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garik1379 [7]
3 years ago
7

Mike Hansen has adjusted gross income of $82,000. During the year, Mike decided he needed a larger home. He purchased a home on

a golf course in the same town as his first home. Mike incurred $6,000 in moving expenses. How much of this can he include as an itemized deduction
Business
1 answer:
viktelen [127]3 years ago
6 0

Answer: $0

Explanation: The total amount of an individual's Gross income which is taxed is called the taxable income. An individual's Adjustable Gross Income may include expenses such as charitable contribution, mortgage interest, medical and some other eligible expenditure which are are deducted in other to lessen the taxable income of such individual. Such deductions are called the Itemized deductions.

However, personal expenses DO NOT CONTRIBUTE to an individual's Itemized deduction and as such, MIKE HANSEN'S ITEMIZED DEDUCTION IS ZERO.

The $6000 incurred is classed under personal expenditure and is not deductible.

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Pedro wants to open his own business. To get a loan for the business, the bank needs him to give them some collateral. What is a
elixir [45]

Answer:

see below

Explanation:

Collateral refers to a valuable asset that a borrower offers to a lending institution to guarantee that they will repay the requested loan. Usually, collateral has a higher value than the loan amount. Collateral reduces the risk to the lender, which translates to lower interest rates.

Examples of assets that Pedro can use as collateral include.

1. Motor Vehicles

2. Properties such as land and Buildings

3. Machinery and equipment

4. Inventory

6 0
3 years ago
Which of the following actions would be likely to encourage a firm's managers to make decisions that are in the best interests o
vaieri [72.5K]
I think it is grey with blue tinsel charts... 86/56
8 0
3 years ago
What strategy did president roosevelt use to restore america's confidence in government and the private banking system?
Klio2033 [76]

The strategy used by president Roosevelt to restore America's confidence in government and the private banking system was that, he reassured fireside talks on the radio.

Roosevelt fought to expand the role of the federal government in the nation's economy, and also embraced Keynesian economic policies. He also implemented a series of projects and programs called the New Deal to stabilize the economy.

Roosevelt called his radio talks about issues of public concern as fireside talks. These talks made Americans feel as if President Roosevelt was talking directly to them. He continued to use fireside talks throughout his presidency to address the fears and concerns of the Americans

Hence, these talks gave confidence to the American people to overcome their fears.

To learn more about Roosevelt here:

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5 0
1 year ago
What is the effect on total assets and​ stockholders' equity of paying the telephone bill as soon as it is received each​ month?
Archy [21]

Answer:

Option C) Decrease in Total Assets , and No Effect on Equity

Explanation:

Telephone bill it's a Current Liability , if you decide to pay it as soon as you receive it you have to use Cash which is part of your Current Asset, so the impact it's a decreased in your Current Assets through the Cash component.

This movement has no impact in the Sotckholder Equity.

6 0
3 years ago
On January​ 1, 2018, Jordan Company acquired a machine for​ $1,090,000. The estimated useful life of the asset is five years. Re
anyanavicka [17]

Answer:

$206000.

Explanation:

Given: Asset purchase value = \$ 1090000

          Residual value after five years= \$ 60000

          Estimated useful life of asset= five years.

Now, we will calculate depreciation per year using straight line method.

Depreciation= \frac{(purchased\ value\ of\ asset - residual\ value)}{estimated\ useful\ life\ of\ asset}

⇒ Depreciation = \frac{(1090000 - 60000)}{5} = \frac{1030000}{5}

∴ Depreciation expense per year = \$ 20600

3 0
3 years ago
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