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ICE Princess25 [194]
3 years ago
12

Myrna and Geoffrey filed a joint tax return in 2015. Their AGI was $85,000, and itemized deductions were $13,700, which included

$4,000 in state income tax. In 2016, they received a $1,800 refund of the state income taxes they paid in 2015. The standard deduction for married filing jointly in 2015 was $12,600. Under the tax benefit rule, what amount of these state income tax refund is included in gross income in 2016?
Business
1 answer:
GalinKa [24]3 years ago
4 0

Answer:

The amount of these state income tax refund is included in gross income in 2016 is $1,100

Explanation:

The computation of the income tax refund is shown below:

= Itemized deductions - standard deduction

= $13,700 - $12,600

= $1,100

Since we have to find out the refund amount which would be included in the gross income so we consider the amount of the deductions which is given in the question. The other information which is given in the question is not relevant. Hence, ignored it

The amount recovered would be adjusted to that particular year only it would not be carried forward.

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On January 1, 2018, Allgood Company purchased equipment and signed a six-year mortgagenote for $186,000 at 15%. The note will be
Ne4ueva [31]

Answer:

The correct answer is A: interest= $21048

Explanation:

An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. While each periodic payment is the same amount early in the schedule, the majority of each payment is interest; later in the schedule, the majority of each payment covers the loan's principal.

Each payment is the same ($49,148), but the proportions of interest and capital pay changes. The interest proportion decreases from pay to pay.

Loan= 186000

i= 15%

n= 6 years

First pay:

i=186000*0,15=27900

amortization= 49148-27900=21248

Second pay:

i=(186000-21248)*0,15=24712

amort=49148-24712=24436

Third pay:

i=(164752-24436)*0,15=21048

amort=49148-21048=28100

While payments progress, interest decreases and amortization increases.

5 0
2 years ago
The Atlantic Company sells a product for $150 per unit. The variable cost is $60 per unit, and fixed costs are $270,000. What is
avanturin [10]

Answer:

The break even units are 3000 units and when it desires the profit of $36000 then sales unit is 3400 units.

Explanation:

The selling price of a product (SP) = $150 per unit.

Variable cost (VC) = $60 per unit.

Fixed cost of the company = $270000

Break-even units can be calculated by dividing the fixed cost from the difference in selling price and variable cost.

Break even Units = (fixed cost) / ( SP – VC)

= 270000 / (150-60)

= 3000 units.

Break-even units when a company desires a profit of $36000.

Desired units for sales = (Fixed Cost + Profit)/ Contribution per unit

= (270,000 + 36,000) / (150 - 60)

= 3,400 units

7 0
3 years ago
Assume that the reserve requirement is 10%. All other things being equal, will the money supply expand MORE if the Fed buys $1,0
Strike441 [17]

Solution:

The reserve ratio is 10%.

Money multiplier = \frac{1}{reserve requirement } = \frac{1}{0.10}  = 10.

So, the money multiplier increases by 10.

Money supply = amount x money multiplier = 1,000 x 10 = 10000

Therefore, because any certain items are equivalent, the rise in the currency supply is 10000 dollars.

When the FED sells 1,000 million worth of debt, this would further increase the monetary market, as the investments are fresh funds and the income from the bank is now used in the money supply.

8 0
3 years ago
Q 9.37: when should the gross profit method of inventory valuation not be used because it is invalid?
rusak2 [61]
At  the  end  of  given  period the  gross  profit  method  is  required  to  estimate  inventory.The  valuation  become  invalid  when the  following  are  not  available.the  value   for   the  beginning of inventory,records  of  purchase  made, the  total  sale  during  the  period   and  the  gross  profit  margin.
5 0
3 years ago
Consider the markets for three products below. Indicate which characteristics of a competitive market are met by these markets.
Orlov [11]

Answer:

Market : Gasoline

b. Standardized good

c. Full information

e. Participants are price takers.

Market : Barbershop haircuts

a. Large number of buyers

c. Full information

Market : Bicycles

a. Large number of buyers

b. Standardized good

c. Full information

d. No transaction cost

Explanation:

The three markets will have different characteristics which will cause the competition. The Gasoline market has standardized product and the customers are price takers. Usually the prices are fixed for the products and there is no bargaining.

7 0
3 years ago
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