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notsponge [240]
3 years ago
14

Arnold, a single individual, has adjusted gross income of $65,000 in the current year. Arnold donates the following items to his

favorite qualified charities:
1. ABC stock acquired six years ago at a cost of $6,000. FMV at date of contribution was $40,000.
2. Personal clothing items purchased two years ago at a cost of $1,000. FMV at the date of contribution was $400. What is the amount of his charitable contribution for the current year?
A. 15,400
B. 23,000
C. 19,300
D. 18,800
Business
1 answer:
Olin [163]3 years ago
3 0

Answer:

Option A. $15,400

Explanation:

The net deduction allowed as an charitable contributions are as under:

                                             $

1. ABC Cop. stock

Cost $6000  

FMV <u>$22000</u>                   $16000

2. Personal Clothing Items

Cost $1000

FMV <u>$400  </u>                      <u>  ($600) </u>

Net Deduction                 $15,400

The amount that qualifies as charitable contribution for the year is $15400.

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The taxes imposed under the social security act consist of:
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Snow Cap Company has a unit selling price of $250, variable costs per unit of $170, and fixed costs of $160,000. Compute the bre
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The break-even point in units using the mathematical equation  is 2,000 in units and the unit contribution margin is 80 per unit.

<h3>Break even points in units</h3>

a. Break-even point in unit

Using this formula

Break-even point in unit=Fixed cost/(Selling price-Variable cost)

TC = FC + VC

Sales - TC = Net Income

Sales - TC = 0

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Inconclusion the break-even point in units using the mathematical equation  is 2,000 in units and the unit contribution margin is 80 per unit.

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Sunland Company collected $22400 in May of 2016 for 4 months of service which would take place from October of 2016 through Febr
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Answer:

There is something wrong with this question because October to February is not four months, it's five months.

We can calculate this assuming 3 months of 2016 (October, November, December) and 2 months of 2016 (November and December).

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  • 2 months of 2016 = ($22,400 / 4 months) x 2 months = $11,200

No option is correct.

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