Which of the following is the most important consideration when planning your budget

Mr. and Mrs. Jones had an extensive flood in their basement. They incurred casualty losses of $20,000. Their insurance company r

andreev551 [17]

Answer:

True

Explanation:

According to the IRS tax guidelines in such a case the unreimbursed amount is deductible as an itemized deduction from tax returns.

What this implies for Mr. and Mrs. Jones is that the $12,000 unreimbursed amount would be deducted from their tax return. Thus, reducing the amount of taxes to be paid by them.

4 0

3 years ago

On October 31, the stockholdersâ€™ equity section of Heins Company consists of common stock $370,000 and retained earnings $904,

katovenus [111]

Answer:

1. Before action

Par value of outstanding shares = 37,000 shares*$10 = $370,000

Common stock in excess of par = Total common stock - Par value of outstanding shares = $370,000 - $370,000 = $0

2. After stock dividend

Stock dividend declared = 6% of 37,000 shares = 2,220 sharea

Market price of shares = $16 per share

Stock dividend declared = $16*2,220 shares= $35,520

Common stock in excess of par = $35,520 - $22,200 = $13,320

Total number of shares outstanding = 37,000 + 2,220 = 39,220

Total par value of common stock = 39,220 * $10 = $392,200

t is out of the retained earnings that the stock dividend is declared from. So, retained earnings after stock dividend = $904,000 - $35,520 = $868,480

3. After stock split

Here , there is no financial impact. The no of shares will get X2 because one share is split into two shares.

Number of outstanding shares = 37000 shares*2 = 74000 shares. Also, no impact on the retained earnings

Before Action After-stock dividend After stock split

Stockholder's equity

Paid in capital $370,000.00 $392,200.00 $370,000

Common stock in $0.00 $13,320.00 $0

excess of par

Total paid in capital $370,000.00 $405,520.00 $370,000

Retained earnings $904,000.00 $868,480.00 $904,000

Total Stockholder's $1,274,000.00 $1,274,000.00 $1,274,000

equity

Outstanding shares 37000 39220 74000

Par value per share $10.00 $10.00 $5.00

6 0

3 years ago

Suppose that we want to evaluate the e ect of several variables on annual saving and that we have a panel data set on individual

Flauer [41]

Answer:

Detailed solution is given below:

7 0

3 years ago

Read 2 more answers

Which of the following statements would be

allsm [11]

A. Business owners have their own self interests in how their company will make money is associated with the concepts of capitalism.

What is capitalism?

A system of capitalism is an economy in which the means of production are privately owned and run for profit. Capital accumulation, competitive markets, the pricing system, private property, acknowledgment of property rights, voluntary trade, and wage labour are key aspects of capitalism. In a market economy, owners of wealth, property, or the capacity to move capital or the ability to produce are the ones who decide on investments and decisions, whereas the competition in the markets for goods and services is largely responsible for setting prices and determining how things are distributed.

In their assessments of capitalism, economists, historians, political economists, and sociologists have embraced numerous viewpoints and identified many kinds of it in daily life. These include state capitalism, welfare capitalism, anarcho-capitalism, and laissez-faire or free-market capitalism. Different versions of capitalism include varied levels of public ownership, open markets, barriers to uninhibited competition, and state-approved social policies. Varied forms of capitalism have different levels of market competition, the importance of intervention and regulation, and the extent of state ownership.

To learn more about capitalism from the given link

brainly.com/question/25879591

#SPJ1

Which of the following statements would be

associated with the concepts of Capitalism?

A. Business owners have their own self interests in how their

company will make money.

B. Prices need to be fixed at a certain point because buyers and

sellers never come to an agreement.

C. The government should own all businesses to benefit the majority.

D. The government should control how private property will be

utilized for business.

8 0

1 year ago

Baker Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, t

Lana71 [14]

Answer:

Overhead rate is $30.4

So option (c) is correct option

Explanation:

We have given total estimated overhead = $85120

Estimated direct labor hours = 2800

Actual manufacturing overhead for the year = $86870

Actual labor hour = 2700

We have to find overhead rate for the year

Overhead rate is equal to the ratio of estimated overhead to estimated labor hour

Therefore overhead rate $=\frac{85120}{2800}=30.4$ $

So option (c) is correct

3 0

3 years ago