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4 years ago

Are scholarships included in gross income

Business

1 answer:

GarryVolchara [31]4 years ago

7 0

Answer:

Generally, you report any portion of a scholarship, a fellowship grant, or other grant that you must include in gross income as follows: If filing Form 1040 (PDF), include the taxable portion in the total amount reported on the "Wages, salaries, tips" line of your tax return

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Bramble Corp. factors $3250000 of its accounts receivables without recourse for a finance charge of 4%. The finance company reta

My name is Ann [436]

Answer: $3,672,500

Explanation:

Based on the information given in the question, the debit to cash in the journal entry to record this transaction will be:

= $3,250,000 - ($3,250,000 × 4%) + ($3,250,000 × 9%)

= $3,250,000 - $130,000 + $292,500

= $3,672,500

Therefore, the debit to cash will be $3,672,500.

7 0

3 years ago

The centralized computer technology department of Hardy Company has expenses of $78,400. The department has provided a total of

Artemon [7]

Answer:

Expenses to be apportioned to Retail Division $68,992

Expenses apportion to Commercial Division

$9,408

Total Expenses $ 78,400

Explanation:

Hardy Company Computer Technology Dept. expenses to be apportioned to Retail Division and Commercial Division.

Total Expenses $ 78,400

Hours used by Retail Division 9,856

Hours used by Commercial Division 1,344

Total hours put in by Computer Tech Dept. 11,200 Hours

Therefore, expenses to be apportioned to Retail Division

= 9,856/11,200 X $ 78,400

= $68,992

Expenses apportion to Commercial Division

= 1,344/11,200 X $78,400 = $9,408

Total Expenses $ 78,400

6 0

3 years ago

At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8 percent compounded annually. (a) How

Travka [436]

Answer:

a) = $10,896.71

b) = $11,768.45

Explanation:

The question is divided into 2 parts

Part a) Amount in the account today

The formula to use is as follows:

FV of Annuity= P(1+r)∧n - 1)/r

P= Periodic Payment = $450

r= Rate of each period= 8%

n= the number of periods= 14

The account today is as follows:

FV = 450 x (1+0.08)∧14-1]/0.08

= $10,896.71

Part b) The formula to use is as follows:

FV = Future value = (1+r) * P * [ (1+r)n -1] / r

P= Periodic Payment = $450

r= Rate of each period= 8%

n= the number of periods= 14

= Fv= (1+0.08) * 450 * [ (1+0.08)^14 - 1] / 0.08

= $11,768.45

3 0

3 years ago

How much money did it cost to buy a sweater during the great depression?

Alexus [3.1K]

During the great depression, a single sweater had a starting price of $1. Comparing the value of a dollar from the 1930’s would have the equivalent buying power of $14.04 today. Therefore, during those hard times, sweaters were a bit pricey and food was the ultimate concern for most struggling families.

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4 years ago

Will Smith, the actor, appears on the Late Show With David Letterman to promote his newest action-adventure movie. This is not a

Mashutka [201]

Answer:

The correct answer is True.

Explanation:

Taking advantage of his fame due to known and successful movies, he unveils a new film that will probably have the same connotations as the previous ones. People create an image of Will Smith of his past, and consider it very likely that the new production meets their expectations.

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3 years ago