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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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fiasKO [112]

Answer:

Option (a) is correct.

Explanation:

Here, shoes are normal goods as there is a positive relationship between the income level of the consumer and the quantity demanded for shoes. It can be seen that as the income of the consumer increases from $19,000 to $21,000 then as a result the quantity of pairs of shoes demanded increases from 9 to 11 pairs. Normal goods are generally have positive income elasticity of demand.

Therefore, the shoes are normal goods in this case.

7 0
2 years ago
In 2019, a marketing manager for New Balance’s Fresh Foam Zante shoe needs to forecast sales through 2021. She begins with the k
Gekata [30.6K]

The correct answer to this open question is "the lost-horse forecasting."

In 2019, a marketing manager for New Balance’s Fresh Foam Zante shoe needs to forecast sales through 2021. She begins with the known totals for 2018 and adjusts for positive factors like acceptance of new high-tech designs and great publicity, and for negative factors like higher inflation and predicted moves by the competition. This type of forecast is referred to as <u>lost-horse forecasting.</u>

In this kind of forecast, you first take into consideration the last known value of the article that is going to be forecasted, writing all the factors that might affect it in the forecast. Then you have to evaluate if that would have a positive or negative influence or impact in the article. Finally, you project a feasible situation.

7 0
3 years ago
An elected official is: A: appointed to his job. B: voted into her job. C: assigned a job by a superior. D: anyone who works for
Natalka [10]
Voted into her job.
6 0
3 years ago
Antitrust laws make which of the following illegal?
Nezavi [6.7K]

Answer:

B and E

Explanation:

Sherman Antitrust was created so that a monopoly couldn't bankrupt every other business. The other answers are all fine.

5 0
3 years ago
The following information pertains to Tara Co.'s accounts receivable on December 31, Year 4 Days outstanding Amount Estimated %
Nimfa-mama [501]

Answer:

Explanation:

1% of 120,000

2% of 90,000

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The aging method stimated the allowance for uncollectible accounts

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6 0
3 years ago
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