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Kay [80]
2 years ago
9

Zack has collected the following information for preparing his 2019 taxes: Gross income $74,000, tax credits $2,500, itemized de

ductions $9,000, deductions for AGI $5,000, tax prepayments $8,400. Based on this information, Zack's "adjusted gross income" equals $________. and his "taxable income" equals $_______________.
Business
1 answer:
Alexus [3.1K]2 years ago
3 0

Answer:

Zack's adjusted gross income

His adjusted gross income is equal to his gross income minus eligible deductions.

Adjusted gross income (AGI) = gross income - deductions for AGI

                                                = $74,000 - $5,000

                                                = $69,000

Zack's taxable income

His taxable income is equal to his AGI minus itemized deductions minus tax prepayments minus tax credits.

Taxable Income = $69,000 - $2,500 - $8,400

                           = $58,100

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Maria spends all of her money on paperback novels and beignets. In 2011 she earned $27.00 per hour, the price of a paperback nov
marishachu [46]

Answer:

1.  The price of a beignet is $3.00 in 2011 and Maria's wage is $27.00 per hour in 2011.

2. The price of a paperback novel is 3 beignets in 2011 and Maria's wage is 9 beignets per hour in 2011.

3. 3 Beignets

4. increases and remains the same

Explanation:

1.  Nominal value is the value of a product based on the money of the day that we see. The price of a beignet is $3.00 in 2011 and Maria's wage is $27.00 per hour in 2011 are the values of the product and wage quoting the money of the day.

2. The real value of a varaible is the value in terms of the value of some other goods. In this case Paperback and Maria's wage are valued in terms of beignets.

3. The relative price of paperback is valued in terms of beignets. So if a beignet costs $6 and a paperback novel is $18. The relative price of a paperback novel will be three times the cost of beignet, since a beignet costs $6.

4. Between 2011 and 2016, the nominal value of Maria's wage increases and the real value of her wage remains the same.

6 0
3 years ago
If the spot rate of the Israeli shekel is 5.76 shekels per dollar and the 180-day forward rate is 5.51 shekels per dollar, then
kvv77 [185]

Answer:

Premium = $5.76 -$5.51 = 0.25

Percentage of premium = 0.25/5.76 x 100

                                        = 4.34% premium

The correct answer is A

Explanation:

This is an indirect quote in which dollar is fixed and shekels is variable. In order to obtain the 180-day forward rate, premium of $0.25 has been deducted. In indirect quote, premium is deducted from the spot rate in order to determine the forward rate ie $5.76 - $0.25 = $5.51. The percentage of premium is calculated as premium divided by spot rate multiplied by 100.

8 0
2 years ago
The __________ is based on all the goods and services produced in the economy, which make it a current-weights index. eco203
podryga [215]

Answer:

The __Paasche Index or Current-Weighted Index_______ is based on all the goods and services produced in the economy, which make it a current-weights index.

Explanation:

The Current-Weighted Index is an index that calculates the weighted average of prices or quantities or with the weights used proportionate to the quantities or prices of the goods.  At regular intervals, the weights have to re-calculated in line with the current realities.  This regular re-calculation of the weights, which is the basis for its name, makes it current.

8 0
3 years ago
repare a contribution format income statement segmented by divisions. 2-a. The Marketing Department has proposed increasing the
Umnica [9.8K]

Question Completion:

Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement: Sales Variable expenses Contribution margin Fixed expenses Net operating income (loss) $ 1,509,000 567,040 941,968 1,036,000 $ (94,040) In an effort to resolve the problem, the company would like to prepare an income statement segmented by division. Accordingly, the Accounting Department has developed the following information: Division Central $389,000 $600,000 $520,000 East West Sales Variable expenses as a percentage of sales Traceable fixed expenses 27% 36% $283,000 $336,000 $203,000

Prepare a contribution format income statement segmented by divisions Division Total Company East Central West

The Marketing Department has proposed increasing the West Division's monthly advertising by $25,000 based on the belief that it would increase that division's sales by 19%.

Answer:

Wingate Company

a. Contribution format income statement segmented by divisions

Division                            Total Company        East      Central        West

Sales                                   $ 1,509,000   $389,000  $600,000  $520,000

Variable expenses                   567,040      217,840      162,000      187,200

Contribution margin                 941,960     $171,160   $438,000   $332,800

Traceable fixed expenses      822,000  $283,000   $336,000  $203,000

Non-traceable fixed expense  214,000

Net operating income (loss) $ (94,040)   ($111,840)   $102,000  $129,800

b. If the marketing department's proposal is implemented, the net operating loss will decrease by $38,232, i.e from $94,040 to $55,808.

Explanation:

a) Data and Calculations:

Wingate's most recent monthly contribution format income statement:

Sales                                   $ 1,509,000

Variable expenses                   567,040

Contribution margin                 941,968

Fixed expenses                     1,036,000

Net operating income (loss) $ (94,040)

Additional information:

Division                                 Central       East          West

Sales                                   $389,000  $600,000  $520,000

Variable expenses as a

 percentage of sales                 56%           27%           36%

Traceable fixed expenses $283,000  $336,000 $203,000

Increase in Division West's fixed expenses by $25,000

Expected increase in Division West's sales = 19%

Contribution format income statement segmented by divisions

Division                            Total Company        East      Central        West

Sales                                   $ 1,509,000   $389,000  $600,000  $520,000

Variable expenses                   567,040      217,840      162,000      187,200

Contribution margin                 941,968     $171,160   $438,000   $332,800

Traceable fixed expenses      822,000  $283,000   $336,000  $203,000

Non-traceable fixed expense  214,000

Net operating income (loss) $ (94,040)   ($111,840)   $102,000  $129,800

Based on new proposal:

Contribution format income statement segmented by divisions

Division                            Total Company        East      Central        West

Sales                                   $ 1,607,800   $389,000  $600,000   $618,800

Variable expenses                  602,608      217,840      162,000    222,768

Contribution margin              1,005,192     $171,160   $438,000  $396,032

Traceable fixed expenses      847,000  $283,000   $336,000  $228,000

Non-traceable fixed expense  214,000

Net operating income (loss) $ (55,808)   ($111,840)   $102,000  $168,032

5 0
2 years ago
One of the most important features of a filing and record keeping system is that it works for you and meets your needs true or f
MA_775_DIABLO [31]

Answer:

True

Explanation:

In record keeping using the filling method, it is done in-order to keep track of all the important documents and information regarding to the company. <em>This record keeping system could employ the manual method or writing with hand or the electronic method of storing such information using the computer or other electronic device.</em>

7 0
3 years ago
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