Answer:
The amount that is deductible as interest expense for Renee in 2021 is:
= $4,000.
Explanation:
a) Data:
Home mortgage - $110,000
Interest on home mortgage = $4,000
Home equity loan for a cruise around the world = $130,000
Interest on the home equity loan = $8,000
Deductible interest expense for Renee in 2021 is $4,000
b) Usually, the interest expenses that a taxpayer pays on her home equity loan to enjoy a cruise around the world, on personal credit card, on automobile loan, and on other types of personal consumer finance interests are not tax-deductible.
Answer:
Please see below
Explanation:
Given that:
Number of chairs sold = 35,000
Cost per chair $79
The cost of goods sold that must be eliminated from the consolidated
= Number of chairs sold × Cost per chair
= 35,000 × $90
= $2,765,000
Therefore, for computing the cost of goods sold to be eliminated, we simply multiply the number of chairs sold with cost per chair.
<span>As there is no set of options given with the question, we'd go with one difference which is most conspicuous between the two types of countries. That difference is the standard of living and amenities in the incone range of the masses. In developing countries, people still have to give up on necessary amenities which are normal to have in developed countries.</span>
Answer:
50,000
Explanation:
Hughes Corporation can calculate the incremental cash outflow required to acquire the new machine by just deducting the sales proceeds from the cost of the new machine.
DATA
New machine = $150,000
Old machine = 100,000
Cash outflow per year (18,000 - 10,000) = 8,000
Salvage value = 25,000
Annuity factor = 8%
Solution
Incremental Cash outflow = Cost of new machine - Sales proceeds from old machine
Incrementa Cash outflow = 150,000 - 100,000
Incremental Cash outflow = $50,000
