Answer:
$1,250
Explanation:
<u>The cap for student loan in behalf of your son if deductible up to 2,500.</u>
<em />
<em>The requirement are:</em>
qualified loan.
married filing jointly which aren't dependents on someone else's tax return
Income below for married filing jointly: 135,000
Above this, it pahses out gradually until 165,000 dollars.
Therefore, the calculation are as follow:
interest paid: 4,000
cap: 2,500
max deduction: 2,500
according to income:
135,000 -> deduction for 2,500
165,000 -> deduction for 0
Mike and his spouse income: 150,000
150,000 is half way so they can deduct half the amount: 1,250
Answer:
a. The project A's expected annual cash flow is $7,000
The project B's expected annual cash flow is $7,600
b. BPC should choose the project b
Explanation:
a. In order to calcualte the project A's expected annual cash flow we would have to make the following calculation:
project A's expected annual cash flow =0.2*$6,250 +0.6 *$7,000+0.2 *$7,750=$7,000
In order to calcualte the project B's expected annual cash flow we would have to make the following calculation:
project B's expected annual cash flow =0.2*$0 +0.6 *$7,000+0.2 *$17,000 =$7,600
b. Becuase Project B's CV is higher , hence Project B has the higher NPV, thus, the firm should accept Project B.
Answer:
Miller's retained earnings on December 31, 2016 is $9,000,000.
Explanation:
Miller's retained earnings on 31 December 2016 = retained earnings on January 1, 2016 + net income - declared dividends
= $8,000,000 + $1,500,000 - $500,000
= $ 9,000,000
Therefore, Miller's retained earnings on December 31, 2016 is $9,000,000.
Answer:
C. Expense $300 of the expense on the income statement.
Explanation:
The correct answer is C.
On 31 December 2016, Sengal Company should report Rent expense of $300 on the income statement.
The initial journal entry was:
Dr Prepaid rent $1, 200
Cr Cash $1, 200
This journal entry recognizes the prepaid rent as an asset to the company because the rent is paid in advance, and they have not yet made use of the property they are renting. The payment is an annual payment, meaning that it is for 12 months. Assuming that the end of the financial year is at 31 December 2016, we know that a portion of the $1, 200 is in excess.
The monthly rent expense is $1,200 / 12 = $100. This means that only $100 is the expense for each month. By 31 December, only $300 was the rent expense. [ $100 x 3]. Sengal Company had paid $900 [$1, 200 - $300] in advance and that $900 was to remain as an asset (prepaid rent). The $300 should be recorded as an expense in the income statement and removed as an asset from the balance sheet.
The subsequent journal entry to record the expense is:
Dr Rent expense $300
Cr Prepaid rent $300
At the end of the financial year [31 December 2016], all income statement accounts must be correctly accounted for. This is because all income and expenses are closed of at year end and are not carried forward into the next financial year. This is according to the GAAP principle of ‘Matching’ which states that all income and expenses should be matched to the correct year in which they occur.
Equilibrium price will increase and quantity will decrease will be the resulting change in the equilibrium of the chocolate bar market.
The equilibrium charge is the rate at which the amount demanded equals the amount supplied. It's far decided through the intersection of the demand and deliver curves. A surplus exists if the amount of an excellent or carrier provided exceeds the amount demanded on the contemporary charge; it causes downward strain on the charge.
Equilibrium is the nation wherein market supply calls for balance every other, and as a result, costs come to be strong. Typically, an over-supply of goods or services causes expenses to move down, which results in a higher call for—while an underneath-deliver or shortage causes fees to head up resulting in less demand.
Upward shifts inside the supply and demand curves have an effect on the equilibrium rate and amount. If the deliver curve shifts upward, meaning deliver decreases however demand holds constant, the equilibrium rate will increase but the quantity falls.
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