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zloy xaker [14]
3 years ago
12

Emilio and lara have two children who are enrolled full-time at their state college, wyatt, who is a freshman and deidra, who is

a senior, are both pursing undergraduate degrees. emilio and lara paid tuition of $8,000 for wyatt and $15,000 for deidra. emilio and lara's agi is $100,000 and they will file a joint return. assuming that if they otherwise qualify, what is the maximum education credit that emilio and lara can take on their return?
Business
2 answers:
frosja888 [35]3 years ago
6 0
<span>The maximum education credit for both emilio and lara would $5,000. They would be fully reimbursed for the first $2,000 on each student and then 25% of the next $2,000. Because they paid more than $4,000 per student they would receive the maximum reimbursement of $2,500 per student.</span>
amid [387]3 years ago
3 0
According to The American opportunity tax credit (AOTC<span>) Each student could </span>get a maximum annual<span> credit of $2,500 per eligible student.
So, </span><span>maximum education credit that emilio and lara can take on their return collectively is:
$ 2,500 x 2 = $ 5,000</span>
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During 2017, William purchases the following capital assets for use in his catering business:
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Answer:

$21,640.

Explanation:

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=> "New passenger automobile (September 30) = $61,600."

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Therefore, if we are to follow the rules of the Internal Revenue Services, the new passenger automobile that is the depreciable limit = 11,160 - 8000 = 3,160.

Hence, the maximum depreciation deduction = Baking equipment + depreciable limit = 18,480 + 3,160 = $21,640.

3 0
3 years ago
The fixed costs of doing business include
11Alexandr11 [23.1K]

Answer:

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3 years ago
Institutions specialize in raising money for governments and corporations by issuing securities.
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3 years ago
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1. Day Corp. holds 10,000 shares of its $10 par value common stock as treasury stock reacquired in Year 2 for $120,000. On Decem
katovenus [111]

Explanation:

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And, the net income for the year 6 is

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= $356,000 - $108,000 - $240,000 - $24,000 + $52,000

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7 0
3 years ago
In its most recent annual report, Appalachian Beverages reported current assets of $39,900 and a current ratio of 1.90. Assume t
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Answer:

Appalachian Beverages

The Updated current ratio is:

= 1.65

Explanation:

a) Data and Calculations:

Current assets = $39,900

Current ratio = 1.90

Current liabilities = $21,000 ($39,900/1.90)

Current Assets:

Beginning balance = $39,900

Inventory                      $5,100

Cash                           ($2,000)

Ending balance =      $43,000

Current Liabilities:

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Accounts Payable       $5,100

Ending balance =      $26,100

Analysis of Transactions:

1. Inventory $5,100 Accounts Payable $5,100

2. Delivery Truck $10,000 Cash $2,000 Two-year Note Payable $8,000

Updated current ratio = Current assets/Current liabilities

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= 1.65

6 0
2 years ago
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