Answer:
<u>True</u>
Explanation:
According to the IRS tax guidelines in such a case the unreimbursed amount is deductible as an itemized deduction from tax returns.
What this implies for Mr. and Mrs. Jones is that the $12,000 unreimbursed amount would be deducted from their tax return. <u>Thus, reducing the amount of taxes to be paid by them.</u>
Answer:
$81,750
Explanation:
The computation of the amount of total insurance is shown below:
= (Home mortgage loan + car loans + personal debts + credit card loans) ÷ 2 + estimated funeral cost
= ($120,000 + $10,000 + $14,000 + $7,500) ÷ 2 + $6,000
= $75,750 + $6,000
= $81,750
Under the DINK method, we simply half of the items except funeral cost
Answer:
$35,861
Explanation:
Calculation for the Cash and Cash Equivalents on December 31 using this formula
Cash and Cash Equivalents = Money Market Fund Balance + Cash in Bank account + Cash in Petty Cash Fund + U.S. Treasury Bill
Let plug in the formula
Cash and Cash Equivalents = $2,810 + $22,631 + $220 + 10,200
Cash and Cash Equivalents = $35,861
Therefore the Cash and Cash Equivalents on December 31 will be $35,861
The answer to the question is option D.
