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marissa [1.9K]
3 years ago
11

In 2019, Sayer, who is single, have an outright gift of $53,000 to a friend, Johnson, who needed the money to pay medical expens

es. In filing the 2019 gift tax return, Sayer was entitled to a maximum exclusion of _____
Business
1 answer:
AlekseyPX3 years ago
6 0

Answer:

$53,000

Explanation:

Remember, Johnson, needed the money to pay medical expenses. It is important to note that even though any gift is a taxable gift, there are many exceptions to the tax rule. One such gift that is not taxable is; Medical expenses you pay for someone.

In filing the 2019 gift tax return Sayer would by entitled to an exclusion of $53,000.

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Marsh, inc. paid for freight costs on merchandise it shipped to a customer. in what account will marsh record this cost in a per
Alexxandr [17]
The answer for this is <span>freight-out
</span>The entry to record the payment of freight costs for goods shipped to a customer requires a debit to Freight-out and a credit to cash. Freight-out is not part of the cost of inventory; it is a delivery expense and appears among the operating expenses on the income statement.
<span>In contrast, freight-in is used to record the shipping costs associated with acquiring inventory (note: when using a perpetual inventory system, the shipping cost associated with acquiring inventory is debited to Inventory).</span>
3 0
2 years ago
The risk-free rate is 5%; Stock A has a beta of 2.0; Stock B has a beta of 1.0; and the market risk premiumis positive. Which of
butalik [34]

Answer:

C) If Stock B's required return is 11%, then the market risk premium is 6%.

Explanation:

In this question, we apply the Capital Asset Pricing Model (CAPM) formula which is shown below

Expected rate of return = Risk-free rate of return + Beta × (Market rate of return - Risk-free rate of return)

The (Market rate of return - Risk-free rate of return)  is also known as the market risk premium

If we take the required return is 11%, so the market risk premium would be for stock B

11% = 5% + 1 × Market risk premium

11% - 5% = Market risk premium

So, the market risk premium would be 6%

If we take the required return is 11%, so the market risk premium would be for stock A

11% = 5% + 2 × Market risk premium

11% - 5% = Market risk premium

So, the market risk premium would be 3%

Hence, the correct option is C

3 0
3 years ago
Recently many large commercial and retail banks have been choosing to increase the amount of excess reserves they hold in the Fe
xenn [34]

Answer:

A. True

Explanation:

Large commercial and retail banks have been choosing to increase the amount of excess reserves they hold in the Federal Reserve, and this has caused an increase in the money multiplier and the money supply.

This is true as an increase in the Federal reserves would lead to increased room for loan and lending facilities which would also help increase the money supply of the populace.

6 0
3 years ago
Timothy was driving his friend Nick to football practice. While driving, he was hit by a driver who had coverage of 100/300/50.
Art [367]

Answer:

A) The policy would provide a maximum of $100,000 for each person who was injured, and no more than $300,000 for total injuries of all parties in the accident.

Explanation:

The auto liability insurance policy held by the driver is an example of a split limit liability insurance. The split limit insurance of 100/300/50 is explained thus:

$100,000 - bodily injury liability insurance per person

$300,000 - Total bodily injury liability insurance per accident

$50,000 - Property damage liability per accident.

6 0
3 years ago
At december 31, gill co. reported accounts receivable of $244,000 and an allowance for uncollectible accounts of $1,350 (credit)
konstantin123 [22]
Given:
<span>accounts receivable of $244,000
allowance for uncollectible accounts of $1,350 (credit)

1% of the accounts receivable should be the value of the allowance for uncollectible accounts. 

244,000 x 1% = 2,440

2,440 - 1,350 = 1,090

Adjusting entry:
                                           Debit                    Credit
Bad Debt Expense             1,090
        Allowance for uncollectible accounts       1,090</span>
4 0
3 years ago
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