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Nat2105 [25]
3 years ago
9

Buddy Slaton has only one itemized deduction item, the $3,000 he gave to his church. His standard deduction this year is $5,450,

and he is in the 15% marginal tax bracket. How much will his contribution to the church save Buddy in taxes this year?
Business
1 answer:
Pepsi [2]3 years ago
5 0

Answer:

$0

Explanation:

Tax payers can elect to use either standard deduction or itemized deduction to reduce their taxable income, for them to pay least amount of tax on their taxable income. Standard deduction is calculated and given in accordance with the provision of the tax law while itemized deduction is a list of items that the tax payer has incurred and expecting to except from tax, examples of this includes donation to charities and interest paid on mortgage.

Taxpayers normally elect the higher of standard deduction and itemized deduction to reduce their tax liability to the lowest.

In the case of Buddy Slaton, electing for itemized deduction of contributing to church($3,000) will save her no tax since the standard deduction is greater ($,5450).

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The following are the assets and liabilities of Jill Carlson Realty​ Company, as of January ​31, 2018. Also included are​ revenu
pogonyaev

<u>Complete Question:</u>

Apply the accounting equation; construct a balance sheet) The following are the assets and liabilities of Jill Carlson Realty Company, as of January 31, 2018. Also included are revenue, expense, and selected stockholders' equity figures for the year ended on that date (amounts in millions):

Complete Table is in the attachment given at the end of the answer.

Requirement 1.

Construct the balance sheet of Jill Carlson Realty Company at January 31, 2018. Use the accounting equation to compute ending retained earnings.

<h2>Answer:</h2>

Balance Sheet of Jill Carlson Realty​ Company, as of January ​31, 2018

<h2><u>ASSETS</u></h2>

Current Assets

Cash                                                                          $57.2

Receivables                                                              $0.5

Non Current Assets

Investment Assets                                                     $79.4

Property, Plant and Equipment                                 $1.6

Other Assets                                                          <u>    $9.3    </u>

Total Assets                                                           <u>    $148    </u>

<h2><u>LIABILITIES</u></h2>

Current Liabilities                                                      $2.9

Non Current Liabilities                                          <u>   </u><u>$102.6</u>

Total Liabilities                                                       <u>   $105.5 </u>

<u>EQUITY</u>

Common Stock                                                           $39.2

Closing Retained Earnings (Step1)                         <u>    $3.3   </u>

Total Equity                                                             <u>     $42.5</u>

<u></u>

<u>Step 1: Find Closing Retained Earnings</u>

As we know that:

Closing Retained Earnings = Total Assets - Total Liabilities - Common Stock

Here

Total Assets is $148 million

Total liabilities is $105.5 million

Common Stock is $39.2 million

By putting these values in the above equation, we have:

Closing Retained Earnings = $148 million  -  $105.5 million  -  $39.2 million

Closing Retained Earnings = <u>$3.3 million</u>

7 0
3 years ago
A savings account earns 8% interest. If $1,000 is invested, how many years is it until each of the following amounts is on depos
guapka [62]

Answer:

a. 4 years

b. 19 years

c. 19 years

d. 25 years

Explanation:

The number of years, n is calculated for each future value as follows :

a. $1,360

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $1,360

n = ?

Using a Financial Calculator, the number of years, n is 3.9953 or 4 years

b. $2,720

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $2,720

n = ?

Using a Financial Calculator, the number of years, n is 13.00 or 13 years

c. $4,316

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $4,316

n = ?

Using a Financial Calculator, the number of years, n is 19.00 or 19 years

d. $6,848

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $6,848

n = ?

Using a Financial Calculator, the number of years, n is 24.9991 or 25 years

3 0
3 years ago
In a​ make-to-order system, when a customer places a request for a product or service with a​ producer,
Mashutka [201]
<span>A work order is created as soon as the customer places the request for a product or service. Since the manufacturing or the creation of the item begins only after order is made, all the resources and the raw materials should be in place well before time.</span>
3 0
3 years ago
A benefit that is sought by an interest group and that once achieved cannot be denied to nonmembers is called a:
aivan3 [116]
<span>A benefit that is sought by an interest group and that once achieved cannot be denied to nonmembers is called a free rider. The free rider problem is created from market failure because people take advantage of being able to use common resources or collective goods without being able to pay for </span>them. 
8 0
3 years ago
Suppose you purchase one share of the stock of Red Devil Corporation at the beginning of year 1 for $42.50. At the end of year 1
kkurt [141]

Answer:

17.76%

Explanation:

The computation of the time-weighted return on your investment is given below

But before that we have to do the following calculations

Year 1 = ($46.50 - $42.50) + 2 ÷ ($42.50) × 100 = 14.12%

Year 2 = ($54.50 - $46.50) + 2 ÷ ($46.50) × 100 = 21.51%

Now the time weighted return is

(1 + t)^2 = (1 + 14.12%) × (1 + 21.51%)

= 1.1412 × 1.2151

= √1.3867 - 1

= 17.76%

8 0
2 years ago
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