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swat32
3 years ago
15

Jamarcus, a full-time student, earned $2,500 this year from a summer job. He had no other income this year and will have zero fe

deral income tax liability this year. His employer withheld $300 of federal income tax from his summer pay. Is Jamarcus required to file a tax return?
Business
1 answer:
Ne4ueva [31]3 years ago
4 0

Answer:

The correct answer is: No, Jamarcus is not required to file a tax return.

Explanation:

According to the Internal Revenue Service (<em>IRS</em>) requirements for 2019, taxpayers who are single under 65 years-old with an income of <em>$12,200</em> or higher must file a tax return. Taxpayers who are 65 years old or older with an income of <em>$13,850</em> or higher are also obligated to report their income to the IRS.

Thus, <em>as Jamarcus' income for the year was $2,500 only, he is not required to file a tax return</em>.

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During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 80,000 mini refrigerators, of whi
andrew-mc [135]

Answer:

Absorption Costing Net Income  1008,000

Variable Costing Net Income     976,000

Explanation:

<u><em>Kodiak Fridgeration Company</em></u>

Units Produced = 80,000

Units Sold = 72,000

Ending Inventory = 8000

<u>Per Units Cost </u>

Direct materials $6,400,000/80,000 = $ 80

Direct labor 1,600,000 /80,000= $ 20

Variable manufacturing cost 1,280,000/80,000= $ 16

Fixed manufacturing cost 320,000 /80,000 = $ 4            

Absorption Manufacturing Cost  per unit= 9,600,000/80,000= $ 120

Variable Manufacturing Costs per unit = $ 116

<u><em></em></u>

<u><em>Kodiak Fridgeration Company</em></u>

<u><em>Income Statement </em></u>

<u><em>Absorption Costing</em></u>

<u>Sales                                                              $10,800,000 </u>

Manufacturing costs:

Direct materials $6,400,000

Direct labor 1,600,000

Variable manufacturing cost 1,280,000

Fixed manufacturing cost 320,000                 9,600,000

Less Ending Inventory (8000*120)                     (960,000)

<u>Cost of Goods Sold                                           86,40,000</u>

Gross Profit                                                         2160,000

Selling and administrative expenses:

Variable $ 72,000* 13.5=                                    972,000

Fixed                                                                      180,000                                                  

Net Income                                                        1008,000

<em><u>Kodiak Fridgeration Company</u></em>

<em><u>Income Statement </u></em>

<em><u>Variable Costing</u></em>

Sales                                                              $10,800,000

Variable manufacturing cost

(80,000*116)                                                       9280,000

Less Ending Inventory ( 8000*116)                     928,000

<u>Cost of Goods Sold                                           83,52,000</u>                  

Gross Contribution Margin                                 2448,000

Variable Selling and administrative expenses

(72000 * $1,080,000/80,000)                              972,000

Contribution Margin                                            1476,000

Less Fixed Expenses

Fixed manufacturing cost 320,000

Fixed 180,000                                                    500,000

Net Income                                                          976,000

3. The difference in absorption and variable costing income is because in absorption costing the fixed costs are treated as unit cost and in variable costs the fixed costs are treated as period costs. Also the fixed costs of the ending units is deducted in absorption costing where it is not deducted in variable costing.

5 0
3 years ago
A form of foreign direct investment, where a domestic company purchases a company in a foreign country to produce a similar prod
Sergio [31]

Answer:

c. foreign subsidiary

Explanation:

Foreign subsidiary -

It refers to a company which is partially or completely , part of some large firm , whose main office is located in some other country , is referred to as a foreign subsidiary .

It is a form of foreign direct investment method , where a company purchases any other company , where the company supposed to manufacture , sell or produce the same type of goods and services .

Hence, from the given information of the question,

The correct option is c. foreign subsidiary .

5 0
3 years ago
How does inflation hurt your savings?
siniylev [52]

Answer:

have to spend more money

Explanation:

4 0
3 years ago
Which of the following approaches can help you mitigate the challenges of poor forecasts? a. Obtain and use the best, most recen
grandymaker [24]

Answer: E. All OF THE ABOVE

Explanation:Forcasting is a technical term used especially in Economy management, statistics,and in operations to predict possible outcomes especially as it concerns the future,putting into consideration prevailing circumstances.

The challenges of poor forcasting can be mitigated by all of the approach highlighted. Using the BEST,MOST RECENT INFORMATION, USING SIMPLE TECHNIQUES (this will improve accuracy and avoid complexities), BUILD FLEXIBLE OPERATIONS and MINIMIZE INVENTORY ( this will reduce the stress of handling too many things at a time).

7 0
3 years ago
Wendy leaves her job as a dancer to start her own dance studio. As a dancer, she made $34,000 per year. During the studio's firs
brilliants [131]

Answer:

$8,884

Explanation:

The computation of the economic profit is shown below:

= Received amount - dance earnings - insurance paid - music and licensing fees - boom box - rent and utilities

= $60,480 - $34,000 - $4,300 - $1,846 - $150 - $11,300

= $8,884

The economic profit is come from subtracting the explicit cost, implicit cost from the revenue earned and the same is reflected above

4 0
4 years ago
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