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Anvisha [2.4K]
3 years ago
7

To pay for college, Henry received the following: $1,000 scholarship from the Thespian Club to pay for books $4,000 scholarship

from the Elks Lodge for tuition $5,000 worth of room and board as a dorm supervisor through a work-study program How much income must Henry report on his tax return?
Business
1 answer:
Alika [10]3 years ago
6 0

Answer:

$5,000

Explanation:

Money received as scholarship and used to pay for tuition or related expenses is not included in the gross income. So the $1,000 scholarship from the Thespian Club and the $4,000 scholarship from the Elks Lodge are not taxable. The only taxable income that Henry earned is the $5,000 that he was paid for being a dorm supervisor.

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Which one of the following represents the minimum rate of return a firm must earn on its assets if it is to maintain the current
FinnZ [79.3K]

Answer:

B. Weighted average cost of capital

Explanation:

The Weighted average cost of capital is abbreviated as the WACC. It is the weighted average of cost of common equity, cost of preferred equity and aftertax cost of debt. For a company to have a breakeven in returns, they need to earn a minimum rate of return on its assets which is equivalent to the weighted average cost of capital(WACC) making choice B correct.

5 0
2 years ago
In alphabetical order below are current asset items for Roland Company’s balance sheet at December 31, 2020.Accounts receivable
leva [86]

Answer:

Total Current assets = $622,000

Explanation:

<u>Balance sheet (For the year ending)</u>

<u>Current asses                   Amount     </u>

Accounts receivable        $220,000

Cash                                  $83,000

Stock                                 $275,000

Finished goods $89,000  

Raw materials   $94,000

W.I.P                  $92,000

<u>Prepaid expenses            $44,000     </u>

<u>Total Current assets        $622,000  </u>

7 0
2 years ago
Help!!!!!
uysha [10]
1. revenue 2. income 3. graph 4. equity 5. balance sheet 6. income taxes
5 0
2 years ago
What is resource partitioning?
Anestetic [448]

Answer:

See explanation below foe answer.

Explanation:

Resource partitioning is a term that refers to the division of resources that are limited by species in order to avoid competition in an ecological niche. In an environment where organisms are in constant  competition for limited resources, there arises the need for the organisms and different species to find ways in which to coexist with one another.

An example of Resource Partitioning be seen when two species of hummingbirds in a tropical rainforest, each using flower nectar as their main source of food. But, individuals of the same species can compete with each other also.

5 0
3 years ago
Pasadena Candle Inc. budgeted production of 730,000 candles for the January. Wax is required to produce a candle. Assume 11 ounc
Temka [501]

Answer:

696,325 Pounds

Explanation:

The computation of the direct material purchase budget is given below:

Here we assume that

one pound = 16 ounces

Now total wax needed is

= Production of Finished Goods × Pounds of wax needed for production

= 730,000 candles × 11 ÷ 16

= 501,875 pounds

Now

Total direct material purchased  = (Total Wax needed +  Ending Inventory, Jan.31 - opening inventory) × unit price

= (490,625 Pounds + 12,900 pounds - 17,400 pounds) × $1.40 per pound

= 696,325 Pounds

4 0
2 years ago
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