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icang [17]
3 years ago
5

Mrs. and Mr. Strange, who are filing a joint return, have adjusted gross income of $50,000 in 2019. During the tax year, they pa

id the following medical expenses for themselves and for Mrs. Strange's father, Mr. Stark. The Strange's could claim Mr. Stark as their dependent, but he has too much gross income. Insulin for Mr. Strange $1,000 Health insurance premiums for Mr. and Mrs. Strange (after-tax) $3,100 Hospital bill for Mr. Stark $5,200 Doctor bill for Mr. Strange $4,000 Mr. and Mrs. Strange (both age 40) received no reimbursement for the above expenditures. What is the amount of their deductible itemized medical expenses? Group of answer choices $3,750 $9,550 $8,100 $13,300
Business
1 answer:
Valentin [98]3 years ago
3 0

Answer:

$8,300

Explanation:

Health insurance premiums for Mr. and Mrs. Strange (after-tax) $3,100

Add Hospital bill for Mr. Stark $5,200

Total $8,300

Therefore the amount of their deductible itemized medical expenses is $8,300

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Totz Company produces jump ropes. Totz Company has the following sales projections for the upcoming​ year: First quarter budgete
professor190 [17]

Answer:

1st quarter:

Sales budget= 26,400 units

Explanation:

Giving the following information:

First-quarter budgeted jump rope sales in units 23,000

Second-quarter budgeted jump rope sales in units 70,000

Inventory at the beginning of the year was 3,600 jump ropes.

Totz Company wants to have 10​% of the next​ quarter's sales in units on hand at the end of each quarter.

To determine the production budget, we need to take into account the beginning inventory, the sales for the quarter and the ending inventory.

Sales budget= sales for the quarter + ending inventory - beginning inventory

1st quarter:

Sales budget= 23,000 + (70,000*0.10) - 3,600= 26,400 units

3 0
3 years ago
​Simmons, Inc. uses the​ lower-of-cost-or-market method to value its inventory that is accounted for using the LIFO method. Data
MA_775_DIABLO [31]

Answer:

The lower- of- market- or cost for the item is $21

Explanation:

In the lower of cost or market, the market begins at the replacement cost which is $20, which is then limited or restricted to a ceiling and a floor.

The ceiling is computed as:

Ceiling = Selling price - Completion cost

where

selling price is $30

Completion cost is $2

Putting the values above:

Ceiling = $30 - $2

Ceiling = $28

Computing the floor as:

Floor = Ceiling - Normal profit margin

Floor = $28 - $7

Floor = $21

As the market cannot be lower than the floor which is $21. Therefore, the lower of cost which is $26 and the market which is $21. But have to take lower. So, it is $21.

6 0
3 years ago
What is the incremental manufacturing cost incurred if the company increases production from 20,000 to 20,001 units? 2. What is
sergiy2304 [10]

Answer:Answer:

ik it is it is

Explanation:

ik it is is is Answer:

ik it is it is

Explanation:

ik it is is is

Explanation:

Answer:

ik it is it is

Explanation:

ik it is is is

4 0
2 years ago
There are only four legal structures to form and operate a business.TrueFalse
coldgirl [10]

Answer:

The above statement is false.

Explanation:

The most common legal structure of business are as follows:

Sole proprietor : It is a form of business in which a business is fully controlled by only one person. He takes all the decision himself . He has unlimited liability. His personal assets are used by the creditors to recover their money

Partnership: It is a form of business in which minimum 2 person come together to form a partnership firm. They share profit and loss as agreed between them. They have a partnership deed . Every partner have unlimited liability .

Limited liability Partnership : This form is recently introduced. This form come under the limited liability 2008. It has separate legal entity.

Corporation: A corporation has a independent legal entity, separate from its owners and has different tax calculation than other structure. The owner of the corporation has limited liability upto their share in corporation

S-Corporation: This business structure is more simple than corporation. It is more beneficial for small owners and also have some tax benefits. S Corporation can also cash accounting system rather than accural method of accounting.  

Thus, the statement is false that the legal structure of business is only four.

6 0
3 years ago
Gilmore, Inc., just paid a dividend of $3.05 per share on its stock. The dividends are expected to grow at a constant rate of 5.
Alona [7]

Answer:

intrinsic value: 49.50

value in four years:        $   61.32

value in fourteen years: $ 104.75

Explanation:

we solve using the gordon model:

\frac{divends_1}{return-growth} = Intrinsic \: Value

D0 =  3.05

D1 = 3.05 x ( 1 + 0.055) = 3.21775‬

\frac{3.21775}{0.12 - 0.055} = Intrinsic \: Value

Value: 49.50384615

<u>In the future will grow at the same rate as dividends:</u>

price in four years:         49.50 x (1.055)^4  =  61.32182021

price in fourteen years: 49.50 x (1.055)^14 = 104.7465274

7 0
2 years ago
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