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kati45 [8]
3 years ago
14

The earned income credit: a.Must be calculated on earned income as well as adjusted gross income in some cases. b.Cannot exceed

the amount of the tax liability.
Business
1 answer:
k0ka [10]3 years ago
3 0

Answer:

The correct answer is letter "A": Must be calculated on earned income as well as adjusted gross income in some cases.

Explanation:

The Earned Income Credit is a refund the government issues to taxpayers in case their earned income or Adjusted Gross Income (AGI) is lower than the amount of taxes they need to pay. The maximum earned income to qualify for an earned income credit also depends on the number of children in the household, and if the file return is submitted jointly.

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The Widget Co. purchased all of its fixed assets three years ago for $6 million. These assets can be sold today for $3 million.
oksano4ka [1.4K]

Answer:

$4,800,000

Explanation:

Widget corporation purchased all of its fixed assets three years ago for $6 million

These assets can be sold today for $3 million

The company receives $1.8 million in cash after liquidation of current assets

Therefore the market value of the company's total assets today can be calculated as follows

Market value = $3,000,000 + $1,800,000

= $4,800,000

Hnence the company's market value for today is $4,800,000

8 0
3 years ago
Saira's Maid Service began the year with total assets of $120,000 and stockholders' equity of $40,000. During the year the compa
Whitepunk [10]

Answer:

$110,000

Explanation:

Calculation for How much was stockholders' equity at the end of the year

Beginning balance of stockholders' equity $40,000

Add net income $90,000

Less the dividends paid ($20,000)

Ending stockholders' equity $110,000

Therefore How much was stockholders' equity at the end of the year is $110,000

5 0
3 years ago
Echo Sound Company just began business and made the following four inventory purchases in June: June 1 150 units $ 780 June 10 2
blsea [12.9K]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

June 1: $780/150 units= $5.2 per unit

June 10: $1,170/200 units= $5.85 per unit

June 15: $1,260/200= $6.3 per unit

June 28: $990/150= $6.6 per units

A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand.

Units sold= total units - ending inventory

Units sold= (150 + 200 + 200 + 150) - 210= 490 units

<u>The method with the lowest cost of goods sold will have the highest income:</u>

FIFO (first-in, first-out):

COGS= 150*5.2 + 200*5.85 + 140*6.3= $2,832

LIFO /last-in, first-out)

COGS= 150*6.6 + 200*6.3 + 140*5.85= $3,069

Weighted-average:

Weighted-average price= (5.2 + 5.85 + 6.3 + 6.6)/4= 5.99

COGS= 490*5.99= $2,935.1

The inventory method that will provide the highest gross profit is FIFO.

4 0
3 years ago
Joanna Grimshaw makes an hourly rate of $12.50, and she works 40 hours per week. Her boss offers her a promotion to a salaried p
MaRussiya [10]

Answer:

$175 more

Explanation:

She makes 500 without the promotion and 675 minus 500 is 175

5 0
3 years ago
Read 2 more answers
Caramel Corporation has 5,000 shares of stock outstanding.
Jet001 [13]

<u>Answer and Explanation:</u>

Caramel Corporation outstanding share are 5000

Caramel Corporation distributes $145,000 in an exchange for 1000 number of shares in a qualifying stock redemption.

Given : caramel Corportaion has E&P of around $300,000.

E&P attributable to 1000 number of shares = 300000 * 1000 / 5000=\$ 60,000

Therefore, the consequence of this redemption are $60,000 charge to E&P and reduction in caramel Corporation paid-in capital account is $85000 ($145000 subtract $60000)

4 0
3 years ago
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