Answer:
Corey’s adjusted gross income is <u>$25,300</u> and his total tax due will be <u>decreased</u> by the credit.
Explanation:
Add what Cory earned and his capital gain to make $25,300
Cory claimed the lifetime learning credit which decreases his total tax due
Answer:
1. When income transfers to the ablebodied poor increase, the recipients will have less incentive to work.
The incentive to work for most people is earning a wage to make a living.
For the poor, this incentive is even more so, because usually, the lack of work for them means severe lacking in their material needs: shelter, food, clothing, electricity, drinking water, and so on.
If the poor are given income transfers from the government, they will have less incentive to work simply because they now obtain some income without the need of doing so.
The incentive to work is reduced even more if the income transfers to the ablebodied poor increase so much that they become higher than the minimum wage. In a situation like this, many ablebodied poor will simply stop searching jobs because they can earn more money from the government by not working.
Answer:
26,000 units
Explanation:
The computation of the new break even point in units is shown below:
= (Fixed expenses ) ÷ (Contribution margin per unit)
where,
Fixed cost = $525,000 + $125,000 = $650,000
Contribution margin per unit = Selling price per unit - Variable expense per unit
= $50 - $25
= $25
So, the break even point in units is
= $650,000 ÷ $25
= 26,000 units
Complete Question:
Which of the following is true regarding the trial balance? Select all that apply.
a) The trial balance includes all of the accounts needed to create the balance sheet and the income statement.
b) The trial balance is much less detailed than the balance sheet and income statement.
c) The accounting principle of materiality says that the information on the trial balance can be combined and simplified into more general reporting items.
d) The accounting principle of money measurement says that the information on the trial balance can be combined and simplified into more general reporting items.
e) The trial balance shows only nominal accounts.
Answer:
a) The trial balance includes all of the accounts needed to create the balance sheet and the income statement.
Explanation:
Company XYZ's trial balance summarizes all the general ledger account balances with the assets and expenses on the debit side and the liabilities, equity, and income on the credit side. It is extracted from the general ledger for all accounts that do not have equal debit and credit sides. It is one of the ways to ensure that proper double entry system of bookkeeping has been followed. That the two sides are in balance does not mean that the trial balance or the general ledger from which it is prepared is error-free. It simply means that the two sides agree in total. XYZ can prepare the trial balance at any time, not necessarily at the end of the period.
