Answer:
<u>Cost of goods manufactured schedule for the month ended June 30, 2017</u>
Raw Materials $46,720
Direct Labor $51,740
Manufacturing Overhead :
Indirect labor $6,510
Factory insurance $4,700
Machinery depreciation $4,380
Machinery repairs $1,990
Factory utilities $3,740
Miscellaneous factory costs $1,980
Add Opening Work in process Inventory $5,670
Less Closing Work in process Inventory ($7,610)
Cost of goods manufactured $119,820
Explanation:
Cost of goods manufactured schedule is a summary of manufacturing costs for the production period.
<u>Determination of Raw Materials In Production</u>
Raw Materials T - Account
<u>Debit :</u>
Opening Balance $9,180
Purchases $55,020
Totals $64,200
<u>Credit :</u>
Work In Process (Balancing figure) $46,720
Closing Balance $17,480
Totals $64,200
Answer:
E. There is no superior system; each country has to decide what is best.
Explanation:
The exchange rate system refers to the method that is used to determine the exchange rate among the countries. The exchange rate helps in determining the rate of domestic currency in accordance with the other country's currencies. The exchange rate determines the rate that is used in the exchange of one currency with another. The foreign exchange market helps in determining the exchange rates of the countries.
Increasing real wages, reducing interest rates, and an increase in global growth are some of the factors that help in the improvement in economic growth. At the same time, there is no superior or inferior method of exchange rate systems that a country may adopt to improve economic growth.
Answer:
A) $ 1,440 deduction
B) $1,056 deduction
C) not allowed
Explanation:
IMPORTANT:
As 2020 student loan became interest-free according to Trump administration and extended by Joe Biden up to September 2021
<u>We are going to work the numbers with 2019 values.</u> Which is the closest year one could claim this deduction.
Below AGI of 70,000 we can have a full deduction.
so A) will be a $ 1,440 deduction
Between 70,000 and 85,000 we have a partial deduction.
so we do:
This is the fraction we are disallowed to deduct.
We take our interest expense and multiply by 1 less this amount:
And that is the deduction we can make.
C) as the tax benefit phase-out above $85,000 AGI if Lionel's AGI is $90,000 there is no possible tax deduction
Because of the lack of transparency. Employers often dont know how much a factory earns and how big their salaries could be.