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Reil [10]
3 years ago
11

Paul and Karen Kent are married, and both are employed (Paul earned $44,000 and Karen earned $9,000 this year). Paul and Karen h

ave two dependent children, Samuel and Joy, both under the age of 13. Paul and Karen pay $3,800 ($1,900 for each child) to Sunnyside D Care Center (422 Sycamore Road, Ft. Worth, TX 76028; Employer Identification Number 11-2345678), to care for their children
Assuming that Paul and Karen file a joint return, their tax credit for child and dependent care expenses for the year is ________.
Business
1 answer:
VashaNatasha [74]3 years ago
8 0

Answer:

$760

Explanation:

The tax credit for child and dependent care expenses allows working taxpayers to discount up to 35% of care expenses. The exact percentage that you are allowed to deduct depends on your income:

  • if you earn up to $15,000, you can discount 35% of dependent care expenses of up to $3,000 per child.
  • the percentage decreases for every $2,000 of income (1% decrease per every $2,000), until your income reaches $43,000 where it remains at 20%.

The Kent's earned $53,000 during the year, so they can claim up to 20% of their children's care expenses = $3,800 x 20% = $760

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Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for
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Answer:

                                 Eller Equipment Co.

                                  Income statement

Particular                                  Amount($)  Amount ($)

Sales revenue                                                940,000

Less: Cost of good sold                                 <u>(595,000)</u>

Gross margin                                                   345,000

<u>Operating expenses</u>

Salaries expenses                         122,000  

Operating expenses                     65,000  

Warranty expenses                        9,200

Un-collectible account expenses  45,000  

Depreciation expenses                 <u>3,000</u>

Total operating expenses                                <u>(244,200)</u>

Operating income                                              100,800

<u>Non-operating expenses</u>

Interest revenue                            6,200  

Interest expenses                        (36,000)

Gain on sale of equipment            19,000  

Total non-operating items                                   <u>(10,800)</u>

Net Income                                                          <u>$90,000</u>

<u />

                                   Balance Sheet

Assets                                          Amount$

<u>Current Assets</u>                                    

Cash                                                            41,000  

Accounts receivable                  108,000

Less: Allowance for doubtful    (19,000)  89,000

accounts

Merchandise inventory                             101,000  

Interest receivable                                     3600

Prepaid rent                                                38,000  

Supplies                                                      6,500  

Notes receivable                                        <u>32,500</u>

Total current assets                                                           311,600

Property Plant and Equipment    

Equipment                                    243,000  

Less: Accumulated depreciation <u>(66,000)</u>   177,000  

Land                                                                 <u>95,000</u>

Total property plant and equipment                                 <u>272,000</u>

Total Assets                                                                        <u>583,600</u>

Liabilities and Stockholder Equity

<u>Current liabilities</u>

Account payable                     55,000  

Unearned revenue                  47,000  

Warranties payable                  6,500  

Interest payable                        6,000  

Salaries payable                       <u>68,000 </u>

Total current liabilities                                                  182,500

<u>Long-term liabilities</u>  

Notes payable                     160,000

Total long-term liabilities                                               160,000

<u>Stockholders equity</u>

Common stock                            110,000  

Retained earning                         131,100

Total stockholders equity                                              <u>241,100</u>

Total liabilities and stockholders equity                    <u>$583,600</u>

<u>Workings</u>

Retained earning = Beginning retained earning + Net income - Dividend  

= 61,100 + 90,000 - 20,000

= 131,100

5 0
3 years ago
The major brand strategy decisions a firm has to make in building a strong brand begins with brand​ ________ and is followed by
maw [93]
The answer that best fits the blanks above are POSITIONING and NAME SELECTION, respectively. So one of the strategies in developing a strong brand is to start with brand positioning then followed by brand name selection. Brand positioning is also part of marketing and this allows the brand to be occupied in the minds of the customers. On the other hand, brand name selection follows a certain criteria that should be met whether it is interesting, and attracts attention.
3 0
3 years ago
Karla starts her speech by saying, “Many of you know that I work closely with the AIDS Alliance agency in our city. You may also
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Answer:

The correct answer is "startling statement"

Explanation:

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7 0
3 years ago
When​ Elle's Espresso Bar raised its price by 10​ percent, the quantity of coffee that Elle sold decreased by 40 percent. When E
victus00 [196]

Answer:<u><em> Elle's coffee has lots of close substitutes while coffee has few substitutes, so the demand for Elle's coffee is more elastic than the market demand for coffee.</em></u>

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7 0
3 years ago
Read 2 more answers
Yeats Corporation's sales in Year 1 were $396,000 and in Year 2 were $380,000. Using Year 1 as the base year, the percent change
Ahat [919]

Answer:

Yeats Corporation

The percent change for Year 2 compared to the base year is -4.04%

Explanation:

a) Calculations:

Year 1 Sales = $396,000

Year 2 Sales = $380,000

Reduction = $16,000

Percentage reduction = $16,000/$396,000 x 100 = 4.04%

This is a reduction, and it is negative.

b) The change in sales is calculated as the difference between year 1 and year 2 sales over the sales in year 1 multiplied by 100.  This is expressed as a percentage by the multiplication by 100.  The percent change describes the relationship between the sales figure in year 1 and the sales figure in 2.  When calculated as above, it shows that sales reduced in year 2 by 4.04% from the sales in year 1.

3 0
3 years ago
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