What are the benefits and risks of saving and investing a banks, savings and loans?

Derek, a single taxpayer, has agi of $55,200 which includes $5,000 of qualified dividends. derek does not itemize deductions. wh

Zinaida [17]

Based on the fact that Derek does not itemize deductions, then his 2019 federal income tax is $7,540

<h3>What is the federal income?</h3>

With an AGI of $55,000, Derek is in the $40,126 to $85,525 tax bracket.

His tax is:

= $4,617.50 plus 22% of the amount over $40,125

= $4,617.50 + (22% x (50,000 - 40,125))

= $6,790

Capital gains tax:

= 5,000 x 15%

= $750

Total federal tax:

= 750 + 6,790

= $7,540

In conclusion, based on Derek's AGI and the qualified dividends, Derek's 2019 federal income tax was $7,540.

Find out more on federal income tax at brainly.com/question/21229522

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7 0

2 years ago

Lena Kay and Kathy Lauder have a patent on a new line of cosmetics. They need additional capital to market the products, and the

Vladimir79 [104]

a. The journalizing of the issuance of common stock to Kay and Lauder is as follows:

Debit Patent $100,000

Credit Common Stock $100,000

Issuance of 100,000 shares at $1 each.

b. The journalizing of the issuance of stock to the outsiders under both plans is as follows:

Plan 1:

Debit Cash $150,000

Credit 6% Preferred stock $150,000

Issuance of 1,500 shares at $100 par.

Plan 2:

Group 2:

Debit Cash $100,000

Credit Preferred stock, 1,000 shares at $5, $5,000

Credit Additional Paid-in Shares: Preferred $95,000

Issuance of 1,000 shares at $5 each for $100,000.

Debit Cash $70,000

Credit Common Stock $70,000

Issuance of 70,000 shares at $1

c. The Stockholders' Equity Section of the Kay and Lauder Corporation is as follows:

<u>Stockholders Equity</u>:

Plan 1:

6% Preferred stock, 1,500 shares at $100, $150,000

Common stock $100,000

Plan 2:

Preferred stock, 1,000 shares at $5, $5,000

Additional Paid-in Shares: Preferred $95,000

<h3>Data and Calculations:</h3>

Value of Patent = $100,000

Authorized preferred stock = 5,000 shares

Authorized common stock = 500,000 shares at $1 par value

Plan 1:

Group 1:

6% Preferred stock, 1,500 shares at $100 par = $150,000

Plan 2:

Group 2:

Preferred stock, 1,000 shares at $5 = $5,000

Additional Paid-in Shares: Preferred = $95,000 ($100,000 - $5,000)

Common Stock, 70,000 shares at $1 = $70,000

Voting shares = 50,000 (1,000 x 50)

Net income $180,000

Plan 1: Dividends:

Preferred dividend $9,000

Common stock 21,000

Total dividends ($30,000)

Retained earnings $150,000

Learn more about the issuance of shares to preferred and common stockholders at brainly.com/question/17134082

7 0

2 years ago

sox corporation purchased a 35% interest in hack corporation for $1,750,000 on january 1, 2018. on november 1, 2018, hack declar

irinina [24]

Answer:

$1,050,000

Explanation:

Given that,

Sox corporation purchased a 35% interest in hack corporation for $1,750,000.

On November 1, 2018, hack declared and paid dividends = $2.0 million

On December 31, hack reported a net loss during the year = $4.3 million

Carrying value:

= Purchased value - 35%(Dividend value)

= $1,750,000 - (0.35 × $2,000,000)

= $1,750,000 - $700,000

= $1,050,000

Net loss of Sox = 35% of net loss during the year

= 0.35 × $4,300,000

= $1,505,000

Since, the carrying value is less than the net loss of sox. Therefore, the net loss of $1,050,000 to be recognized by the sox corporation.

4 0

3 years ago

Piedmont Company segments its business into two regions—North and South. The company prepared the contribution format segmented

pychu [463]

Answer:

Piedmont Company

1. Computation of the Companywide break-even point:

Break-even point = Fixed Cost/Contribution per margin

= $215,000/$27 = 7,963 units

2. Computation of the break-even point in dollar sales for the North region:

Break-even point in dollar sales = Fixed Costs/Contribution margin percentage

= $107,500/30% = $358,333

3. Computation of the break-even point in dollar sales for the South region:

= $107,500/60% = $179,1667

Explanation:

a) Data

Piedmont Company Contribution format segmented income statement as shown:

Total Company North South

Sales $ 675,000 $ 450,000 $ 225,000

Variable expenses 405,000 315,000 90,000

Contribution margin 270,000 135,000 135,000

Traceable fixed expenses 150,000 75,000 75,000

Segment margin 120,000 $ 60,000 $ 60,000

Common fixed expenses 65,000 32,500 32,500

Net operating income $ 55,000 $27,500 $27,500

NB: The common fixed expenses must be shared in some way to calculate the break-even points.

b) Total fixed costs:

Company-wide = $215,000 ($150,000 + 65,000)

North = $107,500 ($75,000 + 32,500)

South = $107,500 ($75,000 + 32,500)

c) We assume that the sales unit of 5,000 each for the two regions. Total units = 10,000

d) Contribution per margin:

Company-wide = $270,000/10,000 = $27

North = $135,000/5,000 = $27

South = $135,000/5,000 = $27

e) Contribution margin percentage:

= Contribution/Sales x 100

Company-wide = $270,000/$675,000 x 100 = 40%

North = $135,000/$450,000 x 100 = 30%

South = $135,000/$225,000 x 100 = 60%

f) The break-even point is the quantity of sales that must be achieved for the fixed costs to be fully covered and no profit or loss is recorded. It is the point at which fixed costs are equal to the contribution. The contribution is the difference between the sales value and the variable costs.

7 0

3 years ago

As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue t

Nat2105 [25]

Answer:

The correct answer is letter "C": B2B; B2C.

Explanation:

A Business-to-Business (B2B) approach implies companies dealing between them. Goods are provided from manufacturers to retailers for the commercialization of the product. The Business-to-Customers (B2C) approach, instead, takes place when companies directly offer the product to the final user involving an investment of the firm in customer service.

7 0

3 years ago