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hammer [34]
3 years ago
15

Jermaine and Kesha are married, file a joint tax return, have AGI of $82,500, and have two children. Devona is beginning her fre

shman year at State University during Fall 2018, and Arethia is beginning her senior year at Northeast University during Fall 2018 after having completed her junior year during the spring of that year. Both Devona and Arethia are claimed as dependents on their parents' tax return.
Devona's qualifying tuition expenses and fees total $4,000 for the fall semester, while Arethia's qualifying tuition expenses and fees total $6,200 for each semester during 2018. Full payment is made for the tuition and related expenses for both children during each semester. The American Opportunity credit available to Jermaine and Kesha for 2018 is:
a. $5,000.
b. $6,000.
c. $3,000.
d. $2,500.
Business
1 answer:
mash [69]3 years ago
3 0

Answer:

A) $5,000

Explanation:

Jermaine and Kesha can claim an American Opportunity (AO) credit for both of their daughters, Devona and Arethia.

Devona's AO credit is $2,500 (100% of  the initial $2,000 qualifying expenses and 25% of the next $2,000 qualifying expenses).

Arethia's AO credit is the same as Devona's, $2,500.

The total American Opportunity credit claimed is $5,000 ($2,500 + $2,500)

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On October 1, 20X6, Susan Thompson opened Thompson Decorating Services, a sole proprietorship. Susan began operations with $50,0
galben [10]

Answer: income statement: Net income $5,100, Statement of owners Equity :Total $35,100, Balance sheet : Total Liabilities $53,200, Total Asset $53,200

Explanation:

Thompson Decoration Services

Income Statement for the month ended 31 st October 20X6

$

Revenue. 18,300

Less Expenses

Salaries. 8,700

Advertising 2,500

Less: outstanding 700

-------

1,800

Taxes. 150

Postage. 1,800

Utilities. 100

Interest. 450

Miscellaneous. 200

------------

13,200

--------------

Net income. 5,100

-----------------

Statement of owners Equity for the month ended 31st October 20X6

Common Stock. Paid in capital. Retained Earnings Treasury stock Total

Balance Oct 1. 30,000. 30,000

Issued share for cash. - - - - -

Purchase of treasury stock - - - - -

Net income. - - 5,100. 5,100

Cash dividend. - - - - -

Stock dividend. - - - - -

------ ------ --------- ---------- -------------

Balance on Oct 31. - - 5,100 - 35,100

---------- -------- -------- ---------- --------------

Thompson Decoration Service

Balance sheet for the month ended 31st October 20X6

$

Current Asset

Debtors. 4,100

Account Receivable 14,200

-----------

Total Current Asset. 18,300

Fixed Asset

Van. 16,000

Office Equipment. 4,000

Furnishing. 14,900

-----------

Total Fixed Asset. 34,900

--------------

Total Asset. 53,200

---------------

Long term Liabilities

Capital. 30,000

Add: Net income 5,100

----------

35,100

Less: Drawing. 5,500

-----------

29,600

Loan. 20,000

-----------

Total Long term Liabilities 49,600

Current Liabilities

Outstanding 2,800

Interest. 450

Taxes. 150

Miscellaneous 200

--------------

Total Current Liabilities 3,600

--------------

Total Liabilities. 53,200

----------------

4 0
3 years ago
Read 2 more answers
Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). However, an exception occur
o-na [289]

Answer:

The future value of a 18-year annuity of $2,000 per period where payments come at the beginning of each period is $59,078.

Explanation:

We apply the formula to calculate future value of annuity to find the future value of 18-year annuity as at the beginning of year 18 ( because payment comes at the beginning of the year):

2,000/5% x (1.05^18 -1) = $56,264.77.

We further compound the future value of 18-year annuity as at the beginning of year 18 for one period to come up with the future value of this annuity as at the end of 18 year time:

56,264.77 x 1.05 = $59,078.

So, the answer is $59,078.

3 0
3 years ago
Best Foods Co. is considering expanding beyond the regional market segments now served by its Hellmann's mayonnaise. One criteri
WITCHER [35]

Answer:

Option  E                    

Explanation:

In simple words, the given case illustrates the cost analysis method for choosing target market segments. Under such criterion of selection, the subject company identifies various costs that it must bear in order to operate in some potential segment and after identifying those cost, such company evaluates if there will be any profit left for them in the market.

This method is complex, time consuming and needs experts advise but still is most popular nowadays as it gives most accurate results by identifying various quantitative and qualitative factors.  

3 0
3 years ago
Andrea is a real estate agent, however, she does not have a license as required by statute. Andrea sells a piece of property to
faust18 [17]
<span>The answer is "</span><span>A) If the licensing statute is primarily a regulatory statute, (designed to protect the publicity), Andrea cannot collect her commission</span><span>."
</span>

Regulatory statutes refers to the licensing statutes sanctioned to ensure general society. unlicensed people can't recuperate installment for giving administrations that an authorized individual is required to give.
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3 years ago
What does the project management office do?
Archy [21]
<span>What does the project management office do?
                                Answer:</span>
<span>A project management office,(PMO)  is a group or department within a business, agency or enterprise that defines and maintains standards for project management within the organization. </span>
4 0
3 years ago
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