Answer:
The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.
Explanation:
For the purpose of regular income tax, the deduction pertaining to medical expenses are available up to the extent it exceeds 10% of AGI.
Deduction available = excess expenses incurred - 7.5% of AGI
= ($16,000 + 4,000 + 2,500
+5,000) - 7.5%*130000
= 27500 - 9.750
= $17,750
Therefore, The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.
Check your stuff to see what you already have and what you need.To go around buying everything you want just because its pretty.
Answer and Explanation:
The Journal entry is shown below:-
October 1
Cash Dividends Dr, $335,000
To Cash Dividends Payable $335,000
(Being a cash dividend is recorded)
November 7
No Journal entry is required
December 15
Cash Dividends Payable Dr, $335000
To Cash $335,000
(Being a cash dividend is recorded)
Answer:
Non negotiable Instruments
Explanation:
Non negotiable instruments are documents that guarantees(without changes) the payments of a specific amount of money, whose payer is usually named on the document. Non negotiable instruments may not be transferred from the holder or named party to another.
The non negotiable instrument usrd in this case between sandra and Joshua is a promissory note that states the terms and details of the repay or payback. Normally, a promissory note falls under the negotiable instrument, but because it contains a reference to another document, it then becomes a non negotiable instruments.
