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3 years ago

If a man originally paid $4000 in property taxes, what will his new tax payment be if he saves 8% this year?

Business

1 answer:

choli [55]3 years ago

3 0

Answer : The new tax payment when he saves 8 % tax this year is, $3680

Explanation :

As we are given that,

Original property tax paid by a man = $4000

Percent rate of saving tax = 8 %

First we have to calculate the amount of tax he saved.

Amount of tax he saved = $\$ 4000\times 8\%$

Amount of tax he saved = $\$ 4000\times \frac{8}{100}$

Amount of tax he saved = $320

Now we have to calculate his new tax payment when he saves 8 % tax this year.

New tax payment = Original property tax - Amount of tax he saved

New tax payment = $4000 - $320

New tax payment = $3680

Thus, the new tax payment when he saves 8 % tax this year is, $3680

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<h3>Solution -</h3>

Total revenue of the year (sales) = $120 × 20,000 = 24,00,000

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2 years ago

To what extent do cost recovery deductions based on the capitalized cost of a tangible asset reflect a decline in the economic v

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Answer:

Cost recovery deductions do not have relationship to any decline in value of the property to which the deduction relates.

Explanation:

Capitalised costs are the cost that is incurred when building and financing a fixed asset. For example labour cost in building and financing an asset.

These expenses are added to the cost of the asset (capitalised) and taken gradually over time through depreciation, depletion, and amortization. They are not taken out of revenue in the period when they were incurred.

So cost deductions through capitalised cost is not related to the value of the asset but is an expense that is incurred in relation to the asset, and it's payment is spread out over time.

For example if $1,200 is incurred on construction of an asset worth $500,000. If $1,200 is capitalised over 12 months $100 will be deducted each month from expense. This does not affect the value of the asset ($500,000).

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3 years ago

Victryl Company applies overhead based on direct labor hours. At the beginning of the year, Victryl estimates overhead to be $70

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Answer:

The answer is: The overhead variance was $1,700 and it was overapplied

Explanation:

Victryl's estimated overhead cost per labor hour was:

$700,000 / 35,000 = $20 per labor hour

If during February, Victryl had 5,000 direct labor hours, then its estimated cost should have been: $20 x 5,000 = $100,000 estimated overhead cost

The actual overhead cost was $98,300, which is $1,700 less than the estimated cost.

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3 years ago

Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured

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Answer:

1. <u>Cost of goods sold statement</u>

Cost of goods sold Inventory, June 1 $80,000

Add: Cost of goods manufactured <u>$437,000</u>

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Cost of goods sold <u>$433,000</u>

2. <u>Number of sticks sold during June</u>

Units on June 1 350

Add: Manufactured in June <u>1,900</u>

Sticks available for sale 2,250

Less: Ending units June 30 <u>370 </u>

Number of sticks sold <u>1,880</u>

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3 years ago

Algebra of the income-expenditure model Consider a small economy that is closed to trade, so that its net exports are zero. Supp

ioda

Answer:

a. The equilibrium income level is <u>$100 billion.</u>

b. The new equilibrium level of income will be equal to <u>$500 billion</u>.

c. This economy's multiplier is equal to<u> 4</u>.

Explanation:

a. Calculation of the equilibrium income level

Since;

Y= C + IP + G ........................... (1)

Where;

C = $20 billion + 0.75 × (Y – T)

G = $35 billion

IP=$60 billion

T = $20 billion.

Remove the billion now for simplicity purpose to include later, substitute the values into equation (1) and solve for Y, we have:

Y = $20 + 0.75 * (Y – $120) + $60 + $35

Y = $20 + 0.75Y - (0.75 * $120) + $95

Y - 0.75Y = $20 + $95 - $90

0.25Y = $25

Y = $25 / 0.25

Y = $100

Therefore, the equilibrium income level is <u>$100 billion.</u>

b. Suppose that government purchases are increased by $100 billion. The new equilibrium level of income will be equal to ______ billion.

With this, we now have:

G = $35 billion + $100 billion = $135 billion

Replace this with G in part a and substitute other values as already given in part a into equation (1) and solve for Y, we have:

Y = $20 + 0.75 * (Y – $120) + $60 + $135

Y = $20 + 0.75Y - (0.75 * $120) + $195

Y - 0.75Y = $20 + $195 - $90

0.25Y = $125

Y = $125 / 0.25

Y = $500

Therefore, the new equilibrium level of income will be equal to <u>$500 billion</u>.

c. Based on the effect of the change in government purchases on equilibrium income, you can tell that this economy's multiplier is equal to _______.

Since the change in government purchases makes equilibrium income level to increase from $100 billion to $500 billion, we can calculate the rate of change in the equilibrium income level as follows:

Rate of change in equilibrium income = (New income – Previous income) / Previous income = ($500 - $100) / $100 = 4

With the rate of change of 4, we can tell that this economy's multiplier is equal to 4.

This can be confirmed using the multiplier formula as follows:

Multiplier = 1 / (1 – MPC) ……………………….. (2)

Where;

MPC = 0.75 from the consumption equation given C = $20 billion + 0.75 × (Y – T).

Substitute for MPC in equation (2), we have:

Multiplier = 1 / (1 – 0.75)

Multiplier = 1 / 0.25

Multiplier = 4

Which is the same as already obtained above.

Therefore, this economy's multiplier is equal to<u> 4</u>.

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3 years ago

If a man originally paid ​$4000 in property​ taxes, what will his new tax payment be if he saves 8​% this​ year?

If a man originally paid $4000 in property taxes, what will his new tax payment be if he saves 8% this year?