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marin [14]
3 years ago
11

Steve goes to Tri-State University and pays $40,000 in tuition. Steve works to pay for his schooling and has an AGI of $37,000.

Business
1 answer:
Lemur [1.5K]3 years ago
6 0

Answer:

His American Opportunity tax credit is $2,500.

Explanation:

A taxpayer who has a modified adjusted gross income of $80,000 or less can claim the credit for the qualified expenses of an eligible student.

Taxpayers will receive a tax credit based on 100% of the first $2,000, plus 25% of the next $2,000 that is paid during the taxable year for tuition, fees and course materials and also, 40% of the credit (up to $1,000) is refundable.

Therefore, His American Opportunity tax credit is $2,500.

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The short run is defined as A. a period of time of five years or less. B. the period of time in which all factors of production
allochka39001 [22]

Answer:

C. the period of time in which at least one factor of production is fixed.

Explanation:

  • The short-run is a condition, were some controls and market are not in fair equilibrium, some factors like the variables and other that are foxed have limited entry or exit to the industry.  
  • In the macroeconomics a long run is a time when the general price, and contractual wage rates, along with the expectations are adjusted entirely to the states of the economy. and this contrast to the short-run where the variable is not fully fixed or adjusted.
  • <u>The short-run for a firm will increase the production of the marginal costs is less than the marginal revenue. The transition from the short to the long-run market equilibrium may be done on considering the supply and demands.</u>
4 0
3 years ago
the bookkeeper for Blue Spruce Equipment Repair made a number of errors in journalizing and posting, as described below. For eac
Sergeu [11.5K]

Answer:

Note: The full question is attached as picture below

                               (a)                   (b)                   (c)  

                                In                                      Larger  

                            Balance      Difference       column

1.                               No               $725             Debit  

2.                             Yes                 NA                NA  

3.                              Yes                 NA                NA  

4.                               No               $225            Credit  

5.                              Yes               $684               NA  

6.                               No                $45             Credit

7 0
2 years ago
You would like to establish a trust fund that would provide annual scholarships of $100,000 forever. How much would you have to
aivan3 [116]

Answer:

$2,222,222.22

Explanation:

The data provided in the question

Annual scholarship provided = $100,000

Guaranteed rate of return = 4.5%

So by considering the above information, the amount i.e deposited today is

= Annual scholarship provided ÷ Guaranteed rate of return

= $100,000 ÷ 4.50%

= $2,222,222.22

By dividing the annual scholarship by the rate of return we can get the deposited amount

8 0
3 years ago
LO 2.2Which of the following are prime costs?
sesenic [268]

Answer:

OPTION D: Direct Labor and Direct Material

Explanation:

Prime cost of a product is defined as the direct costs of producing a product including direct material costs and direct labor costs. Any other manufacturing overheads, indirect expenses and indirect materials/labor cost are not included in the calculation of PRIME COSTS .

                 Prime Cost = Direct Material Cost + Direct Labor Cost

Therefore, OPTION D: direct Labor and direct materials is the correct definition of prime costs.

4 0
3 years ago
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 200 units is $4
sattari [20]

Answer:

It must shut down

Explanation:

Even at the lower average variable cost, which is 3.50 dolllar will be lossing money given a market price of 3.00 dollar

Considering is not making enough to cover the variable cost the best option is to shut down and only take a hit for the fixed cost  until it can totally exit the market. If it tries to produce it will only make thinks worse as producing generates more losses

6 0
3 years ago
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