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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:

You might be interested in
Expenses recognition Sun Microsystems uses the accrual basis of accounting and recognizes revenue at the Lime it sells goods or
s2008m [1.1K]

Answer:

Sun Microsystems

Amount of Expenses to recognize during the months of June, July, and August in each of the following transactions:

a. Rent Expense = $30,000

b. Utility Expense = $4,650

c. Supplies Expense = $9,700

d. Property Taxes = $1,800

e. No expense is recognized.

f. Salary Expense = $4,500

g. Advertising Expense = $6,600

Explanation:

Data and Calculations:

a. Rent Expense = $180,000/12 * 2 = $30,000 Rent Prepaid $150,000

b. Utility Expense $4,560

c. Supplies Expense $9,700 ($12,600 - $2,900)

d. Property Taxes = $7,200 *3/12 = $1,800

e. No expense is recognized for the advance payment for delivery van.

f. Salary Expense $4,500

g. Advertising Expense $6,600

4 0
2 years ago
What is the main purpose of performance appraisals and why do appraisal programs fail?
lora16 [44]

The main purpose as well as the cause of the failure of performance appraisal process is as described below-

Explanation:

Appraisal refers to the process (mostly formal) to evaluate the productivity of the manpower of an organisation. It serves for administrative as well as developmental purpose.

Performance appraisal serves three important purpose-

  • Providing adequate feedback to employees based on his/her performance.
  • It can help in modifying employee behaviour and thus contributing to an effective workspace environment.
  • Providing qualitative parameters to higher-order authority through which they can adjudge their subordinates.

However, appraisals occasionally fail in their motive due to following reasons-

  • Appraisals are prone to biases prevailing in the work environment. Moreover, the neutrality of the rating authority is also often under the scanner.
  • The appraisals are often inflicted by sampling error. The conclusion of few cannot be generalised on all.
  • Appraisals don’t take into account the variability of the employee's performance, Rather it relies on the end performance and the start.

5 0
2 years ago
Western Bank & Trust purchased land and a building for the lump sum of $3 million dollars. To get the maximum tax deduction,
leonid [27]

Answer:

Explanation:

Because land never depreciates, Western Bank & Trust wanted to distribute a higher percentage of the purchase price to the building, rather than the land. By allocating 90% of the purchase price to the building, rather than a more accurate 70%, Western Bank & Trust increases the depreciation amount of the building each year. For tax purposes, the IRS requires that the Modified Accelerated Cost Recovery System (MACRS) be used as the depreciation method used by companies. Under this method, the IRS specifies the useful life for a specific asset. MACRS also ignores residual value of an asset at the end of its useful life. By stating that the building was worth 90% of the total purchase price, Western Bank is attempting to increase its tax deduction from the IRS, because only the building depreciates, not the land. This improper allocation of the total purchase amount violates GAAP principles, which require that accounting information be “relevant and have faithful representation.” The information must be “complete, neutral, and free from error” (Nobles, Mattison, & Matsumura, 2014). For Western Bank to provide complete, neutral, and free from error information, it should record the transaction honestly: 70% to the building, 30% to the land. This dishonest representation is harmful to the federal government in that it is allowing Western Bank to take more money than what it is owed. If these kinds of situations happen on a large scale, it could have a huge impact on the economy in general. Source: Nobles, T., Mattison, B., & Matsumura, E. M. (2014). Horngren's Accounting, 10th Edition. Pearson Education, Inc. Student 2

3 0
2 years ago
Investors are willing to purchase stocks having high P/E ratios because:
skelet666 [1.2K]

Answer:

D. They expect these shares to have greater growth opportunities.

Explanation: P/E(price to earning) ratio is a ratio used in the stocks and other marketable securities to determine the price of the shares of a particular Company in relationship with the annual net income of the company per share.

A HIGHER PRICE TO EARNING RATIO INDICATES THAT THE COMPANY INVOLVED IS EFFICIENTLY UTILIZING ITS RESOURCES IN ORDER TO GENERATE PROFIT,IT ALSO SHOWS THAT THEIR IS HIGH DEMAND FOR THE COMPANY'S SHARES BECAUSE INVESTORS TRUST IN THE COMPANY'S ABILITY TO GROW AND MAKE PROFIT.

4 0
2 years ago
Estimate the liquid density (g/cm3) of propane at 298 K and 10 bar. Compare the price per kilogram of propane to the price of re
Deffense [45]

Answer:

Density of propane = 17.8 g/L

Propane is more priced than gasoline

Explanation:

Given:

Temperature, T = 298 K

Pressure, P = 10 bar = 0.987 × 10 = 9.87 atm

now,

Molar mass of propane, M = 44.1 g/mol

From ideal gas law

⇒ PV = nRT

here,

n is the number of moles

R is the ideal gas constant = 0.0821 L.atm/mol.K

also,

Density, D = \frac{\textup{Mass}}{\textup{Volume(V)}}

or

V = \frac{\textup{Mass}}{\textup{D}}

and,

nM = mass

thus,

V = \frac{\textup{nM}}{\textup{D}}

substituting in the ideal gas relation

we have

P = \frac{\textup{DRT}}{\textup{M}}

or

D = \frac{\textup{PM}}{\textup{RT}}

or

D = \frac{9.87\times44.1}{0.0821\times298}

or

D = 17.8 g/L

Now,

1 gallon = 3.78 Liter

Therefore,

5 gallon = 5 × 3.78 Liter = 18.9 Liter

Thus,

mass of 5 gallon propane = Volume × Density

= 18.9 Liter × 17.8 g/L

= 336.42 g

or

= 0.336 kg

also it is given that Price of 5 gallon propane i.e 0.336 kg = $30

Therefore,

Price per kg = \frac{30}{0.336}

= $89.28

and,

Mass of 5 gallons i.e 18.9 Liter gasoline = Density × Volume

= 0.692 g/cm³ × 18.9 Liter

also,

1 L = 1000 cm³

thus,

= 0.692 g/cm³ × 18.9 × 1000 cm³

= 13078.8 g

or

= 13.078 kg

Therefore,

Price per kg of gasoline = \frac{\$30}{13.078}

= $2.29

hence, propane is more priced than gasoline

4 0
3 years ago
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