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Maurinko [17]
3 years ago
13

This year Luke has calculated his gross tax liability at $1,800. Luke is entitled to a $2,400 nonrefundable personal tax credit,

a $1,500 business tax credit, and a $600 refundable personal tax credit. In addition, Luke has had $2,300 of income taxes withheld from his salary.
Required:
What is Luke's net tax due or refund?
Business
1 answer:
Fantom [35]3 years ago
6 0

Answer:

Luke's net tax due or refund is $2,900

Explanation:

In order to calculate Luke's net tax due or refund we would have to make the following calculation:

Luke's net tax due or refund=Luke's non refundable credit+income taxes withheld from his salary

Luke's non refundable credit=non refundable personal tax credit-gross tax liability

Luke's non refundable credit=$2,400-$1,800

Luke's non refundable credit=$600

Therefore, Luke's net tax due or refund=$600+$2,300

Luke's net tax due or refund=$2,900

Luke's net tax due or refund is $2,900

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E Corporation produces a single product. The cost of producing and selling a single unit of this product at the company's normal
dolphi86 [110]

Answer: $91120

Explanation:

The The monthly financial advantage (disadvantage) for the company will be calculated thus:

Incremental revenue = (3400 × $90.40) = $307360

Less: Incremental Cost

Direct material (3400 × $49.60) = $168640

Direct labor (3400 × $9.5) = $32300

Variable manufacturing overhead = (3400 × $2.5) = $8500

Variable selling & administrative expense = (3400 × $2) = $6800

Total incremental Cost = $216240

Therefore, the monthly financial advantage will be:

= $$307360 - $216240

= $91120

4 0
3 years ago
25,000 shares reacquired by Elixir Corporation for $53 per share were exchanged for undeveloped land that has an appraised value
Olegator [25]

Answer:

XX date. Acquisition of land in exchange for treasury stock.

Dr Land $1,550,000

    Cr Treasury Stock $1,325,000

    Cr Paid in Capital $225,000

Explanation:

Since the corporation uses the cost method, the transaction is recorded at purchase value regardless of current stock price.

treasury stock = 25,000 x $53 = $1,325,000

paid in capital = ($62 - $53) x 25,000 = $225,000

cost of the land = $1,325,000 + $225,000 = $1,550,000

7 0
3 years ago
What is the best source of information to use when purchasing a new car?
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Find out what your current vehicle is worth before you negotiate the purchase of a new car. Check the National Automobile Dealers Association's (NADA) Guides, Edmunds, and Kelley Blue Book. This information may help you get a better price from the dealer.
4 0
3 years ago
The single global rating approach to measuring job satisfaction is more sophisticated than the summation of job facets approach.
frutty [35]

The Single Global Rating approach to measuring job satisfaction is more sophisticated than the summation of Job Facets approach is false.

The single worldwide score technique is a reaction to at least one question, including, “All things taken into consideration, how satisfied are you along with your job?” Respondents circle various among 1 and five on a scale from “quite satisfied” to “surprisingly disenchanted.” The summation of process sides.

The single, international score approach is nothing extra than asking individuals to reply to at least one question consisting; all things considered, how happy are you with your process?

the alternative method is a summation of job aspects that is more state-of-the-art. It identifies key elements in a process and asks for the employee's emotions about every. normal factors that might be protected are the character of the paintings, supervision, gift pay, merchandising opportunities, and family members with coworkers.

Learn more about Single Global Rating here:- brainly.com/question/27556826

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4 0
1 year ago
A certain brand of coffee come in two size. An 11.5 ounce package costs 4.24. 27.8 ounce package costs 9.98
Vladimir79 [104]

Answer

the second choice is the better deal

Explanation:

8 0
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