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Amanda [17]
3 years ago
6

This year, Major Healy paid $40,000 of interest on a mortgage on his home (he borrowed $800,000 to buy the residence in 2015; $9

00,000 original purchase price and value at purchase), $6,000 of interest on a $120,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $10,000 of interest on a mortgage on his vacation home (borrowed $200,000 to purchase the home in 2010; home purchased for $500,000). Major Healy’s AGI is $220,000. How much interest expense can Major Healy deduct as an itemized deduction?
Business
1 answer:
icang [17]3 years ago
5 0

Answer:

$50,000

Explanation:

The computation of the interest expense for deduction is shown below:

= Interest on a mortgage on his home + Interest on a mortgage on his vacation home  

= $40,000 + $10,000

= $50,000

All other information which is given in the question is not relevant for the computation part. Hence, ignored it  

We simply add both types of interest related to a mortgage on the home

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Port Allen Chemical Company processes raw material D into joint products E and F. Raw material D costs $4 per liter. It costs $1
Sergeu [11.5K]

Answer:

a) Product G should be produced and sold

b) Net financial advantage      $80

Explanation:

<em>A company should process further a product if the additional revenue from the split-off point is greater than than the further processing cost.  </em>

<em>Also note that all cost incurred up to the split-off point are irrelevant to the decision to process further .  </em>

                                                                                            $

Revenue after split-off point  

($9×  40 litres)                                                                 360

Revenue at the slit of point  

($4 ×   40)                                                                        <u> (160)</u>

Additional income from further processing                  200

Further processing cost ($3× 40)                                  <u>(120)</u>

Incremental income from further processing                <u> 80</u>

Incremental income from further processing = $80

a) The product F should be processed further and sold as product G. Doing so would increase the net income by $80.

b) Net advantage                                               $80

4 0
3 years ago
Degregorio Corporation makes a product that uses a material with the following direct material standards: Standard quantity 2.5
nydimaria [60]

Answer:

Materials quantity variance = $1,750(U)

Explanation:

Standard quantity(SQ) = $2.5 * 6600 = 16500 Kg

Standard Price( SP) = $5  

Actual quantity(AQ) = 16,850 Kg  

Actual Price( AP) = $90,720 / 18,900 kg = $4.8

Materials quantity variance = SP * (SQ - AQ)  

Materials quantity variance = 5 * ( 16500 - 16,850 )

Materials quantity variance = 5 * (350)

Materials quantity variance = $1,750(U)

7 0
4 years ago
Explain why electronic file organization is a key skill for todays workplace​
QveST [7]

It allows workers to transfer, update, or share files within seconds.

7 0
3 years ago
Why is a weather specialist important on major incidents?
Naddika [18.5K]

<span>Weather specialists or weathermen are reporters about weather warnings, with no formal meteorological training. Even though they have no formal trainings, they are important especially on major incidents because they are the ones who give forecasts or weather warnings. In so doing, they can protect people’s life and property. </span>

7 0
3 years ago
Duff Inc. paid a 2.34 dollar dividend today. If the dividend is expected to grow at a constant 1 percent rate and the required r
Akimi4 [234]

Answer:

$24.60

Explanation:

The computation of the price for 4 years from now is shown below:

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Dividend is

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All the other items would remain the same

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= $24.60

8 0
3 years ago
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