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zhenek [66]
3 years ago
5

.3Simba and Zola are married but file separate returns. Simba received $80,000 of salary and $1,200 of taxable dividends on stoc

k he purchased in his name and paid from the salary he earned since the marriage. Zola collected $900 in taxable interest on a certificate of deposit she inherited from her aunt. Compute Zola’s gross income
Business
1 answer:
Sidana [21]3 years ago
6 0

Answer:

Zola's gross income is worked out under community property state;

Explanation:

community property state

Dividends ($1200/2)                               $600

Interest on certificate of deposit  ($900/2)     $450

Salary               ($80,000/2)                          $40,000

Gross income                                         $41,050

Under community law system, all the property is deemed to be community property and is held jointly by the spouses unless the property is acquired before marriage or inheritance or gift.

For federal tax purposes, each spouse is taxed one and half of the property belonging to community. Therefore Zola is taxed 50% for the incomes of her spouse as well including the interest on certificate of deposit.

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7 0
3 years ago
May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $9 cash per uni
Airida [17]

Answer:

Explanation:

May 3

Dr merchandise inventory 27,000

   Cr Cash 27,000

May 5

Dr Accounts receivable 19,500

    Cr Sales 19,500

May 5

Dr COGS 13,500

     Cr Merchandise inventory 13,500

May 7

Dr Sales returns and allowances 1,950

     Cr Accounts receivable 1950

Dr Merchandise inventory 1350

     Cr COGS 1350

May 8

Dr Sales returns and allowances 750

     Cr Accounts receivable 750

May 15

Dr Cash 16464

Dr Sales discount 336

    Cr Account receivable 16800

19500-1950-750 = 16800

16800*2% = 336

7 0
3 years ago
Consider the circular flow model to answer the questions that follow.
Zarrin [17]

Answer:

The answer is :

A. Resource market - income

B. Expenditure - product market.

Explanation:

A. Resource market - income

B. Expenditure - product market

The circular flow model shows how money moves through the economy in exchange for goods, services, and resources.

A.

In circular flow of income, households provide inputs to firms through the resource market(matket where households supply land, labor, capital, and entrepreneurship) in exchange for money(income or wages).

B.

Also in circular flow of income, firms receives expenditure from household and this type of market is called product market(which refers to a place where goods and services are bought and sold)

6 0
3 years ago
Cross Company reported the following results for the year ended December 31, 2018, its first year of operations: 2018 Income (pe
Jlenok [28]

Answer:

$420,000 deferred tax asset

Explanation:

Deferred-tax assets are asset that occurred when company's or organization record income tax is less than the one which is been paid to the tax authority.

Taxable income 3,200,000

Less;Income (per books before income taxes) $2,000,000

Total $1,200,000

Therefore

$1,200,000×35%

=$420,000 deferred tax asset.

Cross record should record $420,000 as a net deferred tax asset or liability for the year ended December 31, 2018

4 0
3 years ago
Woodward Corporation reported pretax book income of $1,000,000. Included in the computation were favorable temporary differences
andreyandreev [35.5K]

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

Download xlsx
6 0
3 years ago
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