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serg [7]
3 years ago
7

Terrence contributed $15,000 to a foreign charitable organization. At the time of the contribution, the organization told him th

at his contribution was tax deductible for income tax purposes. Ignoring any income limitations, how much of the $15,000 contribution is deductible?a. $0.
b. $7,500.
c. $10,000.
d. $15,000.
Business
1 answer:
Alexxx [7]3 years ago
7 0

Answer:

B, $7,500

Explanation:

Deductible tax or tax deduction is the reduction or deduction that reduces an individuals tax liabilties by lowering his/her taxable income.

Deductible tax from charity contributions is up to 50% of the contributed amount for income tax purposes.

In the case of Terrence's contribution in the question, there is a clause that says to ignore income limitations.

We therfore take 50% of $15,000 which gives us $7,500 as the amount that is deductible from the contribution.

i.e; (50÷100) × $15.000

Cheers.

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When interest rates on treasury bills and other financial assets are low, the opportunity cost of holding money is _________, so
o-na [289]

When interest rates on treasury bills and other financial assets are low, the opportunity cost of holding money is <u>low </u>so the quantity of money demanded will be <u>high</u>.

If interest rates go up, the demand for money will go down. Once it equals the new money supply, there will be no more difference between how much money people are holding and how much they want to keep, and the story is over. This is why (and how) a decline in the money supply raises interest rates.

As interest rates rise, the amount of money demanded decreases because the opportunity cost of holding money decreases. As interest rates rise, aggregate demand shifts to the left. The interest rate effect arises from the idea that higher price levels reduce the real value of household holdings.

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7 0
2 years ago
Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct
Snezhnost [94]

Answer:

$4,248 under applied

Explanation:

For computing the ending overhead amount we need to do following calculations which are shown below:

Predetermined overhead rate is

= Total estimated manufacturing overhead ÷ estimated direct labor-hours

= $516,368 ÷ 21,880 hours

= $23.6 per hour

Now

Actual overhead applied  is

= $23.6 ×  21,700 hours

= $512,120

Therefore,

Overhead under applied is

= Manufacturing overhead - Actual overhead applied

= $516,368 - $512,120

= $4,248 under applied

3 0
3 years ago
Develop an argument for why a cosmetics manufacturer should build and maintain an ethical climate
Tju [1.3M]

<span>Cosmetic products will easily lose intended efficacy if exposed to unsuitable climate like high temperature or sunlight. To think they are  used for the skin and pricey,  the products should be safe and not harmful. Therefore, they should  meet the standard safety requirements. </span>

7 0
3 years ago
Based on the following data for the current year, what is the number of days' sales in accounts receivable? Net sales on account
ki77a [65]

Answer:

25 Days

Explanation:

Average Account receivables:

= (Accounts receivables, beginning of year + Account receivables, end of year) ÷ 2

= (45,000 + 35,000) ÷ 2

= 40,000

Account Receivables Turnover = Net Sales on Account ÷ Average Account Receivables  

Account Receivables Turnover = 584,000 ÷ 40,000

                                                    = 14.6 times

No. of Days Sales in Accounts Receivables:

= No. of Days in a year ÷ Account Receivables Turnover

= 365 ÷ 14.6

= 25 Days

4 0
3 years ago
Mathew had purchased 100 shares of Blue Corporation for $100 per share. Currently, the stocks of Blue Corporation are trading at
solong [7]

Answer:

B) 50%

Explanation:

Matthew's total return on investment = (current price - original purchase price) / original purchase price

= ($150 - $100) / $100 = $50 / $100 = 0.5 or 50%

To be able to determine the annual rate of return we would need to know when did Mathew purchase the shares.

6 0
3 years ago
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