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Alekssandra [29.7K]
3 years ago
6

self-employed cash basis taxpayer, took out a loan to use in her business. The loan principal is to be repaid on November 30 of

Year 3. Jones prepaid the entire interest of $12,000 on December 1 of Year 1. What amount of interest was deductible on Jones' Year 2 income tax return?
Business
1 answer:
koban [17]3 years ago
3 0

Answer: $6,000

Explanation:

Interest is deductible from Income tax but when interest to be paid is more than 12 months, the interest would need to be evenly spread over the period that they apply to. The total interest is $12,000 but the repayment period is 2 years. This means that the interest would need to be spread out over the 24 months involved at a rate of;

= 12,000/24

= $500

In Year 2 therefore, the relevant amount that can be deducted will be for 12 months;

= 500 * 12

= $6,000

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Carol Byrd gets a student rate of $30.00 a month. There is a $250 deductible; but no coinsurance payment. She recently received
Elden [556K]

Answer: Company Pays $1640

Carol Bryd pays $410

Explanation:

The total bill is $2300 and the deductible needs to be taken out.

$2300-$250

=$2050

Company Payment.

Company Pays 80% which translates to 0.8

0.8*2050

= $1640 is the company Payment.

Carol then pays the difference which is

$2050 - $1640

= $410

Carol pays $410

6 0
3 years ago
The M-N plant manufactures two different products: M and N. Selling prices and weekly market demands are shown in the following
tamaranim1 [39]

The answers to the question are:

  • The machine that is the constraint is the machine c.
  • The product m = 80 units and n = 80 units
  • Net profit = $3600

<h3>1. How to solve for the constraint of the machine</h3>

We have to solve for the workload of the machines

For A. 20*100 = 2000

For B, 5 * 100 + 10 *80

= 500 + 800 = 1300

For Machine C = 15 * 100 + 15 * 80

= 1500 + 1200

= 2700

The time at the workstation in c is more than the constant time of 2400, hence the constraint that we have is machine c.

b. 2400- 1200 = 1200

The product mix would be 1200/15

= 80

Hence the product mix m = 80 units and that of n = 80 units

<h3>c. The total net profit</h3>

80*$90 = 7200 , 80 * 105 = 8400

7200 + 8400

= 15600

The net profit = 15600 - 12000

= $3600

Read more on net profit here:

brainly.com/question/15530787

#SPJ1

7 0
1 year ago
Beneficiaries are responsible for of prescription costs
Oksi-84 [34.3K]

Answer:

In general, beneficiaries are responsible for paying the following for a Medicare Prescription Drug Plan:  

Monthly premiums

Annual deductible

Copayments or coinsurance

A small copayment for the rest of the calendar year after they reach a certain out-of-pocket amount

Explanation:

6 0
2 years ago
Resource management for most service-providing organizations generally requires as many intermediate levels of planning as it do
devlian [24]

Answer:

FALSE

Explanation:

The resource management refers to how efficient and effective are used the organization's resources.

We must understand for resources the following:

  • financing
  • finished goods
  • raw materials
  • human resources
  • information and technology
  • natural resources

As a service-providing organization do not employs a manufacturing process theyr levels of planning are lower in a service-providing organization

5 0
3 years ago
If markets are efficient, what should be the correlation coefficient between stock returns for two nonoverlapping time periods?
S_A_V [24]

Answer: Zero

Explanation:

The Correlation Coefficient measures the relationship between 2 variables under study and ranges from -1 to +1 which -1 meaning that the two are perfectly negatively correlated and +1 meaning they are perfectly positively correlation. A Correlation Coefficient of 0 means that there is no relationship.

An efficient market is one where all information is available to every market participant. This means that one cannot use information from one period to make abnormal profits in another period because all information is available. The Correlation Coefficient will therefore show 0 because information from the previous period is not being used in another period meaning there is no relationship between stock returns.

7 0
3 years ago
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