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kramer
3 years ago
10

Charlotte is the Lucas family's 22-year-old daughter. She is a full-time student at an out-of-state university but plans to retu

rn home when the school year ends. During the year, Charlotte earned $4,000 of income working part time. Her support totaled $30,000 for the year. Of this amount, Charlotte paid $7,000 with her own funds, her parents paid $14,000, and Charlotte's grandparents paid $9,000. Which of the following statements most accurately describes whether Charlotte's parents can claim Charlotte as a dependent?
Business
1 answer:
ehidna [41]3 years ago
3 0

Answer:

Charlotte is a qualifying child (QC)

Explanation:

The six IRS requirements are: for determining a qualifying child are:

  1. Relationship: Charlotte is the Lucas's daughter.
  2. Age: since she is a full time student, she can be up to 24 and still qualify (she is only 22).
  3. Residence: the time spent studying counts as living with her parents.
  4. Support: Charlotte is not able to pay for at least half of her expenses.
  5. Joint return: Charlotte is not filing any joint return.  
  6. Citizenship: apparently Charlotte is American or at least legal alien.
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All of the following are appropriate benchmarks for a state or local government to use as a basis for comparing performance exce
r-ruslan [8.4K]

Answer:

Federal agencies' financial information for a comparable time period.

Explanation:

Benchmarking can be regarded as management accounting innovation, which is been utilized in both the private and the public sectors for performance measurement as management. There are alot of success reported by public sector accounting researchers with the use of benchmarking, however there is

charged problems that still exist in implementing as well as using this management technique. The appropriate benchmarks for a state or local government to use as a basis for comparing performance are;

✓Socioeconomic and demographic trends of governments of similar types and size available from U.S. Census Bureau.

✓ A government's own operating results and financial position from prior years.

✓ International City/County Management Association's Financial Trend Monitoring System results for governments of similar types and size.

8 0
3 years ago
The net income for Sheridan Company for 2020 was $350,000. For 2020, depreciation on plant assets was $69,700, and the company i
enyata [817]

Answer:

350,000 net income

+69,700 depreciation

+13,300 loss on disposal

433,000 adjusted income

no change in working capital

cash generated from operating activities 433,000

Explanation:

We need to remove from the net incoem the non-monetary terms

The depreication is an accounting concept, it doesn't involve cash disbursements, so it is added.

Also the los son disposal doesn't involve using cash so is also removed.

Rule:

to remove a non-monetary expense we should add it.

to remove a non-monetary gain we should decrease it.

5 0
3 years ago
in the absence of trade, the domestic price of soybeans is pn. if the world price of soybeans is pw, which of the following will
notka56 [123]

In the absence of trade, the domestic price of soybeans is pn. if the arena charge of soybeans is pw,b. the home charge of soybeans will rise, and home intake will fall.

The required details about domestic price is mentioned in below paragraph.

A domestic price degree represents the cutting-edge charge for a particular top or carrier in an economy. Government companies or country wide economists have a tendency to study diverse charge degrees for you to verify growing or falling prices, known as inflation and deflation in monetary terms, respectively.The term 'Domestic charge ' because it applies to the region of agriculture may be described as ' The charge at which a commodity trades inside a country, in assessment to the arena charge. For the ones commodities now no longer benefitting from a few shape of charge aid, the domestic price is decided with the aid of using deliver and demand. For commodities that acquire charge aid, the home charge is commonly set with the aid of using the mortgage price or a few similar aid degree that serves as a charge ground withinside the market running at the side of any import quota that can be in effect'.

To learn about domestic price visit here.

brainly.com/question/15584616

#SPJ4

6 0
1 year ago
Tucker's Trucking is considering a project with a discounted payback period just equal to the project's life. The projections in
Vinil7 [7]

Answer:

Break-even quantity= 9520 units

Explanation:

Giving the following information:

The projections include a sales price of $39.

Variable costs per unit of $14.

Fixed costs of $238,000.

The operating cash flow is $24,300.

Break-even quantity= Fixed costs/contribution margin

Break-even quantity= 238000/(39-14)= 9520 units

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3 years ago
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