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Bumek [7]
3 years ago
9

Mike Hansen has adjusted gross income of $28,000. During the year, Mike decided he needed a larger home. He purchased a home on

a golf course in the same town as his first home. Mike incurred $7,500 in moving expenses. How much of this can he deduct from adjusted gross income?
Business
1 answer:
masya89 [10]3 years ago
4 0

Answer: The whole of $7,500 moving expenses

Explanation:Mike Hansen is entitled to the deduction of $7,500 moving expenses  from his adjusted gross income.  

The IRS now allows employees to deduct any moving expenses incurred by them to be deducted from their adjusted gross income before taxation.

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Economist Brown believes that changes in aggregate demand affect only the price level, and economist Black believes that changes
n200080 [17]

Answer:

Economist Brown : Perfectly Inelastic (Vertical) Aggregate Supply

Economist Black : Perfectly Elastic (Horizontal) Aggregate Supply

Explanation:

Economy is at equilibrium where : Aggregate Demand = Aggregate Supply.

Aggregate Demand is downward sloping curve, as aggregate demand is inversely related with price. Increase in AD shifts the AD curve rightwards.

Aggregate Supply is usually upward sloping curve, as it is directly related to price. However, as per given special cases by Economists Black & Brown, it is as undermentioned :

  • Black : AD increase (rightwards shift) increases only price if - Aggregate Supply is perfectly inelastic i.e non respondent to price & AS curve is vertical.

Real GDP is the total value of goods & services produced by an economy, valued at constant base prices. Increase in real GDP implies increase in production quantity.

  • Brown : AD increase (rightwards shift) increases only Real GDP (quantity) if - Aggregate Supply is perfectly elastic (infinitely respondent to price, so prices constant) & AS curve is horizontal.
4 0
2 years ago
When creditors, managers, and investors look at expenses as a percentage of revenue, they are __________.
sineoko [7]

Answer:

Doing a financial statement analysis.

Explanation:

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

Financial statement analysis can be defined as the process of analyzing, estimating and reviewing the financial statements of a business firm or organization in order to make better economic decisions and profits in the future.

Hence, when creditors, managers, and investors look at expenses as a percentage of revenue, they are doing a financial statement analysis.

7 0
3 years ago
During 2020, Lincoln Company hires seven individuals who are certified to be members of a qualifying targeted group. Each employ
Montano1993 [528]

Answer:

$16,800

Explanation:

Calculation to determine what Lincoln Company's work opportunity credit is

Work opportunity credit= $6,000 * .40 *7

Work opportunity credit = $16,800

Therefore Lincoln Company's work opportunity credit is $16,800

7 0
2 years ago
What does deficit mean?
galben [10]
The definition of deficit is, A sum of money that is small. Also, this can mean a loss of money. Another definition is, the number of loses in sports. Or, individual. Hope this helps
8 0
2 years ago
Gail Schneeweis is a nurse at Central City Hospital. She is paid $33.62 per hour and has a 40-hour standard workweek. During the
fenix001 [56]

Answer:

Gail would make $6,062.4 after a 2 week and 90 hours job

3 0
2 years ago
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