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seraphim [82]
3 years ago
7

For taxpayers who do not itemize deductions, the standard deduction amount is subtracted from the taxpayer's adjusted gross inco

me. True False
Business
1 answer:
Elina [12.6K]3 years ago
8 0

Answer:

The statement is: True.

Explanation:

The Adjusted Gross Income (<em>AGI</em>) is a measure based on individuals' gross income that serves as the basis for different deductions, among them, taxes. Taxpayers can request a tax credit based on certain expenditures that can be eligible for deduction. To do so, they must itemize those expenses in <em>Form 1040</em> (Schedule A). Otherwise, the deduction will be based on the taxpayer's AGI.

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Alice listed a three-bedroom home for her client, but before she finds a buyer, the home burns to the ground. What happens to th
Nezavi [6.7K]

Answer:

The agency agreement is terminated upon destruction of the property.

4 0
2 years ago
Bay City Company’s fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 var
vredina [299]

Answer:

Bay City Company

Flexible Budget Performance Report:

                                         Flexible Budget    Actual Results    Variances

Sales (in units)                            4,900                4,900

Sales (in dollars)                  $392,000          $431,200        $39,200 F

Total expenses:

Variable expenses                245,000           276,000           31,200 U

Fixed expenses                     140,000            130,000            10,000 F

Total expenses                     385,000           406,000            21,200 U

Income from operations        $7,000           $25,200          $18,200 U

Explanation:

a) Data and Calculations:

Variable expenses = $300,000

Fixed expenses =      $140,000

Budgeted total expenses = $440,000

Actual expenses:

Fixed expenses = $130,000

                                         Fixed Budget    Actual Results    Variances

Sales (in units)                            6,000                4,900

Sales (in dollars)                  $480,000          $431,200        $48,800 U

Total expenses                     440,000           406,000           34,000 F

Income from operations      $40,000           $25,200         $14,800 U

Flexing the budgets:

Sales revenue = $392,000 ($480,000/6,000 * 4,900)

Variable expenses = $245,000 ($300,000/6,000 * $4,900)

Actual variable expenses = $276,000 ($406,000 - $130,000)

6 0
2 years ago
When a restaurant prices pizza at $10 per slice they sell 100 slices in a night. If they sell pizza for $5 per slice, they sell
Helga [31]

slope of this demand curve for pizza = <u>-1/40</u>

<h3>Briefly explained</h3>

Slope = changes in y/ changes in x

The shop sells 200 more pizzas if the price drops by $5 ($10 to $5). (100 to 300 pizzas) A good's quantity is always on the x-axis and its price is always on the y-axis. According to our justification, the cost is REDUCED by $5 (a reduction of -$5) and the quantity of pizzas sold rises by 200. The slope is therefore <u>-5/200 or -1/40.</u>

<h3>What is demand curve?</h3>

The demand curve is a graphical depiction of the connection between the cost of a commodity or service and the quantity required over a specific time period.

The price will often be shown on the left vertical axis in a representation, and the amount needed will typically be shown on the horizontal axis.

Learn more about demand curve

brainly.com/question/1139186

#SPJ4

5 0
1 year ago
Prime Cost and Conversion Cost Grin Company manufactures digital cameras. In January, Grin produced 4,000 cameras with the follo
Kobotan [32]

Answer:

Prime costs= $480,000

Explanation:

Giving the following information:

Grin produced 4,000 cameras with the following costs:

Direct materials $400,000

Direct labor 80,000

Manufacturing overhead 320,000

To calculate the prime costs we need to use the following formula:

Prime costs= direct material + direct labor

Prime costs= 400,000 + 80,000= $480,000

8 0
3 years ago
The total factory overhead for Martin Company is budgeted for the year at $375,000. Martin manufactures two garden products: a l
meriva

Calculation of total number of budgeted direct labor hours for the year:


It is given that Martin manufactures two garden products. These products each require four direct labor hours (dlh) to manufacture. Each product is budgeted for 2,500 units of production for the year.

Hence, the total number of budgeted direct labor hours for the year shall be = 2 Products *2500 units * 4 dlh = 20,000 dlh.



4 0
3 years ago
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