. This can tel you a lot. Averages are when you take a sum of all of the different areas and then divide that by how many areas there were. This lets you know roughly how the industry is doing.</span>
4 0
3 years ago
What is a reason people might travel, other than going to visit friends/relatives?
Juli2301 [7.4K]

Answer: Another reason people might travel is maybe for a vacation or get away or people also might travel for their work.

Explanation:

4 0
3 years ago
Read 2 more answers
In the theory of perfect competition, the assumption of easy entry into and exit from the market implies:_____.
Hitman42 [59]

The assumption in perfect competition that there is an easy entry and exit from the market implies that firms will make a zero economic profit in the long run.

<h3>Why do firms make a zero economic profit?</h3>

In a pure competition, companies are allowed to freely enter and leave.

They take advantage of this to enter a market when prices are high and economic profit is being made.

As more firms enter, the economic profit keeps decreasing as prices decrease until this profit gets to zero and then turns to economic losses.

At this point, some firms will leave the market to stop making losses. When they do, the supply will decrease which leads to prices rising once more.

The cycle will then repeat itself and keep the companies at a zero economic profit in the long run.

Find out more on perfect competitions at brainly.com/question/1748396

#SPJ1

3 0
2 years ago
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