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hram777 [196]
4 years ago
5

In 2019, Elaine paid $2,320 of tuition and $1,300 for books for her dependent son to attend State University this past fall as a

freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations?
Business
1 answer:
son4ous [18]4 years ago
4 0

Answer:

$2325

Explanation:

In 2019 if Elaine AGI income group is less than $160000 then maximum American opportunity credit that she can claim is $2500 on first $4000. i.e 100% on First $2000 and 25% Next $2000 .

but in the given case out of $2320 eligible amount is $2000 and 100% of it comes to $2000 for tution and the next payment is $1300 for books so she can claim credit of 25% on $1300 i.e $325.

So in Total Elaine can claim $2325 credit.

More than $160000 income group of AGI. The American Opportunity Tax Credit is not claimable.

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The accountant for Flagger Company prepared the following list of account balances from the company’s records for the year ended
Gre4nikov [31]

Answer:

Net operating income $15,000

Explanation:

Flagger Company

Income statement for the year ended , 31 December

Fee earned

165,000

Less : Operating expenses

Salaries and wages 40,000

Rent expense. 51,000

(91,000)

Gross profit.

74,000

Less: Selling expense.

(44,000)

Profit before interest and tax.

30,000

Less interest expense.

(18,000)

12,000

Add: Interest income.

3,000

Net operating income.

15,000

8 0
3 years ago
Merowak Missiles has developed its Democratizer Offensive Weapon System (DOWS) for the US military. After sinking $1 billion int
balu736 [363]

Answer:

$100,000,000

Explanation:

To calculate relevant break even cost point we ignore all the sunk funds and fixed costs that have already been paid.

This includes,

R&D funds of $1 billion

Tools of $0.5 billion

Factory of $1 million

None of these are the relevant or incremental costs and thus to calculate break even for this order, they will be avoided.

The Break even cost = 50,000 * 2000 = $100,000,000

We only account for the cost of producing each additional unit that is the Marginal Cost of $2,000/missile.

Hope that helps.

4 0
3 years ago
In understanding and analyzing "demand," we focus on how much of a product the buyers are select one:
goldfiish [28.3K]
<span>In understanding and analyzing "demand," we focus on how much of a product the buyers are D. willing and able to buy.
It doesn't really matter whether customers want to buy something if they cannot afford it. This is why companies always try to make their products affordable so that most people can buy them. So, depending on how much money a person has, they will be allocate some of it to buy that particular product.
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7 0
4 years ago
How do you calculate overtime earnings with only the total of regular earnings?
Neko [114]

Overtime earnings = Total overall earnings - Total of regular earnings

For example, let's say that you know that your regular earning is $ 50,000 per year. But at that year, you receive $65,000 in total overall earning before taxes and bonus.

This means that the overtime earnings that you earn during that year =

$ 65,000 - $50,000 = $15,000

7 0
4 years ago
Which best describes why investing can be such a challenge?
GarryVolchara [31]

Answer:

Id say the last or first one

4 0
3 years ago
Read 2 more answers
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