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3 years ago

15

US taxpayers who attended college or university in the past year can deduct the interest paid on student loans from their taxabl

e income.a. rellocating resourcesb. redistributing incomec. promoting stabilityd. mantaining competition

1 answer:

nexus9112 [7]3 years ago

8 0

Answer: b. redistributing income

Explanation:

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The accounting equation is assets = liabilities + owner’s equity.

Anon25 [30]

Answer:

A. Why must this equation always balance?

It must balance because all the assets that firm controls have been acquired either by external funding (liabilities), or by internal funding (owner's equity).

This also explains the relationship between economic resources and claims to economic resources. Economic resources (assets) are either the claim of an external agent that has to be paid in the future (liability), or the claim of one of the company's owners who could in theory dissolve the company and take possession of the company's assets (equity).

B. What transactions increase or decrease owner’s equity?

Profits increase owner's equity, as well as capita contributions, whether in the form of stocks, equipment, or other financial instruments.

Costs and expenses are substracted from revenues, and therefore they reduce profits, and owner's equity.

C. How does net income or loss affect owner’s equity?

A net income profit increases owner's equity, while a net income loss decreases owner's equity.

D. Please give an example of a transaction, applied to the accounting equation.

ABC corporation issues 1,000 common stocks with par value of $5, and a price per stock of $7. The journal entry is:

Account Debit Credit

Cash $7,000

Common Stock $5,000

Additional Paid-In Capital $2,000

In this transaction, cash is an asset and common stock and additional paid-in capital are part of the stockholder's equity. The corporation does not have any liabilities yet.

ABC Corp accounting equation = Assets = Liabilities + Stockholder's equity

= $7,000 = 0 + $7,000

As can be seen, the accounting equation is true even in the earliest stages of the corporation.

6 0

3 years ago

Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $740 with his state income tax ret

oksano4ka [1.4K]

Answer: $5960

Explanation:

Based on the analysis and the information provided in the question, the amount of taxes that Tim can deduct as an itemized deduction will be the addition of the Tim's state income tax return for the previous year, the state tax that was held during the year and the estimated state tax payment. This will be:

= $740 + $4200 + $1020

= $5960

Therefore, the amount of taxes that Tim can deduct as an itemized deduction will be $5960.

3 0

3 years ago

Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired b

gavmur [86]

Answer:

$15

Explanation:

Accounting profit is calculated as revenue less total cost.

Accounting profit = Revenue - Cost

$20 - $5 = $15

An accountant calculates accounting profit.

3 0

3 years ago

______________ may backfire if employees become aware but is a tactic that can overcome resistance to change in a rather inexpen

galben [10]

Answer:

Manipulation

Explanation:

Manipulation is the term which is described as to treat or operate someone with mechanical means or with the hands especially in a manner which is skillful or inexpensive.

So, the manipulation is that which might backfire if the employees become known or aware but the tactic or the strategy which could overcome the resistance in order to change in an inexpensive manner or a way.

4 0

3 years ago

Howorth Dental Products is a London-based producer of a patented anti-microbial dental floss. All raw material is introduced at

11Alexandr11 [23.1K]

Answer:

Choice A is the correct answer

Explanation:

Howorth Dental Products

Cost of Production Report

Equivalent Units Materials Conversion Costs

Finished Goods 383000 383000

Ending WIP 19000 6650 ( 19000* 35%)

Total Equivalent Units 402,000 389650

Costs Material D.LAbor FOH

Preceding Department 46,100 25,000 25000

Added 85,800 98,300 98,700

Total Costs 131,900 123,300 123,700

Material Costs Per Equivalent Unit = 131,900/ 402,000= 0.328

Direct LAbor Costs Per Equivalent Unit = 123,300/ 389,650=0.316

FOH Costs Per Equivalent Unit = 123,700/ 389,650=0.317

Total Cost per Equivalent unit = 0.328 + 0.316+0.317= 0.961≅ 0.962 (rounding would give a difference)

Costs Transferred to Finished Goods = 0.962* 383,000= $368,446

Costs OF Ending work in Process = 0.328 * 19,000 + 0.316* 6650 + 0.317 * 6650

Costs of Ending WIP= 6232 +2108.5+ 2101.4= 10,441.9

Total Cost Allocation= 368,446 + 10,441.9= 378,887.9

Equivalent units of direct material 402,000

Equivalent units of direct labor 389,650

Equivalent units of overhead 389,650

Costs per equivalent unit $0.962

Transferred to Finished Goods $368,446

Total Ending Work in Process $10,449

Total Cost Allocation $378,895

There's a minute difference in the WIP ending Inventory Costs ( 10449 - 10441.9 = 7.1)and Total Costs ($378,895-378,887.9= 7.1) which is only due to rounding off. If you round off you will get the exact figures as given in the option.

6 0

3 years ago