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AleksAgata [21]
2 years ago
13

Camille Sikorski was divorced in 2017. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s

home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $50,000 and contributed $4,000 of it to a qualified retirement account (a for AGI deduction). She also received $5,000 of alimony from her former husband (per divorce decree issued in 2017). Finally, Camille paid $15,100 of expenditures that qualified as itemized deductions. c. Assume the original facts but now suppose Camille’s daughter, Kaly, is 25 years old and a full-time student. Kaly’s gross income for the year was $5,100. Kaly provided $3,060 of her own support, and Camille provided $5,100 of support. What is Camille’s taxable income?
Business
1 answer:
Rudik [331]2 years ago
4 0

Answer:

Camille’s taxable income is $34 900.

Explanation:

Gross income(50 000+5 000)                  55000

For AGI deduction                                     (4000)

ADJUSTED GROSS INCOME                    51 000

itemized Deduction                                    15 100

Taxable income(51000-15100)                   34 900

Therefore, Camille’s taxable income is $34 900.

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Answer:

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budgeted direct manufacturing​ labor

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budgeted manufacturing​ overhead

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Direct manufacturing labor is $6.00​ per pool cue.

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total budgeted direct materials = 22,000 x $4 = $88,000

total budgeted direct labor = 22,000 x $6 = $132,000

total budgeted manufacturing overhead = 22,000 x $0.84 = $18,480

The information about the beginning and ending inventories is not relevant to this question since it only deals with budgeted or estimated costs which may or may not differ from actual costs.

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Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for
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The preparation of the statement of stockholders' equity at the end of the year is presented below:

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Yes, I do agree with the statement

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The statement which is stating that the company net income  as well as the statement of the owner's equity both are included or shown indirectly in the company balance sheet . As balance sheet is that statement which tells the financial position or performance of the company at a specific time period.

Because the net income is the outcome of income statement and directly shown or stated in the income statement whereas owner's equity is the capital of the business which is shown in the balance sheet. Net income is already included in retained earnings which means shown indirectly in the balance sheet.

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