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mariarad [96]
3 years ago
6

Hope receives an $18,500 scholarship from State University. The university specifies books, supplies, and equipment, while $10,0

00 is for room and board. In addition, Hope w campus library and earns $5,000. What is Hope's gross income?
Business
1 answer:
irga5000 [103]3 years ago
5 0

Answer:

Hope's gross income = $5000 + $10,000 = $15,000

Explanation:

First, we need to highlight what are qualified education expenses especially for tax-free fellowships and scholarships.

Specifically, the qualified expenses that will be tax exempt will be

The tuition and fees which are requirements to go to an eligible school or institution

Other course related expenses required for courses in such institutions such as books equipment and supplies are also tax exempt.

<u>However, room and board, research travel and other expenses that are not required for courses in the institution are not tax free</u>

Based on this analysis:

Hope's initial earning on campus = $5000

However, $10,000 spent on room and board are not required for enrolment in the school, hence, it will be added to the earnings to make the gross income

Hope's gross income = $5000 + $10,000 = $15,000

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During a​ year, a​ firm's gross investmentgross investment is ​$6 comma 0006,000 and net investmentnet investment is ​$4 comma 8
Greeley [361]

Answer: The answer is $1,200

Explanation:

In order to calculate the Depreciation, we use the formula:

Gross investment = Net Investment + Depreciation.

Let Depreciation be represented by x

Gross investment - $6,000

Net investment - $4,800.

Therefore, we have:

6,000 = 4,800 + x

x = 6,000 - 4,800

x = 1,200

Therefore Depreciation is $1,200

7 0
3 years ago
Marine, Inc., manufactures a product that is available in both a flexible and a rigid model. The company has made the rigid mode
Viefleur [7K]

Answer:

Estimated manufacturing overhead rate= $32 per direct labor hour

Explanation:

Giving the following information:

At the beginning of the current year, management estimated that $672,000 in overhead costs would be incurred and the company would produce and sell 2,000 units of the flexible model and 10,000 units of the rigid model.

The flexible model requires 3.0 hour(s) of direct labor time per unit, and the rigid model requires 1.50 hour(s).

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base=

Estimated manufacturing overhead rate= 672,000/(2000*3 + 10000*1.5)= $32 per direct labor hour

8 0
2 years ago
Michelle owns a rental property in San Diego that she has rented to Luis for four years. The street on which the house is locate
ivolga24 [154]

Michelle must give Luis a sixty-day written notice of the lease termination because he has lived in the property for more than one year.

Explanation:

The landlord must send a 30-day notice of termination in writing with the occupant at the cost of his will, unless the owner stays in the house for more than one year, which includes a notice of 60 days.

The 60 Days Lease Termination Letter is an appointment for a residential property owner to use when he wishes to vacate a tenant for at least a year or more after residing in the house.

In California, a landlord can terminate a rental after a tenant has spent a year or more on the property and has provided the tenant with a notice of sixty days.

8 0
2 years ago
A stock paid $2.64 in dividends at the end of last year and is expected to pay a cash dividend
Sindrei [870]

Answer:

$117.26

Explanation:

Easy.

4 0
2 years ago
Read 2 more answers
Blade Breeze Company manufactures ceiling fans and uses an activity-based costing system. Each ceiling fan has 20 separate parts
Rainbow [258]

Answer:

cost of machining per ceiling fan= $18  per unit

Explanation:

<em>Activity-based costing is a form of absorption costing where overheads are charged to product using cost drivers. Under this method, overheads are first analyzed and categorized by the activities responsible for them and then charged to product based on the amount of benefits enjoyed using cost drivers.</em>

For example, the machining overhead would charged to each ceiling fan using the machining overhead rate per machine hours.

Cost of machining per ceiling fan = Machining hours × overhead rate per machine hours

= 2.50 × $7.20= $18  per unit

cost of machining per ceiling fan= $18  per unit

5 0
3 years ago
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