What is the spirit of entrepreneurship

Jennifer received $6,000 interest; $4,800 was tax-exempt and $1,200 was taxable. In earning this income, she had $500 of expense

Marat540 [252]

Answer:

The amount of interest expenses that Jennifer can deduct from her tax return for tax year 2019 is $100.

Explanation:

The amount of interest expenses that Jennifer can deduct from her tax return for tax year 2019 can be calculated using the following formula:

Interest expenses deductible = (Taxable interest / Total interest) * Interest expenses .................... (1)

Where;

Taxable interest = $1,200

Total interest = $6,000

Interest expenses = $500

Substituting the values into equation (1), we have:

Interest expenses deductible = ($1,200 / $6,000) * $500

Interest expenses deductible = 0.20 * $500

Interest expenses deductible =$100

Therefore, the amount of interest expenses that Jennifer can deduct from her tax return for tax year 2019 is $100.

3 0

3 years ago

The group responsible for establishing standards that identify material specifications and testing procedures is ____.

Mrrafil [7]

Answer: ASTM International

Explanation:

The group that is responsible for the establishment of standards which identify material specifications and testing procedures is referred to as ASTM International.

ASTM International was formerly called the American Society for Testing and Materials. This is an international standards organization which technical standards for different products, materials, systems, and services.

It was put in place in order to improve safety and to also improve the quality o both the consumer and the industrial products.

6 0

3 years ago

What's meant by the term Gross Domestic Product? Question 14 options: The total value of all goods and services produced in a co

Sladkaya [172]

The answer is the total value of all goods and services produced in a country in a given year. I hope that helps!

6 0

2 years ago

Selected data (in thousands) derived from the income statement and balance sheet of National Beverage Co. for a recent year are

ss7ja [257]

Answer and Explanation:

The preparation of the cash flow statement is presented below:

Cash flow from operating activities

Net income $49,311

Less: Gain on disposal of property -$1,188

Add: Depreciation expense $11,580

Add: Other items involving non-cash expenses $1,383

Less: Increase in accounts receivable -$1,746

Add: Decrease in inventory $990

Less: Increase in prepaid expenses -$605

Less: Decrease in accounts payable -$710

Less: Decrease in accrued and other current liabilities -995

Cash flow provided by operating activities $58,020

b.

Amortization of intangible assets : Added

Decrease in accounts payable : Decrease

Decrease in accounts receivable : Added

Decrease in accrued and other current liabilities : Decrease

Decrease in inventory : Added

Decrease in prepaid expenses : Added

Depreciation : Added

Gain on disposal of property : Decrease

Increase in accounts payable : Added

Increase in accrued and other current liabilities : Added

Increase in accounts receivable : Decrease

Increase in inventory : Decrease

Increase in prepaid expenses : Decrease

Losses on disposal of property: Added

Other items involving noncash expenses : added

4 0

4 years ago

You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of .6 percent per year, co

kolezko [41]

Answer:

Total interest paid = $606.63

Explanation:

First calculate the monthly payment for first six months

Monthly interest for first 6 months =.006/12=.0005

= 6500*(1.0005)^6

=6519.52

Interest rate for next six months

=17.37%/12=1.45%

(1.0145)^6=1.090054

=6519.52*(1+.0145)^6

=7106.63

Total interest paid = 7106.63-6500

Total interest paid = 606.63

7 0

3 years ago