Answer:
$0
Explanation:
Tax payers can elect to use either standard deduction or itemized deduction to reduce their taxable income, for them to pay least amount of tax on their taxable income. Standard deduction is calculated and given in accordance with the provision of the tax law while itemized deduction is a list of items that the tax payer has incurred and expecting to except from tax, examples of this includes donation to charities and interest paid on mortgage.
Taxpayers normally elect the higher of standard deduction and itemized deduction to reduce their tax liability to the lowest.
In the case of Buddy Slaton, electing for itemized deduction of contributing to church($3,000) will save her no tax since the standard deduction is greater ($,5450).
Answer:
The amount of the net new equity raised during the year is $34,000.
Explanation:
Net new equity = total equity - common stock - paid-in surplus - (retained earnings + net income - paid dividends)
= $142,430 - $55,000 - $11,200 - ($48,420 + $26,310 - $32,500)
= $34,000
Therefore, the amount of the net new equity raised during the year is $34,000.
Answer:
a. re > rs > WACC > rd.
Explanation:
Re represents cost of equity
Rs represents cost of retained earnings
WACC represents Weighted average cost of capital
Rd represents cost of debt
Basically the cost of equity is highest as there is no assured return on such equity investment.
Cost of retained earnings is less than cost of equity because amount invested is already in hands of company, although belonging to equity holders, thus is higher than total weighted cost of capital.
WACC is the cost after providing weights to every source of capital it is lower then equity, higher than debt because of average.
Cost of debt is lowest because of tax benefit from it.
If a company has advance ticket sales totaling 2,000,000 for the uncomping football season. the receipt of cash would be journalized as Debit Cash, credit Unearned Revenue.
A receipt is documentation that something was purchased and paid for. If you plan to return something you purchased, you usually need it. On business trips, people keep track of their receipts so that their employers can reimburse them for any expenses they incurred. A less common usage of the word receipt is as a verb, as in "The clerk receipted my purchases," which means that the clerk provided written evidence that the things were paid for. Receipts are given out in business-to-business transactions as well as stock market transactions, in addition to the receipts that customers normally obtain from vendors and service providers. Both transactions on the stock market and business-to-business exchanges issue receipts. Furthermore, receipts are required as verification of some expenses for tax purposes.
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