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jeka94
3 years ago
13

Henry, who is not a dependent, states he wishes to claim EITC this year for his 35-year-old dependent child. Both reside in the

U.S. Henry states that the child lives with Henry, is not married, is disabled, and has not worked during the year. What does Henry's tax preparer need to do to determine if the child can qualify Henry for EITC
Business
1 answer:
Evgen [1.6K]3 years ago
3 0

Answer:

in order for Henry's child to qualify as a dependent, the following requisites must be met:

  • since the child is disabled, there is no age limit, but he/she must live with Henry and Henry must pay for at least half of his/her expenses
  • the disability must be permanent and total (a letter from a doctor, social service worker, or social service agency that provides proof of this is required
  • the child must be Henry's son or daughter, or legally adopted child
  • Henry must have earned income (i.e. Henry must work)
  • Henry's investment income (besides earned income) must be less than $3,650 during the last year
  • Henry must file as single filer or head of household
  • Henry must not have received foreign income
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The Bears Corporation has provided you the following information:Increase in accounts receivable balance 50,000 Net sales 500,00
Sliva [168]

Answer:

A. cash collected is 442,500

B. Cash paid to suppliers is 62,000

Explanation:

A. To determine the cash collected for the period, the account that we should analyze is the accounts receivable.

Net sales 500,000

Less: Increase in accounts receivable 50,000

Less: write off 7,500

total collection 442,500

*increase in accounts receivable means lesser amount of collection than the sale on account

*write off will decrease the accounts receivable which means, it affects the cash collection computation.

B.To determine the cash paid to suppliers, let’s analyze the accounts payable account.

Increase in inventory 45,000

add: decrease in accounts payable 17,000

total cash paid to suppliers is 62,000

*increase in inventory implies an additional purchase made by the company

*decrease in accounts payable resulted from cash payment made to suppliers.

5 0
4 years ago
Identify and discuss five areas of modern business and the role ICT play in achieving business success
k0ka [10]

Answer:

The five areas of modern business and the role ICT play in achieving business success is discussed below in complete details.

Explanation:

ICT incorporates all digital technology that supports people, businesses, and establishments in managing messages and information. ICT helps by making a business more productive, efficient, and quickly react to customers' requirements. ICT can serve business ventures including layouts, production, Research and development, shipping and commerce, and feedback.

3 0
3 years ago
A 1996 bill reforming the federal government’s antipoverty programs limited many welfare recipients to only two years of benefit
irina1246 [14]

a. Incentive to work increase

b. This change increase efficiency but decrease equality

Explanation:

a. Reduction of welfare benefits period increasing employment opportunities. Job prospects are diminished now (profit).

b. This bill reform would reduce the distortion created by the benefit program (disincentive to work) and thus improve efficiency.

At the same time, though, the move will reduce the Program's effect on poverty reduction and indirectly on social inequality.

The reform can therefore represent a balance between productivity and equity.

8 0
4 years ago
Durango Co. desires to maintain an ending inventory equal to 10% of next month's cost of budgeted sales. Assume that Durango Co.
lakkis [162]

Answer:

Required purchase for October = $110,000

Explanation:

Given:

Ending inventory = 10% of next month's budgeted sales

Budgeted sales for October = $100,000

Budgeted sales for November = $200,000

Purchase for the month of October  = ?

Calculation of Required purchase for the month of October :

Particular                                                                      Amount

Budgeted sales of October                                        $100,000

<u>Add</u><u>: Desired ending inventory($200,000 x 10%)      $20,000 </u>

<u>Total Inventory needed                                         $120,000 </u>

<u>Less</u><u>: Beginning inventory($100,000 x 10%)        $10,000</u>    

<u>Required purchase for October                                 $110,000 </u>

<u></u>

8 0
3 years ago
Company XYZ forecasts expanding markets, see many opportunities for growth, and adopts a growth strategy. It has invested heavil
jok3333 [9.3K]

Answer:

c

Explanation:

The adaption model was developed by  Miles and Snow (1978)

Businesses are classified as :

  • Reactors
  • Defenders
  • Analysers
  • prospectors

Company XYZ can be classified as a defender. this is because they have taken steps to increase control internally. It also has a lot of rules which might stifle adaption

7 0
3 years ago
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