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3 years ago

Taxpayers over 65 can only deduct expenses that are greater than 7.5% of adjusted gross income for

1 answer:

7 0

The answer to this is MEDICAL and DENTAL EXPENSES. This is already a fixed law in terms of expenses deduction which would be based on the adjusted gross income. For individuals below 65 years old, they only have 10%. 65 years old is the temporary threshold and this is an exemption making it 7.5% of their AGI or the adjusted gross income.

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Economies of scale are ways that a company can lower the cost per unit by selling more units overall

Troyanec [42]

It’s True that economies of scale are ways that a company can lower the cost per unit by selling more units overall

7 0

3 years ago

Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials

Sergeu [11.5K]

Answer:

$6.25

Explanation:

Given the data below from the above information,

The actual quantity of direct materials purchased 24,000 pounds

Standard price of direct materials price $6 per pound

Material price variance unfavorable -$6,000

Material quantity variance $2,400

Therefore;

Direct material price Variance = (Standard price - Actual price) × Actual quantity

- $6,000 = ($6 - Actual price ) × 24,000

-$6,000 = $144,000 - 24,000 AP

24,000 AP = $144,000 + $6,000

24,000 AP = $150,000

AP = $6.25

6 0

3 years ago

Current Position Analysis The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal y

weqwewe [10]

Answer:

a. net working capital (current year) = $1,170,000

net working capital (previous year) = $800,000

b. current ratio (current year) = 2.3

current ratio (previous year) = 2

c. quick ratio (current year) = 1.91

quick ratio (previous year) = 1.66

Explanation:

net working capital = current assets - current liabilities

current assets = $2,070,000, $1,600,000

current liabilities = $900,000, $800,000

net working capital (current year) = $2,070,000 - $900,000 = $1,170,000

net working capital (previous year) = $1,600,000 - $800,000 = $800,000

current ratio = current assets / current liabilities

current ratio (current year) = $2,070,000 / $900,000 = 2.3

current ratio (previous year) = $1,600,000 / $800,000 = 2

quick ratio = (current assets - inventory) / current liabilities

inventory = $351,900, $272,000

quick ratio (current year) = ($2,070,000 - $351,900) / $900,000 = 1.91

quick ratio (previous year) = ($1,600,000 - $272,000) / $800,000 = 1.66

8 0

3 years ago

The Darwin Company reports the following information that occurred during the current period: Sales commissions expense $15,600

ch4aika [34]

Answer:

The Darwin Company

Calculation of Manufacturing Overhead costs:

= $17,200

Explanation:

a) Data and Calculations:

Depreciation on factory equipment $4,700

Indirect labor 5,900

Factory rent 4,200

Factory utilities 1,200

Indirect materials used 1,200

Total Manufacturing overhead costs = $17,200

b) Darwin's manufacturing overhead costs will include only the above listed costs. Sales commissions, direct materials, direct labor, and office salaries expense do not form part of the manufacturing overhead costs. The manufacturing overhead costs are neither direct materials or labor costs or selling and administration costs.

8 0

4 years ago

Operating income and tax rates for C.J. Company’s first three years of operations were as

Oksana_A [137]

Answer:

Correct option is C ; the DTA - Deferred tax asset is $300,000

Explanation:

For losses of Year 2015 DTA should be created at 31/12/2015 as due to this loss future income will get reduced and consequently company's tax liability will get reduced.

DTA = 750,000 x 40% = 300,000

In year 2016 tax rate is 40% so DTA will be at this rate as after setting off the loss of year 2015 with income of 2016 the company will benefit by 750000 x 40%=300000 due to lesser income tax liability.

Hence the DTA - Deferred tax asset is $300,000

8 0

4 years ago