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3 years ago

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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Baby alec continues to fuss for over 5 minutes when his brother takes away a toy that he enjoys playing with. this can be used a

Vitek1552 [10]

The fact that baby Alec continues to fuss for over 5 minutes when his brother takes away a toy that he enjoys playing with is an example of object permanence. The object permanence is used to describe a developmental milestone in infants. According it babies know that objects continue to exist even when they cannot be observed.

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3 years ago

A flower shop makes a large sale for $1,500 on June 30th. The customer is sent an invoice on July 5th, and a check is received o

Likurg_2 [28]

Answer:

June 30

Explanation:

According to the revenue recognition principle, the transaction should be recorded in the books of accounts when the sale is made. It records that revenue which is earned and the possibility of the receipt of cash should be high.

It records that when the product and services are sold to the customer and in return customer received it. Whether the payment received later but the sale is made.

So, on June 30, the revenue should be recognized.

6 0

3 years ago

Tony's Beach T-Shirts has fixed annual operating costs of $75,000. Tony retails his T-shirts for $14.99 each and the variable co

Andreyy89

Answer:

$112.425

Explanation:

breakeven is

first we need to understand the concept of breakeven:

breakeven in sales makes reference to the amount of revenue in dollars at which a company has a profit of zero ($0.00). covering the underlying fixed expenses of a busines

with this concept we have that :

Total Costs = fixed annual operating cost + variable cost + sold units

Revenue = Total Costs

14.99 * sold units = 75,000 + 4.99 * units

10 * sold units = 75,000

breakeven = 7,500 units

now we can have the breakeven in dollars doing the convertion

breakeven = breakeven in units * prices

breakeven= 7,500 units * $14.99/unit

breakeven = $112,425

8 0

3 years ago

A business made some changes to its processes, and its productivity increased by 25%. If it previously was able to produce 10, 0

iVinArrow [24]

Answer:

D. 25,000

Explanation:

Initially, with an investment of $8,000, the business was able to produce 10,000 units of products.

Changes were made and productivity increased by 25%.

25% of 10,000 = 25/100 x 10,000 = 2,500 units

Which means with an investment of $8,000, 12,500 units of products can now be produced.

Now, the business doubled its investment. This means that the units of products produced will also doubled:

12,500 x 2 = 25,000 units.

Hence, the correct option is D.

6 0

4 years ago

Read 2 more answers

Steve King and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Boxer of $125,670. Inte

DaniilM [7]

Answer:

King = 29260

Boxer = 183740

Explanation:

The Distribution of Net income will be as follows.

Net Income $213000

Less: Interest on Capital

King 3000

Boxer 5550 (8550)

Less: Salary

Boxer (125670)

Residual Profit 78780

Share of Profit

King [78780 * 1/3] 26260

Boxer [78780 * 2/3] 52520

King = 3000 + 26260 = 29260

Boxer = 5550 + 125670 + 52520 = 183740

8 0

3 years ago