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Anestetic [448]
3 years ago
13

Acme published a story about Paul, and as a result Paul sued Acme for damage to his reputation, emotional distress, and punitive

damages. Paul won an award of $36,250 for damages, $10,100 for emotional distress, and $58,200 for punitive damages. What amount must Paul include in his gross income?
Business
1 answer:
Marrrta [24]3 years ago
4 0

Answer:

all these are included in the gross income

Explanation:

given data

damages = $36,250

emotional distress = $10,100

punitive damages = $58,200

to find out

What amount must Paul include in his gross income

solution

we know according to the tax laws that specify only payment on account of (1) physical injury and (2)  physical sickness is non taxable

so here  taxpayers receive

  • damages
  • emotional distress
  • punitive damages

they are not associate with the physical injury so all these mentioned are not covered in physical damages

so we can say that all these are included in the gross income

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Apple, known for creativity and innovation, keeps its new innovations consistent with previous product lines to maintain long-te
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Answer: Relational

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3 years ago
During March, Adams Company had sales of $5,000,000, variable expenses of $3,000,000, and fixed expenses of $1,500,000. Assume t
ad-work [718]

Answer:

Option (c) is correct.

Explanation:

Variable cost as a percent of sales:  

= (Variable expenses ÷ Sales) × 100

= ($3,000,000 ÷ $5,000,000) × 100  

= 60%

If Sales = X

then Variable cost is 0.6X (i.e. 60% of Sales)

Sales - Variable cost - fixed expenses = net operating income

X - 0.6X - 1,500,000 = 300,000

0.4X = 300000 + 1500000 = 1800000

X = 1800000 ÷ 0.4

  = 4,500,000

4 0
2 years ago
At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000. XYZ’s man
vivado [14]

Answer:

1. $13,500

2. $13,500

3. $336,500

Explanation:

1. Bad debt expense:

= Sales × Percent of sales uncollectible

= $900,000 × 1.5%

= $13,500

Therefore, the bad debt expense for the year 2019 is $13,500.

2. Allowance for Doubtful accounts = $13,500

3. For the end of 2019, what is the company's net realizable value:

= Accounts receivable - Allowance for Doubtful accounts

= $350,000 - $13,500

= $336,500

6 0
2 years ago
Us federal income tax is progressive by law, but which best explains why is it sometimes regressive in practice?
Solnce55 [7]
I believe the answer is: High-income earners use tax laws to their advantage to reduce their tax rates

High income earners tend to possess financial knowledge or ability to allow experts who understand the full scope of taxation laws and how to recorded the transactions in a way that make it eligible for tax deduction. This makes a lot of high income earners manage to avoid paying taxes even if they manage to obtain a lot of profit.
3 0
3 years ago
Read 2 more answers
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