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2 years ago

Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the year as follows:

Business

1 answer:

Mademuasel [1]2 years ago

5 0

Answer:

The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.

Explanation:

For the purpose of regular income tax, the deduction pertaining to medical expenses are available up to the extent it exceeds 10% of AGI.

Deduction available = excess expenses incurred - 7.5% of AGI

= ($16,000 + 4,000 + 2,500 +5,000) - 7.5%*130000

= 27500 - 9.750

= $17,750

Therefore, The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.

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11. Brooke Company desires net income of $720,000 when it has $2,000,000 of fixed costs and variable costs of 60% of sales. Cont

Mila [183]

Answer:

b. $2,720,000

Explanation:

The contribution margin is what is left after subtracting the variable cost from the sales.

From there, the company pays their fixed cost and the rest is net income.

In this case you have a company desiring to get 720,000 net income after paying their 2,000,000 fixed cost

So we come up with with formula:

$Contribution Margin - Fixed Cost = Net Income$

Replacing the know values, we get the unknow value. Like it was a solve for X question:

$X - 2,000,000 = 720,000\\X = 2,000,000 + 720,000\\X = 2,720,000$

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3 years ago

An increase in investment shifts the ae curve upward by an amount equal to the ______, and shifts the ad curve rightward by an

kogti [31]

An increase in investment shifts the AE curve upward by an amount equal to the change in investment, and shifts the AD curve rightward by an amount equal to the change in the investment by the multiplier.
The AE curve stands for the aggregate expenditure which measures expenditures on consumption. The AD curve stands for the aggregate demand curve which measures the demand levels when prices change for a good or service in an economy.

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2 years ago

Giada Foods reported $1,010 million in income before income taxes for 2021, its first year of operations. Tax depreciation excee

Fiesta28 [93]

Answer:

$32.4 million

Explanation:

The computation of the balance in the deferred tax liability in the December 31, 2021, balance sheet is shown below:

Deferred tax liability is

= Tax depreciation exceeded depreciation for financial reporting purposes × enacted tax rate

= $108 million × 30%

= $32.4 million

Simply we multiplied the exceeded amount with the enacted rate so that the deferred tax liability could come

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3 years ago

Barney decides to quit his job as a corporate accountant, which pays $10,000 a month, and goes into business for himself as a ce

user100 [1]

Answer:

a. $125 per month

b. $10,300 per month

Explanation:

Data provided in the question

Paid amount as a corporate accountant = $10,000

Renting cost = $300

Purchase of office supplies = $75

Monthly electric bill = $50

The computation is shown below:

a. Explicit cost

Explicit cost = Purchase of office supplies + increase in monthly electric bill

= $75 + $50

= $125 per month

b. Implicit cost

= Paid amount as a corporate accountant + renting cost

= $10,000 + $300

= $10,300 per month

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3 years ago

High SchoolBusiness 5 points

lidiya [134]

Answer: The aspect of the SMART goal that is missing is Deadlines or Target date.

Explanation:

Here SMART is abbreviated as Specific, Measurable, Attainable, Result oriented and Time bound. The aspect of the time bound has not been included in this respective scenario.

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2 years ago