Answer:
1) AGI = $112,400
2) Taxable Income = $80,600
Explanation:
Ed's Salary = $35,000
Jane's Salary = $70,000
Municipal bond interest income = $400
Qualified business income = $1,000
Alimony paid (for AGI deduction) = $7,000
Real property tax (from AGI deduction) = $10,000
Charitable contributions (from AGI) = $15,000
The total gross income for Jane and Ed = $70,000 + $35,000 = $105,000
1) Their AGI (Adjusted Gross Income) = $105,000 + $400 + $7,000 = $112,400
2)Their taxable income = $112,400 - $24400 - $7000 - $400 = $80,600
Answer: The answer is C
Explanation: You might be an information systems worker if you enjoy learning new techniques and enjoy working with people. An information system is regarded as a software that helps organize and analyze data and this makes it possible to answer questions and solve problems relevant to the mission of an organization.
Answer:
A. Dr Bad Debt Expense$5,350
Cr Allowance for Doubtful account$5,350
B. Dr Bad Debt Expense $2,800
Cr Allowance for Doubtful account$2,800
Explanation:
Preparation of the journal entry for the estimated bad debts
A. Based on the information given the Journal entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts will be:
Dr Bad Debt Expense$5,350
Cr Allowance for Doubtful account$5,350
[(4%*90,000)-1,750]
B. Based on the information given the Journal entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts will be:
Dr Bad Debt Expense $2,800
Cr Allowance for Doubtful account$2,800
[(5%*90,000)-1,700]
It should be noted that good starting point for developing time and cost estimates is Past experience.
<h3>What is cost estimate ?</h3>
A cost estimate can be regarded as the approximation of the cost of a program as well as project.
The cost estimate can be seen as product of the cost estimating process and it based on past experience.
Learn more about cost estimate at;
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