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salantis [7]
3 years ago
14

Emily, who lives in Indiana, volunteered to travel to Louisiana in March to work on a home-building project for

Business
1 answer:
solmaris [256]3 years ago
3 0

Answer:

D) $2,200

Explanation:

The IRS does not allow individuals to deduct time spent as a volunteer from their gross income, volunteers can only deduct certain expenses related to the activity.

The only things that Emily can deduct for this charitable activity are transportation costs, lodging costs and meals:

Emily's deduction = $600 + $1,200 + $400 = $2,200

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The income tax rate in a state is a flat 10 percent. Based on that rate, who has the higher tax burden?
agasfer [191]
I think it’s Alex since he has the lowest salary so it’d be harder for him to pay the tax
3 0
3 years ago
On April 1, year 1, Mary borrowed $130,000 to re-finance the original mortgage on her principal residence. Mary paid 1 points to
Simora [160]

Answer:

Mary can deduct $1,300 in year 1 for her points paid.

Explanation:

a) Data and Calculations:

April 1, Amount borrowed by Mary to refinance the original mortgage on her principal residence = $130,000

Payment of 1 points to reduce Mary's interest rate from 7% to 6% amounts to 1% of $130,000 = $1,300.

b) Mary paying 1 points is beneficial to her since her interest cost is reduced from 7% to 6%.  This implies that her total finance cost at the end of the 30-year period will be reduced.

4 0
3 years ago
During the current year, merchandise is sold for $137,500 cash and $425,600 on account. the cost of the merchandise sold is $322
LenKa [72]

The gross sales margin equals 42.76%

The formula to calculate the Gross Sales Margin is (Revenue - Cost of Goods Sold) / Revenue

Revenue = $137,500 + $425,600 = $563,100

($563,100 - 322,325) / 563,100 =

240,775 / 563,100 = 42.76%

4 0
3 years ago
Which of the following is not an outcome of providing more responsive customer care?
ryzh [129]

Answer:

reduced competiton

Explanation:

5 0
3 years ago
Reporting Financial Statement Effects of Bond Transactions Lundholm, Inc., which reports financial statements each December 31,
saw5 [17]

Answer:

                            Lundholm, Inc

                            Journal Entries

Date          Account Titles                   Debit          Credit

May 1, 18   Cash                                $500,000

                       Bonds payable                               $500,000

                 (To record the bond issuance)                  

31 Oct, 18  Interest Expenses           $22,500

                 (500000*9%*6/12)

                         Cash                                               $22,500

                 (To record payment of the first semiannual period’s interest)

Nov 1, 19  Bonds payable                  $300,000

                Loss on Bonds                  $3,000

                          Cash                                                $303,000

                 (To record retirement the bonds at 101 on November 1, 2019)

8 0
2 years ago
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