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3 years ago

Parents can reduce their taxes by:

2 answers:

8 0

Parents can reduce their taxes by using a child care tax credit. The government gives parents tax credit for each child that they have. Unlike tax deduction and exemption, tax credit can be able to reduce more in the parents’ tax bill. Tax deduction just tries to lower the taxable income and not a reduction in other areas.

Andru [333]3 years ago

7 0

Answer:Thank you Hagrid.

Explanation: I'm glad to call you a friend.

You might be interested in

1. Employees at a call centre have earned a bonus of 0.25% of their salary. The bonus that an

Alla [95]

Answer:

£45

Explanation:

Simply multiply 18000 by 0.0025 and you get your result.

8 0

3 years ago

Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant ra

MakcuM [25]

Answer:

Explanation:

Given that the relevant range of production is 500 units to 1,500 units, the cost elements are fixed and variable. All the items listed will change as a result of a 5% increase in sales, only the fixed expense will not be affected when the activity level changes from 1000 units to 1050 units.

The 1050 units represents the units sold where there is a 5% increase.

= 1000 × 1.05 = 1050 units

As such,

Sales (1050 units) = 1050/1000 × $80,000 = $84,000

Variable expenses (1050 units) = 1050/1000 × $52,000 = $54,600

As such, If the company sells 1050 units

Amount in $

Sales 84,000

Variable expenses (54,600)

Contribution margin 29,400

Fixed expenses (21,840)

Net operating income 7,560

Estimated percent increase in net operating income = (7560 - 6,160)/6,160 × 100%

= 1,400/6160 × 100%

= 22.73%

4 0

3 years ago

An investor purchased 100 shares of stock X at \small 6\frac{1}{8} dollars per share and sold them all a year later at 24 dollar

Salsk061 [2.6K]

Answer:

option (C) 280%

Explanation:

Number of shares of stock X purchased = 100

Purchasing cost of share = $\$6\frac{1}{8} =\frac{49}{8}$

Selling cost of stocks = $24 per share

Brokerage paid = 2%

Now,

The total purchasing cost involved = $100\times\frac{49}{8}$ + 2% of $100\times\frac{49}{8}$

= 612.5 + 0.02 × 612.5

= $624.75

also,

Total income from sales of stocks

= Total selling cost of shares - brokerage paid

= $24 × 100 - 2% of Total selling cost

= $2400 - ( 0.02 × $2400 )

= $2400 - $48

= $2,352

now,

The investor's percent gain on this investment = $\frac{\textup{Income-invested amount}}{\textup{Invested amount}}\times100\%$

= $\frac{\textup{2,352 - 624.75}}{\textup{624.75}}\times100\%$

= $\frac{\textup{1727.25}}{\textup{624.75}}\times100\%$

= 276.47% ≈ 280%

Hence, the correct answer is option (C) 280%

7 0

3 years ago

Blue Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber 25% Mi

Alisiya [41]

The estimate of the inventory amounts before the fire is as follows:

Total Inventory $232,845

Lumber $159,200

Millwork $54,270

Hardware $19,375

Data and Calculations:

Lumber Millwork Hard & Fittings

Gross Markup (%) 25% 30% 40%

Gross Margin (%) 20% 23.1% 28.6%

= (25%/125%) (30%/130%) (40%/140%)

Inventory, Jan. 1 $265,900 $93,470 $45,600

Purchases 1,544,900 375,100 160,300

Goods available $1,810,800 $468,570 $205,900

Cost of goods sold 1,651,600 414,300 186,525

Ending inventory $159,200 $54,270 $19,375 $232,845

Estimating the Cost of Goods Sold:

Sales to Aug. 18 2,064,500 538,590 261,240

Gross profit 412,900 124,290 74,715

Cost of goods sold 1,651,600 414,300 186,525

Gross profit = Sales x Gross margin

Cost of goods sold = Sales - Gross profit or Sales x (1 - gross margin)

Learn more: brainly.com/question/16752466

6 0

2 years ago

Exercise 14-13 Coronado, Inc. had outstanding $5,460,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years.

cupoosta [38]

Answer: Please see expalantion coumn for answer

Explanation:

1) To record issuance of bonds

Date Account Title Debit Credit

July 1 Cash $9,457,500

Discount on bond payable $292,500

Bond payable $9,750,000

Calculation:

Cash =$9,750,000 x 97% = $9,457, 500

Discount = $9, 750,000 - $9,457,500= $292,500

2)To record retirement of 11% bonds

Date Account Title Debit Credit

August 1st Bond payable $5,460,000

Loss on Redemption of bonds $218,400

Cash $5,569,200

Discount on Bonds payable $109,200

Calculation:

Cash =$5,460,000 x 102% = $5,569,200

Loss on Redemption of bonds = Cash + Discount on bonds payable - Bonds payable = $5,569,200 + $109,200) - $5,460,000= $218,400

7 0

3 years ago