Answer:
(a) His AGI is $103,300.
$2,000 since only one of your daughters qualifies for the child tax credit (must be under 17 at year end).
(b) His AGI is $426,200.
$2,000 - (27 x $50) = $2,000 - $1,350 = $650
For 2018, the income threshold to qualify for the child tax credit increased to $400,000, and it starts to fade away up to $440,000. It phases out $50 per each $1,000 of additional AGI.
(c) His AGI is $428,900, and his daughters are ages 10 and 12.
($2,000 x 2 children) - (29 x $50 x 2 children) = $4,000 - $2,900 = $1,100
A
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Answer:
d.when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount
Explanation:
When correcting errors in a trial balance, the ruling method should be used "when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount."
In trial balancing, an error can be fixed or corrected by tracing the trial balance steps. First, make a comparison between the ledger balances and the amount posted to the trial balance then add both debit and credit table if the amount matches, otherwise use the transposition method.
Answer:True
Explanation:
A large portion of product cost relates to direct materials and the number if setups is directly proportional to the length if time require to carry out production. When producing I Small lots,production will take place in small scale and transported in small scale so bearing goods to a consumer with large will involve repeated production and multiple shipping to meet up .
Answer: $66,938
Explanation: The beginning inventory is calculated thus:
$50,000 / 3000 units = $16.67
while the purchases during the period is:
$150,000 / 8000 units = $18.75
Ending inventory value using average minus cost method is thus:
Ending inventory= 3,780
Average cost = $16.67+18.75= $35.42
Cost of ending inventory = $35.42/2=17.71
Ending inventory cost = $17.71 * 3,780=66,938