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alexandr402 [8]
3 years ago
15

For a qualifying relative to be claimed as a dependent, a person must either be related to the taxpayer, or be a member of the t

axpayer's household for the entire year. Select the relative who must be part of the taxpayer's household for the entire year.A. Father.
B. Sister.
C. Cousin.
D. Son-in-law
Business
1 answer:
Burka [1]3 years ago
5 0

Answer:

The correct option is (C)

Explanation:

To be able to claim somebody as a dependent, the person has to qualify 4 tests. They are:

  • Lineal descendant
  • Must live with the taxpayer for more than a year
  • Should be below 19 years or under 24 if a full time student
  • Cannot file return on their own.

If a person who is not a lineal descendant to be claimed as a dependent needs to be a part of taxpayer's household for 365 days (whole year).

In this case, taxpayer's cousin is not a lineal descendant. Rest of them (sister, father and son-in-law) are lineal descendants. So, cousin has to stay with the taxpayer for the entire year.

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May, Inc. had the following transactions in 2019, its first year of operations: Issued 22,000 shares of common stock. The stock
tatuchka [14]

Answer:

The amount of paid-in capital        $

Common stocks (22,000 x $2)      44,000

Preferred stocks (1,800 x $120)     216,000

Amount of paid-in capital               260,000

The correct answer is C

Explanation:

The amount of paid-in capital is the total of paid-in capital of common stocks and paid-in capital of preferred stocks. The paid-in capital of each stock is computed as number of stock multiplied by par value of each stock.

6 0
3 years ago
Hair Zone manufactures a brand of hair styling gel. It is considering adding a modified version of the product-a foam that provi
polet [3.4K]

Answer:

Should Hair Zone add the new product to its line? Why or why not?

  • Yes they should, since it would increase their total net income by $210,000.

Explanation:

                                       Current hair gel         New foam product

Unit selling price                  $2.00                          $2.25

Unit variable costs               $0.85                           $1.25

expected sales for new foam product 1,000,000 units, but 600,000 units would replace sales from current hair gel

expected sales for current hair gel if new foam is introduced 900,000 units (1,500,000 if no new product is introduced)

                                         Alternative 1        Alternative 2        Differential

                                         no new foam       new foam             income

total sales revenue          $3,000,000        $4,050,000         $1,050,000

total variable costs          ($1,275,000)        ($2,015,000)        ($740,000)

additional fixed costs                      $0           ($100,000)        ($100,000)

total                                   $1,725,000         $1,935,000           $210,000

5 0
3 years ago
Why is it important for boolean expressions to be minimized in the design of digital circuits?
VladimirAG [237]

1.to make circuit to be smaller hence less number of logic gate.

2.reduces propagation.


4 0
3 years ago
Frank Gentry works as a sales representative for Tech-Med, a firm that manufactures hospital supplies. Recently, a prospective b
Margaret [11]

Answer:

a. presentation and demonstration

Explanation:

It is correct to say that Frank is in the presentation and demonstration stage in the sales process, as the question says that he showed the customer the variety of available beds designed for children, that is, he presented the product to the customer and demonstrated that it would satisfy your needs, in this case the seller reiterates the value and benefits of the product so that there is interest on the part of the consumer in making the sale.

3 0
2 years ago
Selected transaction data of a business for September are summarized below. Determine the following amounts for September: (a) t
Nostrana [21]

Answer:

A. $61,000

B. $43,250

C. $17,750

Explanation:

(a) Calculation for Total revenue

Using this formula

Total revenue=Service sales charged to customers+Cash received from cash customers

Let plug in the formula

Total revenue= ($33,000 + $28,000)

Total revenue=$61,000

Therefore Total revenue will be $61,000

(b) Calculation for Total expenses

Using this formula

Total expenses=Expenses incurred paid +Expenses incurred but not paid +Expenses for supplies used and insurance

Let plug in the formula

Total expenses= ($36,250 + $5,000 + $2,000)

Total expenses=$43,250

Therefore Total expenses will be $43,250

(c) Calculation for net income

Using this formula

Net income=Total revenue-Total expenses

Let plug in the formula

Net income=($61,000 - $43,250)

Net income=$17,750

Therefore Net income will be $17,750

6 0
2 years ago
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