Answer:
$0
Explanation:
Tax payers can elect to use either standard deduction or itemized deduction to reduce their taxable income, for them to pay least amount of tax on their taxable income. Standard deduction is calculated and given in accordance with the provision of the tax law while itemized deduction is a list of items that the tax payer has incurred and expecting to except from tax, examples of this includes donation to charities and interest paid on mortgage.
Taxpayers normally elect the higher of standard deduction and itemized deduction to reduce their tax liability to the lowest.
In the case of Buddy Slaton, electing for itemized deduction of contributing to church($3,000) will save her no tax since the standard deduction is greater ($,5450).
Answer:
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Answer:
$2
Explanation:
Given that
The fixed cost = $100
Cost on wool if 10 sweater are made in a month = $15
Cost on wool if 11 sweater are made in a month = $17
Since it involves no other cost
So, the marginal cost of the eleventh sweater is
= Cost on wool when 11 sweater made in one month - Cost on wool when 10 sweater made in one month
= $17 - $15
= $2
Answer:
generally you need to determine the cost per unit, but in this case you are given a percentage of depletion = 10% x $225,000 = $22,500 which determines the inventory value (or depletion expense if the timber is sold) during the year.
the journal entry should be:
December 31, 20xx
Dr Timber inventory 22,500
Cr Accumulated depletion - timber tract 22,500
