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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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Answer:

0.95 and 1.06

Explanation:

The computation of the present value index is shown below:

Present value index = Present Value of net cash Flow ÷ Amount invested

So for each projects, it would be

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Total present value of

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Amount invested (B)                            $750,000              $800,000

Present value index (A ÷ B)                   0.95                          1.06

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How do future expectations about the price of a good affect the present supply?
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Future expectations about price, can be a demand and supply shifter.

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3 years ago
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Janet works on a team of 15 people working in research and development for a toymaker. They have weekly meetings to discuss new
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What is the difference between Coupons and Rebates?:​
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Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2
VARVARA [1.3K]

Answer:

a. First set of entries:

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Credit: Bad debt expenses with $2,000

b. Second set of entries:

Debit: Cash with $2,000

Credit: Account receivables $2,000

Explanation:

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Details                                                     DR ($)                  CR ($)

Accounts receivable                              2,000

Bad debt expenses                                                            2,000

<em>Being the transfer of the bad debt recovered back to the accounts receivable.</em>

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Account receivables                                                         2,000

<em>Being the cash income received in respect of bad debt recovered.</em>

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