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horsena [70]
3 years ago
6

Paolo and Isadora Shaw are married, file a joint tax return, and have one dependent child, Dante. The Shaws report modified AGI

of $148,000. The couple paid $12,000 of tuition and $10,000 for room and board for Dante, a full-time first-year student at Serene College. Determine the amount of the Shaws' American Opportunity credit for the year.
Business
1 answer:
almond37 [142]3 years ago
6 0

Answer:

2500

Explanation:

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Prepare journal entries for each transaction listed. (If no entry is required for a transaction/event, select "No Journal Entry
AysviL [449]

Answer:

The journal entries are shown below:

Explanation:

According to the scenario, the journal entries for the given data are as follows:

(1). Jun.30   Bad Debt expense A/c Dr $12,800

                   To Allowance for Doubtful A/c $12,800

                    (Being the bad debt expense is recorded)

(2). July       Allowance for Doubtful A/c Dr $6,400

                   To Accounts Receivable A/c $6,400

                    (Being the customer balance written off is recorded)

7 0
3 years ago
Esquire Comic Book Company had income before tax of $1,550,000 in 2021 before considering the following material items: 1. Esqui
olga2289 [7]

Answer:

                   Esquire Comic Book Company

                                Income Statement

                For the Year Ended December 31, 2021

Operating income                                                 $1,550,000

Restructuring costs                                                 ($60,000)

Income from continuing operations b/ Taxes     $1,490,000

<u>Income tax expense                                              ($372,500)</u>

Income from continuing operations                                        $1,117,500

Discontinued operations:

  • Operating income                                          $610,000
  • Loss on disposal                                          ($395,000)
  • <u>Income tax on discontinued operations       ($53,750)</u>

Income from discontinued operations                                     $161,250

<u>Net income                                                                             $1,278,750</u>

Explanation:

Income from discontinued operations must be reported separately, but any restructuring costs must be included as operational expenses.

3 0
3 years ago
Which of the following comes after a period of recession in the business cycle? A. Stagflation B. A drought C. A boom D. Recover
morpeh [17]
<h3>Hello there!</h3>

Your question asks what comes after the period of recession in the business cycle.

<h3>Answer: D). Recovery</h3>

The reason why answer choice "D). Recovery" is correct because this comes after the period of recession in the business cycle.

Recession is like a "slow down" in the activity of a business. Which means that they aren't receiving any income, GDP, investments, and etc. This would cause a business to decrease while a lot of expenses that the business is getting are increasing. By expensive, I mean the cost to keep the business running and things of that sort.

Businesses go through a time of recession; therefore, they need to "recover" from that. And that's why recovery is the next stage. A business must recover from the "recession" period if they want to keep the business up and running. If the business doesn't recover, then the business will fail.

Once the business can recover from the recession period, then the business can succeed in their plans and execute them, while seeing the profits that they expected to make.

<h3>I hope this helps!</h3><h3>Best regards, MasterInvestor</h3>
7 0
3 years ago
Using your current knowledge about scholarships, grants, and loans, let's review some helpful websites that will assist you on y
ahrayia [7]

Answer:

Asking the director or principal

7 0
3 years ago
Read 2 more answers
our neighbor has monthly expenses totaling $3350. His employer has indicated that the firm is expecting to announce layoffs soon
9966 [12]

Answer:

$20,100

Explanation:

You will have to multiply the monthly expenses by 6

$3,350 x 6

= $20,100

A layoff is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees for business reasons, such as personnel management or downsizing an organization.

When calculating how much you will need, don't plan for just your largest bills. You'll need enough to cover mortgage or rent and vehicle payments, but you will also need to pay utilities, credit cards, insurance, and buy groceries. Everything that's in your normal budget should be considered.

Though you may spend lesser since you're no longer going to work BUT you must consider your normal monthly budget.

3 0
3 years ago
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