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Vlad1618 [11]
3 years ago
10

This year Jack intends to file a married-joint return. Jack received $178,800 of salary, and paid $7,050 of interest on loans us

ed to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $7,400 and $31,200 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
a. What is Jack's adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI.
b. Suppose that Jack also reported income of $9,700 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Again, assume that Jack will opt to treat tax items in a manner to minimize his AGI. What's Jack's AGI?
Business
1 answer:
Leya [2.2K]3 years ago
5 0

Answer:

Jack's adjusted gross income = $138,550

Jack's adjusted gross income after adding up the profit from partnership = $1,49,050

Explanation:

Calculation of deduction of loan interest  

= $178,800 -$7,400 - $31,200

= $140,200

= ($140,200-$130,000)/$30,000)

= 34% or 0.34

= 66%   X $2,500

= $1,650 is the deduction of loan interest

Adjusted Gross Income after student loan interest deduction = $140,200 – $1,650 = $138,550

Add income from partnership  

= $9,700 + $178,800

= $188,500 – $7,400 – $31,200

= $149,900

= ($149,900-$130,000)/$30,000

= 66% or 0.66

= 34% X $2500

= $850 is the deduction of loan interest

Adjusted Gross Income after student loan interest deduction = $149,900 – $850 = $1,49,050

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Quantity demanded of B/percentage change in price of A.

Explanation:

Cross price elasticity of demand is calculated as follows:

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For Substitute goods:

It states that there is a positive relationship between the price of a good and the quantity demanded for its substitute goods.

For complimentary goods:

It states that there is an inverse or negative relationship between the price of a good and the quantity demanded for its complimentary goods.

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During the first 11 months of a recent year, a certain charitable organization received an average (arithmetic mean) of $20,600
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$25,400

Explanation:

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Cash Flow Data for Interceptors, Inc. 2015 2016 2017 2018 Cash $ 54 $ 78 $ 102 $ 126 Cash from operations $ 146 $ 144 $ 141 $ 13
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Answer:

Interceptors, Inc.

Cash flow from financing in 2018:

$71

Explanation:

a) Data and Calculations:

                                        2015        2016        2017         2018

Cash                              $ 54           $ 78        $ 102        $ 126

Cash from operations $ 146         $ 144         $ 141        $ 136

Net capital spending   $ 178         $ 173        $ 178         $ 183

Cash from financing    $ 56          $ 53          $ 61

                                        2015        2016        2017         2018

Cash at the beginning    $30          $54           $78        $102

Cash from operations  $ 146        $ 144         $ 141        $ 136

Cash from financing     $ 56          $ 53          $ 61         $  71

Net capital spending  ($ 178)       ($ 173)       ($ 178)      ($ 183)

Cash                              $ 54          $ 78         $ 102       $ 126

Cash from the beginning for 2015 = (Cash at the end plus net capital spending) minus (Cash from operations plus cash from financing)

= /$30 ($54 + $178) - ($146 + $56)

Cash from financing in 2018 = (Cash at the end plus net capital spending) minus (Cash from operations plus cash at the beginning)

= $71 ($126 + $183) - ($136 + $102)

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