All categories

3 years ago

Since the matthews did not itemize for 2018 their state refund is not reported on form 1040.a. Trueb. False

Business

1 answer:

astraxan [27]3 years ago

3 0

Answer:

The correct answer is letter "A": True.

Explanation:

Some State income tax refunds may in some cases be taxable income, according to the Internal Revenue Service (IRS). These must be recorded in the Form 1040 only in the situation where the taxpayer sought a deduction of the previous year's state and local taxes if they were itemized. Generally, state and local income tax deductions are not specified when standard deductions are filed.

You might be interested in

If total liabilities decreased by $30,000 and stockholders' equity decreased by $10,000 during a period of time, then total asse

boyakko [2]

Answer:

C) $40.000 Decrease

Explanation:

The accounting equation states that: Assets = Liabilities + Equity, so in this case the Assets must decrease in the same amount that change the other side of the equation, $40.000.

4 0

3 years ago

If the production of oranges reduces global warming, then the equilibrium quantity of oranges will be_________the socially optim

creativ13 [48]

Answer:

B. lower than

Explanation:

As orange has a positive externality which cannot be included in the cost, the social optimal will be lower. That's because, neither the consumer will pay to benefit the entire society a higher price than their marginal utility or the producer produce when marginal cost exceed the marginal revenue

The government should try to subsidize the market to allow for a hiher quantity of organge an achieve the socially optinal quantity.

3 0

3 years ago

Give an example of a case where a cost and a revenue function do not have a break-even point.

oee [108]

An example of a case where a cost and revenue function do not have a break even point includes, when the profit margin is larger than the losses of the business.

5 0

4 years ago

Read 2 more answers

Which of the following is not considered a debit

dem82 [27]

The answer is "A. Interest earning".

A debit is an accounting entry that outcomes in either an expansion in resources or a decline in liabilities on an organization's accounting report. In basic accounting, debits are adjusted by credits, which work the correct inverse way. For example, if a firm applies for a new line of credit to buy gear, it would debit settled resources and credit a liabilities account, contingent upon the idea of the loan.

8 0

3 years ago

Read 2 more answers

Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before any

ladessa [460]

Explanation:

Adjusting entries of fees collected in advance:

1. Dr unearned fee 6600

Cr fees earned 6600

Depreciation of Computers:

Dr Depreciation expense - computer 1650

Cr Accumulated depreciation 1650

Depreciation of Furniture:

Dr Depreciation expense - office furniture 1925

Cr Accumulated depreciation 1925

Adjusting entries of salaries:

Dr Salary expense 2695

Cr Salary payable 2695

Adjusting entries of Insurance:

Dr Insurance expense 1430

Cr prepaid insurance 1430.

Adjusting entries of office supplies:

Dr Office supplies expense 528

Cr Office supplies 528

Adjusting entries of utilities:

Dr Utilities expense 77

Cr Utilities payable 77

5 0

3 years ago

Read 2 more answers