All categories

3 years ago

Lupe rented her personal residence for 13 days to summer vacationers for $3,800.

Business

1 answer:

Advocard [28]3 years ago

7 0

Answer:

$95,000.

Explanation:

Adjusted gross income(AGI) is the income that is calculated after deducting all the line deduction items that are included in form 1040. It is used to calculate the net income tax due.

The rental income earned by Lupe's on her personal residence amounting to $3,800 shall not be included for the purpose of calculating AGI and therefore all the expenses mentioned in the question regarding the Lupe's personal residence shall not be considered for calculating AGI and hence the Lupe's AGI will be $95,000.

You might be interested in

At December 31, the records of Nortech Corporation provided the following selected and incomplete data:Common stock (par $1; no

solmaris [256]

Answer:

The following balances have been worked out from the information given in question;

Explanation:

No. of Common stocks issued $200,000/22 9,091

Paid in capital-Common Stocks 9,091*(22-1) $90,909

No. of Treasury Stock 3,000

Treasury stock 3,000*20 $60,000

EPS =$147,750/(9,091 -3,000) $24

Retained Earnings ($155,000+$147,750-$49,250) $253,500

4 0

3 years ago

_____ 7. While North Americans want to decide the main points at a business meeting and leave the details for later, people in t

Afina-wow [57]

Answer:

"Mexico" is the appropriate answer.

Explanation:

Throughout the case of Mexican individuals, what and when to talk in the discussions or conferences is punctual.
Furthermore, you wouldn't overlook the little characteristics because doing so would generate misunderstanding or some complications. You mention as well as continue to talk all about that at the conference.

3 0

3 years ago

Overhead Applied to Jobs, Departmental Overhead Rates Xania Inc. uses a normal job-order costing system. Currently, a plantwide

sveta [45]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Department A Department B

Overhead costs (expected) $120,000 $80,000

Normal activity (machine hours) 16,000 5,800

A) To calculate the plantwide overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= (120,000 + 80,000) / (16,000 + 5,800)= $9.17 per machine hour

B) We need to use the same formula, but for each department:

Department A:

Estimated manufacturing overhead rate= 120,000/16,000= $7.5 per machine hour

Department B:

Estimated manufacturing overhead rate= 80,000/5,800= $13.79 per machine hour

7 0

3 years ago

A(n) _____ is used to give background information about an organization, product, or service, whereas a(n) _____ is used primari

jolli1 [7]

The correct answers are the following; corporate site and commerce site.

corporate site is defined as a website of the business or corporate by which it differs from portal sites and e-commerce sites.

commerce site is a website designed for having to promote goods and services.

8 0

3 years ago

May is a stockbroker. Due to May's statements, Nora believes that the price of OK Goods, Inc. (OKGI), a widely traded stock, is

Anna71 [15]

Answer:

Explanation:

A client can only sue a stockbroker, a financial advisor, etc., only if they made them loss money through fraud or negligence. But in this case, May (stockbroker) apparently made a mistake of value, she did nothing illegal. She might be a terrible broker, but that doesn't make her a criminal. She also didn't breach any fiduciary duty, since investing always carries a risk. If Nora doesn't like to assume risks, then she should purchase government bonds.

4 0

3 years ago